1853 Wabun St Ne #

The site sits directly off US-1 in Palm Bay, on the southern end of Brevard County's Space Coast. This is the fastest-moving labor market in the region. Space Coast tech employment grew 41.6% in 2025, with average salaries north of $100K, and the hiring is concentrated in exactly the renter profile that fills upscale waterfront product. The employer base is the story. L3Harris is investing $180M into two new Palm Bay facilities adding 200-plus jobs at $105K-plus salaries. Terran Orbital is expanding aerospace manufacturing. Rogue Valley Microdevices landed CHIPS Act funding for a new microelectronics facility, and Apis Cor is building out 3D construction printing operations locally. That is a deep, high-wage tenant pipeline forming within minutes of the site. Growth surrounds the parcel. Ashton Park, a 1,500-acre master-planned community, is taking shape as Palm Bay's new town center. The Compound, a 2,300-acre redevelopment in southwest Palm Bay, is bringing industrial, commercial, retail, and restaurant space online. The city is actively courting development, including waived pre-application fees for qualifying projects. For residents, the lifestyle pitch writes itself. The Indian River Lagoon is one of the most biodiverse estuaries in North America, and the site puts boating, paddleboarding, and fishing at the doorstep. Turkey Creek Sanctuary, Castaways Point Park, Melbourne Beach, Sebastian Inlet, and The Majors golf course are all within reach. Kennedy Space Center and Cape Canaveral anchor the regional aerospace economy to the north.1853 Wabun St NE is a 1.77-acre waterfront development site on the Indian River Lagoon, previously permitted for 35 multifamily units. The entitlement work is done. The site delivers with an approved site plan and utilities in place, which takes rezoning and permitting risk off the table and puts a buyer in position to break ground rather than start a two-year approval fight. The approved plan is a 35-unit community across a mix of 10 one-bedroom, 20 two-bedroom, and 5 three-bedroom units, averaging 1,149 SF. Every unit faces the water, with oversized windows and balconies. The plan also carries 65 parking spaces, four EV charging stations, a resort-style pool, mailroom and parcel lockers, and outdoor grilling areas. Lagoon frontage is the differentiator. Palm Bay has plenty of land. It has very little entitled waterfront. Luxury rents in the market run $1,500 to $2,200, and waterfront units push $2,400 to $3,000-plus. A buyer here is acquiring the scarce side of that spread with the approvals already in hand.