OFFICE BUILDING OR INVESTMENT PROPERTY IN MELBOURNE, FL Start Price USD 1,000.00 Current Price USD 88,100.00 Time Left - Bid Count 46 Buy It Now Price - Reserve Price - Start Time Monday, July 14, 2008 End Time Monday, July 21, 2008 Location Melbourne, Florida See more about 'OFFICE BUILDING OR INVESTMENT PROPERTY IN MELBOURNE, FL' Description Property Details For 405 Herring Street, Melbourne, Florida. UP FOR AUCTION IS A ONCE-IN-A-LIFETIME UNIQUE OPPORTUNITY WITH ENDLESS POSSIBILITIES IN MELBOURNE, FLORIDA  - NO RESERVE... NOTE TO BIDDERS:  There is a mortgage on the property in the amount of $300,000.  The bank has said for me to bring all offers less than the amount owed to them for their consideration as a "short sale" so any winning bid less than the amount owed must be contingent on the bank's approval before sale can be finalized.  I am putting this property up for auction with No Reserve but keep in mind that the winning bid (if less than $300,000) is subject to and contingent upon bank's approval.  Don't be hesitant to bid on this property because of the amount of the mortgage.  Both the bank and I are extremely anxious to sell so this "diamond in the rough" could be just the perfect investment for you.  My wife and I have retired and moved back to our home state of North Carolina so having this mortgage to pay each month is not something I want to continue to do.  We would keep it as rental property ourselves but being out of state makes that difficult as well. The address of this property is 405 Herring Street, Melbourne, Florida, 32901.  For mail purposes, the postal service identifies the property as 399 Herring Street and 401 Herring Street.  This two-story building is on commercially zoned property and is close to the Melbourne Courthouse, Melbourne International Airport and hospitals and easily accessible from Melbourne's beaches, Babcock Street, Wickham Road, US 1, New Haven (192) and I-95. It is centrally located in the Melbourne/Palm Bay area of Brevard County on Florida's East Coast close to Orlando, Cocoa Beach and the Kennedy Space Center; halfway between Jacksonville and Miami. The building has been used as a residential triplex/home office; however, it would make an excellent professional office building for an attorney, doctor or accountant or would be perfect for investment as income producing rental property with three residential units or condo-type commercial office spaces. The layout of the building provides for approx. 20 offices (some partitioned and some private). It has 3 kitchens, 5 bathrooms, one and one half car garage plus storage room.  With some re-arranging of fencing, there would be more than ample space for parking configuration as required by the City of Melbourne for commerical office space.  Excellent location for maximum exposure. As an investment property, the layout affords the opportunity for 3 rental units or 2 rental units, one of which would have an in-law suite.  One unit is a 2 bedroom, 1 and 1/2 bath with kitchen, living/dining combo, den or game room and Florida Room with washer/dryer hookups.  This is identified as 399 Herring Street. The second unit is a 2 bedroom, 2 bath with kitchen, living/dining combo, den or game room, Florida Room, Storage/Laundry Room, 1 and 1/2 car garage and 2 car carport.  This is identified as 401 Herring Street. The third unit is a 1 bedroom, 1 bath with kitchen and living/dining combo.  This is also identified as 401 Herring Street. The den, game rooms and Florida Rooms could be used as bedrooms. Also this is perfect as a home for the large family that needs separate living spaces for various family members. In this case, the layout could provide for 7-8 bedrooms which, with the 5 bathrooms and 3 kitchens, could work well for a husband/wife, in-laws and even older children who still live at home.  Last, but not least, the property provides all the space and privacy necessary to live in a portion of the property and operate a business or home office in another portion of the property.  The space is there for both! Overall this property is in good condition.  The carpeting has been taken out of one of the units as a result of "pet problems" with a previous tenant.  There has been a plumbing problem in one of the bathrooms that has been repaired; however, some tile that had to come down to repair the problem has not been replaced.  Personal property being sold includes 3 refrigerators, 3 stoves, 3 microwaves, washer/dryer and built-in hot tub.  We have never tried to use the hot tub so it's unknown as to whether it works or not.  The central heating and air conditioning in all three units are in working order but are fairly old. The property is on City water/sewer and has central heat and A/C.  Gas is also available.  Painting of the building exterior and installation of a new roof were completed in 2005.  The building has 3,886 square feet of living (heated/cooled) space.  Taxes for 2007 were approx. $3,400. This property is also For Sale locally so I reserve the right to withdraw this auction at any time.  MORE PHOTOGRAPHS TO FOLLOW. Please email me or call (704) 799-5041 for more information or to arrange an appointment to see this property.   Place a Bid!