Courtyard Apartment
For Sale
$2,399,000
955 KNOX MCRAE Drive, Titusville, FL 32780
MULTI_FAMILY - TITUSVILLE, FL
Property Size15,488 SF
Lot Size0.91 Acres
Price / SF$154.89
Days on Market345
Property Features for 955 KNOX MCRAE Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
32
Bathrooms
20
Full bathrooms
20
Rooms
Bedroom 22, Bedroom 19, Bedroom 20, Bathroom 16, Bedroom 21, Bedroom 17, Bathroom 3, Bedroom 23, Bedroom 25, Bathroom 7, Bedroom 9, Bedroom 2, Bedroom 12, Bedroom 16, Bedroom 24, Bedroom 8, Bedroom 11, Bedroom 32, Bedroom 4, Bedroom 18, Bathroom 5, Bedroom 29, Bedroom 30, Bathroom 17, Bedroom 28, Bedroom 26, Bedroom 1, Bathroom 6, Bathroom 2, Bedroom 7, Bedroom 3, Bedroom 14, Bathroom 15, Bathroom 14, Bathroom 20, Bathroom 9, Bedroom 27, Bathroom 19, Bathroom 12, Bathroom 13, Bathroom 1, Bathroom 10, Bedroom 10, Bedroom 13, Bedroom 31, Bedroom 5, Bathroom 18, Bedroom 6, Bathroom 4, Bathroom 8, Bedroom 15, Bathroom 11
Interior features
Ninguno
Exterior features
Balcony, Courtyard
Subdivision
ACREAGE
Directions
South bound on Know McRae Dr. Property will be in the left.
Standard status
Active
APN
22 3522-00-254
Size
15,488 SF
Lot size
0.91 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PART OF SW 1/4 OF SW 1/4 OF NW 1/4 AS DES IN ORB 1042 PG 884
Tax Annual Amount
27618
Legal Description
PART OF SW 1/4 OF SW 1/4 OF NW 1/4 AS DES IN ORB 1042 PG 884
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Number of units
20
Building materials
Concrete
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Aug 28, 2025
Changed: Aug 2
Last Checked: Aug 7 at 4:06AM
MLS# TB8422362
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Coquina Court Apartments is a 20-unit multifamily community in Titusville, Florida, built as a single concrete block building in 1969. The unit mix includes 12 two-bedroom/one-bath apartments and 8 one-bedroom/one-bath apartments. Exterior features include a courtyard and balconies, supporting both shared outdoor space and in-unit comfort. Heating is central with electric heat, and cooling is central air.
Recent ownership improvements include $30,000 in roof work. The property sits on 0.91 acres and has 15,488 square feet of building area. Water is provided via public sources, and the property is on public sewer.
Utility structure is streamlined for residents and owners: tenants pay their own electric, while the owner covers water. The property is zoned R3.
Recent ownership improvements include $30,000 in roof work. The property sits on 0.91 acres and has 15,488 square feet of building area. Water is provided via public sources, and the property is on public sewer.
Utility structure is streamlined for residents and owners: tenants pay their own electric, while the owner covers water. The property is zoned R3.
Key Highlights
- R3 zoning for a 20‑unit apartment building
- 12 two‑bedroom/one‑bath units and 8 one‑bedroom/one‑bath units
- Single concrete block building constructed in 1969 with courtyard and balconies
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,544
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,170,880
$3.2M
Cap Rate 7%
$2,264,914
$2.3M
Cap Rate 9%
$1,761,600
$1.8M
Market Conditions
NOI Build-Up for 15,488 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$306.7K $19.80/SF
− Vacancy
−$18.4K −$1.19/SF
EGI
$288.3K $18.61/SF
− OpEx
−$129.7K −$8.38/SF
NOI
$158.5K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,170,880
Cap Rate 7%
$2,264,914
Cap Rate 9%
$1,761,600
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,544 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.09M
$3.58M – $4.77M
NOI $286,032 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 32780, FL
39,525
Population
19,984
Households
2
Avg Household Size
48
Median Age
27%
College-Educated
92%
High-School Grad
68.1 sq mi
ZIP Area
580
Density / Sq Mi
$64,670
Median Household Income
$39,882
Median Earnings
$1,258
Median Rent
$250,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R3-zoned 20-unit apartment building with courtyard and balconies, including 12 two-bedroom and 8 one-bedroom units.
Where is this apartment building located?
The property is located at 955 KNOX MCRAE Drive Titusville, FL.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: R3 zoning for a 20‑unit apartment building; 12 two‑bedroom/one‑bath units and 8 one‑bedroom/one‑bath units; Single concrete block building constructed in 1969 with courtyard and balconies
