20-Unit Apartment
For Sale
$2,399,000
955 KNOX MCRAE Drive, Titusville, FL 32780
Residential Income, TITUSVILLE, FL
Property Size15,488 SF
Lot Size0.91 Acres
Price / SF$154.89
Days on Market391
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 31, Bedroom 18, Bedroom 25, Bedroom 19, Bedroom 23, Bathroom 6, Bathroom 11, Bedroom 4, Bedroom 14, Bedroom 6, Bathroom 15, Bathroom 14, Bathroom 5, Bathroom 20, Bedroom 26, Bedroom 30, Bathroom 18, Bedroom 17, Bathroom 9, Bathroom 16, Bathroom 7, Bathroom 17, Bathroom 8, Bedroom 16, Bedroom 11, Bedroom 3, Bathroom 3, Bathroom 13, Bedroom 8, Bathroom 10, Bedroom 27, Bathroom 1, Bathroom 12, Bathroom 4, Bathroom 19, Bedroom 24, Bedroom 13, Bedroom 1, Bedroom 32, Bedroom 2, Bedroom 29, Bedroom 20, Bedroom 21, Bedroom 28, Bathroom 2, Bedroom 15, Bedroom 7, Bedroom 9, Bedroom 10, Bedroom 22, Bedroom 12, Bedroom 5
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
Electric (Heating), Central
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: Sep 12
Last Checked: Sep 22 at 7:06PM
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.
This 20-unit apartment property occupies 0.91 acres and contains 15,488 square feet within one concrete-block building completed in 1969. The unit mix includes 12 two-bedroom residences and 8 one-bedroom residences, with one bathroom in each unit. Exterior amenities include balconies and a courtyard, while central air conditioning and central electric heat serve the building.
The property is located at 955 Knox McRae Drive in Titusville, Brevard County, Florida. Public water and public sewer serve the site. The utility arrangement has residents paying their own electric service, with water paid by ownership. The property is identified with R3 zoning and includes roof work completed as a recent ownership improvement.
The property is located at 955 Knox McRae Drive in Titusville, Brevard County, Florida. Public water and public sewer serve the site. The utility arrangement has residents paying their own electric service, with water paid by ownership. The property is identified with R3 zoning and includes roof work completed as a recent ownership improvement.
Key Highlights
- 20‑unit apartment property on 0.91 acres
- 15,488‑square‑foot concrete‑block building constructed in 1969
- Unit mix: 12 two‑bedroom/one‑bath units and 8 one‑bedroom/one‑bath units
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
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Open Analytics
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
517
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - R3-zoned multifamily property with courtyard and balcony features in Titusville.
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: 20‑unit apartment property on 0.91 acres; 15,488‑square‑foot concrete‑block building constructed in 1969; Unit mix: 12 two‑bedroom/one‑bath units and 8 one‑bedroom/one‑bath units
