1010 N Fiske Blvd, Cocoa, FL 32922

General Information

Standard status Active

Property subtype Multifamily

Occupancy 100%

Financials

Asking Price $5,800,000

Cap Rate 7.25%

Additional Details

Multifamily Units 51

Amenities

7.25% In-Place Cap Rate: Offered at $5,800,000 ($113,725/unit; $129.88/SF), a 7.25% cap rate on August 2026 trailing actuals, with all revenue units occupied

Priced Below Recent Comparable Sales: Pricing is about 13% below the $130,143/unit sales comp average and 27% below the $177.75/SF average

Large, Diverse Townhome Floor Plans: floor plans range from 465 SF studios to 1,130 SF three-bedroom/2.5-bath townhomes, and 40 of 51 units are two-story townhouse layouts averaging 876 SF. Two- and

Significant NOI Upside: NOI is projected to grow from $420,642 in place to $547,983 in Year 1 and $569,699 in Year 2, a 35% increase

In-Place Rents Well Below the Comp Set: Current rents average $1,149 ($1.31/SF), versus comp-set averages of $1.96/SF for one-bedrooms and $1.69/SF for two-bedrooms. Renovated two-bedroom townhomes lease at $1,255, while comparable two-bedrooms command $1,500 - $1,650

Renovation Program 82% Complete: 42 of 51 units are already renovated, leaving 9 interiors plus common-area work on a $202,000 total budget ($3,961/unit). Copper wiring and CPVC plumbing are already in place

Utility Reimbursement Opportunity: Ownership currently pays roughly $44,900 per year (~$880/unit) for water, sewer, and trash. A bill-back adds $25,000 of income and is consistent with nearby comps

Short- and Long-Term Growth Drivers: Population within 10 miles is projected to grow 7.6% by 2030, to 232,465. Brevard County ranks #21 nationally for job growth and #24 for tech-sector growth (Milken Institute, 2025), and the pipeline includes the $87M Eastern Florida State College Cocoa campus expansion and the 3.0M SF Space Coast Innovation Park