Beachside Multifamily Investment
For Sale
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1031 Park Dr, Indian Harbour Beach, FL 32937
32-unit beachside multifamily property in Indian Harbour Beach, Florida.
Property Size26,140 SF
Price / SF$275.25
Days on Market156
Property Features for 1031 Park Dr
General Information
Standard status
Active
Size
26,140 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Core+
Building Details
Year Built
1964
Year Renovated
2024
Units
32
Listing Agency:
The Apartment Brokers
Listed By:
Tito Urbano · License #SL3470017
Source:
Crexi
Added: Mar 12
Changed: Aug 11
Last Checked: Aug 13 at 11:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Apartment Brokers
Investment Insights
Based on property information with market context.
Ocean Harbour Rentals is a 32-unit beachside multifamily portfolio located at 1029–1031 Park Drive in Indian Harbour Beach, Florida, situated steps from the Atlantic Ocean. The property consists of 16 fully furnished short-term Airbnb units and 16 long-term rental apartments. Each unit has been updated with modern interiors and turnkey furnishings. Professional management systems are in place. The property is located minutes from Patrick Space Force Base, major employers, shopping, and dining. The property size is 26140 square feet.
Key Highlights
- Beachside location in Indian Harbour Beach, steps from the Atlantic Ocean
- Portfolio of 32 units with a mix of 16 fully furnished short‑term Airbnb units and 16 long‑term rental apartments
- Turnkey operation with modern interiors, furnishings, and professional management systems in place
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
$267,585
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
3.72%
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%
$5,351,700
$5.4M
Cap Rate 7%
$3,822,643
$3.8M
Cap Rate 9%
$2,973,167
$3.0M
Market Conditions
NOI Build-Up for 26,140 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
$517.6K $19.80/SF
− Vacancy
−$31.1K −$1.19/SF
EGI
$486.5K $18.61/SF
− OpEx
−$218.9K −$8.38/SF
NOI
$267.6K $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%
$5,351,700
Cap Rate 7%
$3,822,643
Cap Rate 9%
$2,973,167
Alternative Uses
Best Use
Apartment 5plus
$3.82M
$3.34M – $4.46M
NOI $267,585 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.90M
$6.03M – $8.05M
NOI $482,754 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 32937, FL
27,306
Population
13,619
Households
2
Avg Household Size
50
Median Age
53%
College-Educated
99%
High-School Grad
6.8 sq mi
ZIP Area
4,016
Density / Sq Mi
$98,411
Median Household Income
$55,420
Median Earnings
$1,718
Median Rent
$421,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit beachside multifamily property in Indian Harbour Beach, Florida.
Where is this apartment building located?
The property is located at 1031 Park Dr Indian Harbour Beach, FL.
What is the asking price?
The asking price for this property is $7,195,000.
What are key features of this property?
This property features: Beachside location in Indian Harbour Beach, steps from the Atlantic Ocean; Portfolio of 32 units with a mix of 16 fully furnished short‑term Airbnb units and 16 long‑term rental apartments; Turnkey operation with modern interiors, furnishings, and professional management systems in place
