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: Sep 12 Last Checked: Oct 7 at 8:57AM

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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 / Yr

$267,585

Cap Rate

3.72%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $482,754 @ 7.0% cap · market cap 6.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Short term rental ...

Suggested Use

Top Pick Parking Lot & Garage Barber Shop (Bike/Boat/Book/etc) Store Storage Facility Daycare Center Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

720

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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