Building Details

Year Built 1964

Year Renovated 2022

Listing Agency: Compass Florida, LLC b***@compass.com Show Phone

Listed By: Bobby Freeman · License #3076980 Show Phone

Source: Mccoyfreeman

Added: Feb 26 Changed: Oct 29 Last Checked: Oct 29 at 2:54PM

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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 Compass Florida, LLC

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Investment Insights

Based on property information with market context.

Four rental units offer 3,080 square feet in total, with each residence configured with two bedrooms, one bathroom, a full kitchen, dining and living areas, and a coffee nook. The property was renovated in 2022 and was originally built in 1964. Guest amenities include keyless entry, balconies, a BBQ patio, a game area, hammock space, an outdoor shower, and beach accessories. Private laundry serves the property.

Set steps from the Atlantic Ocean in Indian Harbour Beach, the property combines indoor accommodations with outdoor gathering areas. Native landscaping and artificial turf are part of the grounds.

Key Highlights

• Four units, each with two bedrooms and one bathroom
• 3,080 SF total building area
• Renovated in 2022; year built 1964

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,076

Cap Rate

2.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$701,520 $701.5K

Cap Rate 7%

$501,086 $501.1K

Cap Rate 9%

$389,733 $389.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,080 SF

Gross rent

$53.6K $17.40/SF

− Vacancy

−$3.5K −$1.13/SF

EGI

$50.1K $16.27/SF

− OpEx

−$15.0K −$4.88/SF

NOI

$35.1K $11.39/SF

Area

Brevard County, FL

Vacancy

6.50%

Lease Rate

$17.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$701,520

Cap Rate 7%

$501,086

Cap Rate 9%

$389,733

Alternative Uses

Best Use

Multifamily LT 5

$501.1K

$438.5K – $584.6K (±1% cap)

NOI $35,076 @ 7.0% cap · market cap 2.99%

Second Best

Apartment 5plus

$450.4K

$394.1K – $525.5K (±1% cap)

NOI $31,529 @ 7.0% cap · market cap 2.68%

Theoretical Best

Office A

$812.6K

$711.0K – $948.0K (±1% cap)

NOI $56,881 @ 7.0% cap · market cap 4.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Short term rental ...

Suggested Use

Top Pick Auto Repair Shop Restaurant Building Supply Big Box & Wholesale Store Auto Parts Store Storage Facility

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

Lease Details

4

Residential units

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Short term rental property - Renovated interiors include full kitchens, private laundry, and shared outdoor guest amenities.

Where is this short term rental property located?

The property is located at 1032 Park Drive #1-4 Indian Harbour Beach, FL.

What is the asking price?

The asking price for this property is $1,175,000.

What are key features of this property?

This property features: Four units, each with two bedrooms and one bathroom; 3,080 SF total building area; Renovated in 2022; year built 1964