Fully Furnished Courtyard
For Sale
$995,000
105 NE 3rd Street, Satellite Beach, FL 32937
MULTI_FAMILY - Satellite Beach, FL
Property Size2,489 SF
Lot Size0.15 Acres
Price / SF$399.76
Days on Market51
Property Features for 105 NE 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
Commercial/Residential/Office
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1
Parking
6
Parking features
Off Street, Guest, Parking Lot
Security features
Security Lighting
Exterior features
Courtyard
Appliances
Dishwasher, Dryer, Electric Oven, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer
Subdivision
SOUTH PATRICK SHORES 3RD SEC
Lot features
Few Trees
Elementary school
Sea Park
Middle school
DeLaura
High school
Satellite
Directions
Hwy A1a to West on NE 3rd Street. Second building on the right across from the church. NE 3rd Street is Right South of Pineda Causeway. Convenient to beach parks & public ocean access, shopping, restaurants, entertainment & causeway leading to mainland. Less than 5 miles to Cocoa Beach, 20 miles to Space Center, 10 miles to Brevard Zoo, 45 Miles to Orlando airport, 7 miles to Melbourne airport
Standard status
Active
APN
26-37-23-26-00013.0-0001.01
Size
2,489 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH PATRICK SHORES 2ND SEC W 80 FT OF LOT 1 BLK 13 EX CSWY R/W
Tax Annual Amount
9721
Legal Description
SOUTH PATRICK SHORES 2ND SEC W 80 FT OF LOT 1 BLK 13 EX CSWY R/W
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
courtyards
Building Details
Year built
1957
Floors in Building
1
Number of units
4
Flooring type
Tile, Laminate
Building materials
Block
Roof type
Metal
Listing Agency:
RE/MAX Elite · RE/MAX International
(321) 752-5858
Listed By:
Todd Ostrander · License #SL3199854
(321) 749-8405
Added: Jun 24
Changed: Aug 2
Last Checked: Aug 13 at 10:06PM
MLS# 1080844
Copyright © 2026 Space Coast Association of Realtors. 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 quadplex, known as the “Sandpiper,” offers four rental units in a block construction building built in 1957. The property is presented as fully furnished and includes courtyard space at the front and back, plus tile and laminate flooring throughout. Heating and cooling are electric, and the home features a metal roof. Apliances noted include dishwasher, electric oven and range, microwave, refrigerator, washer, and dryer. Parking is available with a parking lot, off-street spaces, and guest parking.
Utilities are public, with public water and public sewer. The exterior includes courtyards, and the property is described as having updated plumbing and electric, along with provisions added for short-term rental qualifications.
Operationally, the “Sandpiper” is currently operated as a professionally managed short-term rental property, with the flexibility to be used as a long-term rental or for an extended family situation. It is described as being across the street from the beach and convenient to beach parks and public ocean access, as well as nearby shopping, restaurants, entertainment, and the Pineda Causeway to the mainland.
Utilities are public, with public water and public sewer. The exterior includes courtyards, and the property is described as having updated plumbing and electric, along with provisions added for short-term rental qualifications.
Operationally, the “Sandpiper” is currently operated as a professionally managed short-term rental property, with the flexibility to be used as a long-term rental or for an extended family situation. It is described as being across the street from the beach and convenient to beach parks and public ocean access, as well as nearby shopping, restaurants, entertainment, and the Pineda Causeway to the mainland.
Key Highlights
- Quadplex “Sandpiper” with four rental units
- 0.15‑acre site and 2,489 SF building
- Courtyards at the front and back plus off‑street and guest parking
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
$28,345
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
2.85%
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%
$566,900
$566.9K
Cap Rate 7%
$404,929
$404.9K
Cap Rate 9%
$314,944
$314.9K
Market Conditions
NOI Build-Up for 2,489 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
$43.3K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.5K $16.27/SF
− OpEx
−$12.1K −$4.88/SF
NOI
$28.3K $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 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%
$566,900
Cap Rate 7%
$404,929
Cap Rate 9%
$314,944
Alternative Uses
Best Use
Multifamily LT 5
$404.9K
$354.3K – $472.4K
NOI $28,345 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,479 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$656.7K
$574.6K – $766.1K
NOI $45,967 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
695
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?
Quadplex - Four-plex with courtyards and off-street parking, fully furnished and set up for short-term or long-term rentals.
Where is this quadplex located?
The property is located at 105 NE 3rd Street Satellite Beach, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Quadplex “Sandpiper” with four rental units; 0.15‑acre site and 2,489 SF building; Courtyards at the front and back plus off‑street and guest parking
