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    11450 S Indian River Drive Sebastian, FL 32958

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    For Sale
    $2,795,000

    MULTI_FAMILY - Sebastian, FL

    Type:Apartment
    Lot size:
    1.61 Acres
    Added:
    Jan 1, 2026
    Days on Market:
    119
    Last Refresh:
    Apr 30 at 12:06 pm

    Property Features for 11450 S Indian River Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    ,
    Parking
    17
    Parking features
    Assigned, Off Street
    Vegetation
    Wooded
    Patio and Porch features
    Porch
    Interior features
    WetBar, EatInKitchen, GreatRoom, PrimaryDownstairs, LivingDiningRoom
    Exterior features
    EnclosedPorch, Porch
    Standard status
    Active
    APN
    31390800000001000007.0
    Lot size
    1.61 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    FROM THE SE COR OF LOT 1, SEC 7, TWP 31, RNG 39, RUN S 270 FT TO A POINT; TH E 11.4 FT TO A POB ON E ROW LINE OF OLD U.S. HWY NO. 1 (NOW COMMONLY KNOWN AS RIVER ROAD) AND S LINE OF W.J. PLATTEN PROPERTY FROM SAID POB RUN S 18 DEG 38 MIN E A DIS OF 18 7.5 F
    Tax Annual Amount
    18015

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Electric
    Water source
    Public
    Water front features
    River Front, Navigable Water
    Water front
    1

    Building Details

    Year built
    1949
    Floors in Building
    1
    Flooring type
    Carpet, Tile
    Building materials
    Block, Concrete
    Roof type
    Rolled Hot Mop, Shingle
    Additional Structures
    Cabana

    We can help!

    Listing Contact
    Chip Landers
    Chip Landers

    Listing agent Chip Landers License #0493976

    Listing office Berkshire Hathaway Florida 3377 Ocean Dr, Vero Beach, FL

    Listing date Jan 1, 2026

    MLS# 293660 Listing URL

    Copyright © 2026 Realtors Association of Indian River County. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Riverfront Cottages on 1.61 Acres

    This riverfront property in Sebastian, Florida, features 12 cottages situated on 1.61 acres. The cottages have been recently updated and decorated by local and national professional decorators. A private dock is available, offering 8 slips. Onsite amenities include an office managed by an onsite manager, snacks, beer and wine, complimentary bikes, kayaks, and canoes. The grounds feature open green space suitable for activities, large oak trees, and native Florida landscaping. The property is zoned RM-6, allowing for the potential development of a 6-7 unit luxury multi-family community. This property is part of an old Florida community with modern design units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Island View Cottages Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sebastian
    County
    Brevard
    State
    Florida
    Longitude
    -80.461012
    Latitude
    27.802594

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    FAQs

    What type of property is this?
    Short term rental property - Riverfront property with 12 cottages and development potential.
    Where is this short term rental property located?
    The property is located at 11450 S Indian River Drive Sebastian, FL.
    What is the asking price?
    The asking price for this property is $2,795,000.
    What are key features of this property?
    This property features: Riverfront property with 1.61 acres and **private dock with 8 slips**; Includes 12 updated cottages with **modern design**; Zoned RM‑6 for potential development of a 6‑7 unit luxury multi‑family community
    (772) 473-7888
    We can help!
    Listing Contact
    Chip Landers
    Chip Landers
    Real Estate License ID: 0493976
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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