Updated Duplex with Attached
For Sale
$440,000
1209 Tropic Street, Titusville, FL 32796
Two renovated residential units combine flexible rental configurations with private attached garage access.
Property Size2,384 SF
Days on Market44
Property Features for 1209 Tropic Street
General Information
Standard status
Active
Size
2,384 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,238
Building Details
Building Size
2,384 SF
Year Built
1964
Units
2
Listing Agency:
Beycome of Florida LLC
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Jedwardsfl
Added: Jul 7
Changed: Aug 17
Last Checked: Aug 17 at 10:37PM
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 Beycome of Florida LLC
Investment Insights
Based on property information with market context.
This duplex contains two 3-bedroom, 1.5-bath residences, each paired with a private 1-car attached garage. The property has received substantial updates, including a roof replacement in 2023, new dual HVAC systems installed in 2024 and 2025, exterior painting in 2023, and plumbing shutoff-valve improvements. Interior finishes include marble countertops, luxury vinyl plank flooring, refreshed bathrooms, and modern appliances.
One residence is furnished for mid-term rental use and is scheduled to become vacant in mid-July, while the other operates as a long-term rental. The property is positioned within an Opportunity Zone and sits approximately 20 minutes from Kennedy Space Center, SpaceX, and Blue Origin. Fixed utilities include water, trash, electric, high-speed internet, and lawn care.
One residence is furnished for mid-term rental use and is scheduled to become vacant in mid-July, while the other operates as a long-term rental. The property is positioned within an Opportunity Zone and sits approximately 20 minutes from Kennedy Space Center, SpaceX, and Blue Origin. Fixed utilities include water, trash, electric, high-speed internet, and lawn care.
Key Highlights
- Two 3BR/1.5BA units, each with a private 1‑car attached garage
- New roof installed in 2023; exterior paint completed in 2023
- Dual HVAC systems replaced in 2024 and 2025
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
$27,150
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
6.17%
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%
$543,000
$543.0K
Cap Rate 7%
$387,857
$387.9K
Cap Rate 9%
$301,667
$301.7K
Market Conditions
NOI Build-Up for 2,384 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
$41.5K $17.40/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$38.8K $16.27/SF
− OpEx
−$11.6K −$4.88/SF
NOI
$27.1K $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 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%
$543,000
Cap Rate 7%
$387,857
Cap Rate 9%
$301,667
Alternative Uses
Best Use
Multifamily LT 5
$387.9K
$339.4K – $452.5K
NOI $27,150 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$348.6K
$305.1K – $406.7K
NOI $24,404 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$629.0K
$550.4K – $733.8K
NOI $44,028 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 32796, FL
20,818
Population
9,670
Households
2.2
Avg Household Size
50
Median Age
28%
College-Educated
90%
High-School Grad
14.4 sq mi
ZIP Area
1,446
Density / Sq Mi
$67,399
Median Household Income
$40,368
Median Earnings
$1,305
Median Rent
$243,700
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?
Duplex - Two renovated residential units combine flexible rental configurations with private attached garage access.
Where is this duplex located?
The property is located at 1209 Tropic Street Titusville, FL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two 3BR/1.5BA units, each with a private 1‑car attached garage; New roof installed in 2023; exterior paint completed in 2023; Dual HVAC systems replaced in 2024 and 2025
