Renovated Duplex Near
For Sale
$990,000
131 Cedar Ave, Cocoa Beach, FL 32931
Two separate residences include one occupied unit and one currently vacant unit.
Property Size2,475 SF
Price / SF$400
Days on Market102
Property Features for 131 Cedar Ave
General Information
Standard status
Active
Size
2,475 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/3BA (1,391 sq ft), 1 x 2BR/1BA (1,243 sq ft)
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,833
Amenities
attached garage
fenced yard
laundry room
carport
covered back porch
Building Details
Tenancy
Single
Listing Agency:
FLATFLEE.COM INC
(877) 575-5505
Listed By:
Cliff Glansen · License #278017259
(877) 575-5505
Source:
Exprealty
Added: May 7
Changed: Aug 15
Last Checked: Aug 16 at 11:27AM
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 FLATFLEE.COM INC
Investment Insights
Based on property information with market context.
This duplex contains two separate residences with distinct outdoor areas and parking features. The south residence has three bedrooms, three bathrooms, an attached garage, and a private fenced yard. Renovation work included a new foundation, electrical upgrades, and plumbing improvements. The north residence provides two bedrooms, one bathroom, a laundry room, carport, covered back porch, and fenced yard.
Both units have new central heating and cooling, while a new metal roof was installed in 2025. The south unit is leased month to month, and the north unit is vacant for occupancy or leasing. A firewall separates the residences. The property is a five-minute walk from the beach in downtown Cocoa Beach.
Both units have new central heating and cooling, while a new metal roof was installed in 2025. The south unit is leased month to month, and the north unit is vacant for occupancy or leasing. A firewall separates the residences. The property is a five-minute walk from the beach in downtown Cocoa Beach.
Key Highlights
- Two‑unit duplex with separate residences and fenced outdoor areas
- South unit has 3 bedrooms, 3 bathrooms, attached garage, and private fenced yard
- North unit includes 2 bedrooms, 1 bathroom, laundry room, carport, and covered back porch
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
$28,186
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%
$563,720
$563.7K
Cap Rate 7%
$402,657
$402.7K
Cap Rate 9%
$313,178
$313.2K
Market Conditions
NOI Build-Up for 2,475 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
$43.1K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.3K $16.27/SF
− OpEx
−$12.1K −$4.88/SF
NOI
$28.2K $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%
$563,720
Cap Rate 7%
$402,657
Cap Rate 9%
$313,178
Alternative Uses
Best Use
Multifamily LT 5
$402.7K
$352.3K – $469.8K
NOI $28,186 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$361.9K
$316.7K – $422.3K
NOI $25,336 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$653.0K
$571.4K – $761.8K
NOI $45,708 @ 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
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
Explore this area
Business Placement
Demographics for 32931, FL
13,643
Population
10,763
Households
1.3
Avg Household Size
60
Median Age
52%
College-Educated
97%
High-School Grad
5.2 sq mi
ZIP Area
2,624
Density / Sq Mi
$84,769
Median Household Income
$51,769
Median Earnings
$1,533
Median Rent
$478,300
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?
Duplex - Two separate residences include one occupied unit and one currently vacant unit.
Where is this duplex located?
The property is located at 131 Cedar Ave Cocoa Beach, FL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Two‑unit duplex with separate residences and fenced outdoor areas; South unit has 3 bedrooms, 3 bathrooms, attached garage, and private fenced yard; North unit includes 2 bedrooms, 1 bathroom, laundry room, carport, and covered back porch
