Renovated Historic Quadplex
For Sale
$3,000,000
21 MAIN St, Titusville, FL 32796
Renovated two-building historic quadplex with remodeled apartments, handicap access, and month-to-month tenants in place.
Property Size13,776 SF
Price / SF$217.77
Days on Market57
Property Features for 21 MAIN St
General Information
Standard status
Active
Size
13,776 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1924
Stories
2
Listing Agency:
(321) 689-8000
Listed By:
Mark Allen
(321) 689-8000
Source:
Elliman
Added: Jun 14
Changed: Jul 10
Last Checked: Aug 9 at 8:34AM
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 Mark Allen
Investment Insights
Based on property information with market context.
This for-sale, historic property is a two-building site featuring four remodeled apartments. Both buildings have two apartments upstairs and were renovated throughout with updated lighting and electrical, roof improvements, new flooring, and interior and exterior painting. The brick has been painted and sealed, six AC units are included, and windows were replaced in 2020. The buildings are handicap accessible from the back, and the property has been tented for termites.
The site includes 21 Main Street and 25 Main Street in Titusville, Florida. 21 Main Street is described as having a total of 13,776 square feet, with 9,816 square feet on the first floor and 3,960 square feet on the second floor. 25 Main Street is listed at 2,694 square feet. The property is presented as one-of-a-kind in the heart of Titusville.
For buyers and operators seeking a maintained, apartment-focused income property, this asset offers turnkey residential units with tenant occupancy on month-to-month terms. With renovations completed and multiple AC units already in place, it may suit an owner looking to acquire a historic building that has been modernized while preserving a multi-unit configuration.
The site includes 21 Main Street and 25 Main Street in Titusville, Florida. 21 Main Street is described as having a total of 13,776 square feet, with 9,816 square feet on the first floor and 3,960 square feet on the second floor. 25 Main Street is listed at 2,694 square feet. The property is presented as one-of-a-kind in the heart of Titusville.
For buyers and operators seeking a maintained, apartment-focused income property, this asset offers turnkey residential units with tenant occupancy on month-to-month terms. With renovations completed and multiple AC units already in place, it may suit an owner looking to acquire a historic building that has been modernized while preserving a multi-unit configuration.
Key Highlights
- Historic 2‑building property built in 1924 in the heart of Titusville
- Renovated throughout, including lighting, electrical, roof, flooring, interior/exterior painting, and brick painted/sealed
- Each building has 2 fully remodeled upstairs apartments; month‑to‑month tenants in place
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
$156,885
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
5.23%
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%
$3,137,700
$3.1M
Cap Rate 7%
$2,241,214
$2.2M
Cap Rate 9%
$1,743,167
$1.7M
Market Conditions
NOI Build-Up for 13,776 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
$239.7K $17.40/SF
− Vacancy
−$15.6K −$1.13/SF
EGI
$224.1K $16.27/SF
− OpEx
−$67.2K −$4.88/SF
NOI
$156.9K $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%
$3,137,700
Cap Rate 7%
$2,241,214
Cap Rate 9%
$1,743,167
Alternative Uses
Best Use
Multifamily LT 5
$2.24M
$1.96M – $2.61M
NOI $156,885 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $141,019 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,415 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,094
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?
Quadplex - Renovated two-building historic quadplex with remodeled apartments, handicap access, and month-to-month tenants in place.
Where is this quadplex located?
The property is located at 21 MAIN St Titusville, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Historic 2‑building property built in 1924 in the heart of Titusville; Renovated throughout, including lighting, electrical, roof, flooring, interior/exterior painting, and brick painted/sealed; Each building has 2 fully remodeled upstairs apartments; month‑to‑month tenants in place
