Waterfront Multifamily
For Sale
$2,150,000
241 Indian River Dr, Cocoa, FL 32922
Four residences combine historic character, newer construction, and flexible living arrangements along the Indian River.
Property Size6,073 SF
Price / SF$354.03
Days on Market119
Property Features for 241 Indian River Dr
General Information
Standard status
Active
Size
6,073 SF
Elevators
Yes
Property subtype
Multi-Family
Additional Details
Furnished
No
Amenities
private dock
private covered dock
10k lb boat lift
Listing Agency:
Dale Sorensen Real Estate Inc.
Listed By:
Kim Tillett · License #3218969
(321) 567-4740
Source:
Greaterorlandohomesforsale
Added: Jul 10
Changed: Nov 5
Last Checked: Nov 4 at 2:37PM
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 Dale Sorensen Real Estate Inc.
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Investment Insights
Based on property information with market context.
This 6,073-square-foot multifamily compound includes four residences with a combined 9 beds and 9.5 baths. The centerpiece is a custom home completed in 2022 with 3 beds, 3 baths, 12-foot ceilings, 9-foot doors, a private elevator, hardwood flooring, and a kitchen equipped with a Wolf gas range, Sub-Zero refrigerator, Miele coffee system, wine bar, custom cabinetry, and brick accents. A preserved Victorian home provides 3 beds and 3.5 baths, while a furnished cottage and a 1-bed apartment above the detached 3-car garage add further residential space.
The estate occupies 133 feet of direct Indian River frontage at 241 Indian River Dr in Cocoa, with a private covered dock and 10K LB boat lift. Outdoor views include the river and rocket launches, while Cocoa Village shops, restaurants, and entertainment are within walking distance. The property also includes a screened porch, private patio, and vintage furnishings.
The estate occupies 133 feet of direct Indian River frontage at 241 Indian River Dr in Cocoa, with a private covered dock and 10K LB boat lift. Outdoor views include the river and rocket launches, while Cocoa Village shops, restaurants, and entertainment are within walking distance. The property also includes a screened porch, private patio, and vintage furnishings.
Key Highlights
- Four residences with 9 BEDS | 9.5 BTH across 6,073 SF
- 133 feet of direct Indian River frontage
- Custom home completed in 2022 with private elevator and 12 FT ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,167
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,243,340
$1.2M
Cap Rate 7%
$888,100
$888.1K
Cap Rate 9%
$690,744
$690.7K
Market Conditions
NOI Build-Up for 6,073 SF
Gross rent
$120.2K $19.80/SF
− Vacancy
−$7.2K −$1.19/SF
EGI
$113.0K $18.61/SF
− OpEx
−$50.9K −$8.38/SF
NOI
$62.2K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,243,340
Cap Rate 7%
$888,100
Cap Rate 9%
$690,744
Alternative Uses
Best Use
Apartment 5plus
$888.1K
$777.1K – $1.04M
NOI $62,167 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,156 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
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Business Placement
Demographics for 32922, FL
15,923
Population
8,667
Households
1.8
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
5.4 sq mi
ZIP Area
2,949
Density / Sq Mi
$46,138
Median Household Income
$35,125
Median Earnings
$1,057
Median Rent
$176,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Four residences combine historic character, newer construction, and flexible living arrangements along the Indian River.
Where is this multifamily property located?
The property is located at 241 Indian River Dr Cocoa, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Four residences with 9 BEDS | 9.5 BTH across 6,073 SF; 133 feet of direct Indian River frontage; Custom home completed in 2022 with private elevator and 12 FT ceilings
