Waterfront Multifamily
For Sale
$2,200,000
241 Indian River Drive, Cocoa, FL 32922
Residential Income, Cocoa, FL
Property Size6,073 SF
Lot Size0.72 Acres
Price / SF$362.26
Days on Market95
Property Features for 241 Indian River Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi Family
Bedrooms
9
Bathrooms
10
Full bathrooms
9
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 7, Bathroom 1, Bathroom 8, Bedroom 4, Bathroom 3, Bedroom 6, Bathroom 7, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 9, Bedroom 8, Bathroom 5, Bedroom 5, Bathroom 10, Bathroom 9
Parking features
Garage, RV, Guest
Spa
1
Exterior features
Balcony, Boat Slip, Dock, Boat Lift, Impact Windows
Accessibility
Accessible Approach with Ramp
Appliances
Dishwasher, Disposal, Dryer, Electric Oven, Electric Range, ENERGY STAR Qualified Dishwasher, ENERGY STAR Qualified Refrigerator, Gas Cooktop, Gas Range, Microwave, Refrigerator, Washer
Lot features
Corner Lot, Few Trees
View
Water, River
Elementary school
Cambridge
High school
Cocoa
Directions
Rt 520 going west - right on N Indian River Dr - left on Mitchell St - All 4 homes on located on corner.
Subdivision
213 - Mainland E of US 1
Standard status
Active
Size
6,073 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15892
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Propane (Heating)
Cooling system
Central Air, Multi Units, Electric
Water source
Public
Water front features
Navigable Water, River Front, River Access
Water front
1
Amenities
private covered dock
boat lift
screened porch
Building Details
Floors in Building
2
Number of units
4
Flooring type
Wood, Tile
Building materials
Block, Fiber Cement, Frame, Wood Siding
Roof type
Metal
Listing Agency:
Dale Sorensen Real Estate Inc.
(321) 421-7550
Listed By:
Kim Tillett · License #3218969
(321) 446-9035
Added: Jul 11
Changed: Oct 8
Last Checked: Oct 13 at 8:06AM
MLS# 1082298
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.72-acre waterfront multifamily property contains 6,073 square feet across four residences totaling 9 bedrooms and 9.5 bathrooms. The improvements include a custom home completed in 2022, a preserved Victorian residence, an Airbnb cottage, and a one-bedroom furnished apartment above a detached three-car garage. Interior features include hardwood and tile flooring, multiple kitchens, a private elevator, 12-foot ceilings, 9-foot doors, impact windows, and a screened porch.
The property provides 133 feet of direct Indian River frontage with navigable water and river access. Outdoor improvements include a covered private dock and a 10,000-pound boat lift, while garage, guest, and RV parking are available. Public water and sewer serve the property, which is located within walking distance of Cocoa Village shops, restaurants, and entertainment.
The property provides 133 feet of direct Indian River frontage with navigable water and river access. Outdoor improvements include a covered private dock and a 10,000-pound boat lift, while garage, guest, and RV parking are available. Public water and sewer serve the property, which is located within walking distance of Cocoa Village shops, restaurants, and entertainment.
Key Highlights
- 0.72‑acre waterfront multifamily property with 6,073 square feet of improvements
- Four residences comprising 9 bedrooms and 9.5 bathrooms
- 133 feet of direct Indian River frontage with navigable water access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,167
Cap Rate
2.83%
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 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,156 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple residences support income-producing and multigenerational use with direct river access and private boating amenities.
Where is this multifamily property located?
The property is located at 241 Indian River Drive Cocoa, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 0.72‑acre waterfront multifamily property with 6,073 square feet of improvements; Four residences comprising 9 bedrooms and 9.5 bathrooms; 133 feet of direct Indian River frontage with navigable water access
