Renovated Beachside Apartment
For Sale
$1,850,000
888 S Atlantic Ave, Cocoa Beach, FL 32931
Eight-unit apartment property with on-site laundry, dedicated parking, and public beach access nearby.
Property Size5,972 SF
Lot Size0.50 Acres
Price / SF$309.78
Days on Market179
Property Features for 888 S Atlantic Ave
General Information
Standard status
Active
Size
5,972 SF
Total Parking Spaces
14
Lot size
0.50 Acres
Property subtype
Residential Income
Units
Unit Mix
7 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$23,781
Amenities
on-site laundry
Building Details
Year Renovated
2018
Buildings
1
Listing Agency:
Blue Marlin Real Estate
(321) 271-1254
Listed By:
Thomas Arnold · License #3326246
(321) 271-1254
Source:
Exprealty
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 30 at 6:27AM
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 Blue Marlin Real Estate
Investment Insights
Based on property information with market context.
This apartment building contains eight units across 5,972 square feet: seven two-bedroom, one-bath residences and one one-bedroom, one-bath residence. The property occupies a half-acre lot and includes on-site laundry plus 14 dedicated parking spaces. Interior and exterior renovations completed in 2017/2018 included plumbing, electrical systems, hurricane windows and doors, flooring, kitchens, bathrooms, the roof, and landscaping.
Located at 888 S Atlantic Ave in Cocoa Beach, the property sits directly across from the beach and near convenient public access. Its South Cocoa Beach setting is also near the area’s tourism activity, Space Coast industry, and Brevard County’s technology sector.
Located at 888 S Atlantic Ave in Cocoa Beach, the property sits directly across from the beach and near convenient public access. Its South Cocoa Beach setting is also near the area’s tourism activity, Space Coast industry, and Brevard County’s technology sector.
Key Highlights
- Eight‑unit apartment building with seven 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- 5,972 SF building on a half‑acre lot
- Interior and exterior renovation completed in 2017/2018
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
$61,133
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
3.30%
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%
$1,222,660
$1.2M
Cap Rate 7%
$873,329
$873.3K
Cap Rate 9%
$679,256
$679.3K
Market Conditions
NOI Build-Up for 5,972 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
$118.2K $19.80/SF
− Vacancy
−$7.1K −$1.19/SF
EGI
$111.2K $18.61/SF
− OpEx
−$50.0K −$8.38/SF
NOI
$61.1K $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 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%
$1,222,660
Cap Rate 7%
$873,329
Cap Rate 9%
$679,256
Alternative Uses
Best Use
Apartment 5plus
$873.3K
$764.2K – $1.02M
NOI $61,133 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,291 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
101
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?
Apartment building - Eight-unit apartment property with on-site laundry, dedicated parking, and public beach access nearby.
Where is this apartment building located?
The property is located at 888 S Atlantic Ave Cocoa Beach, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Eight‑unit apartment building with seven 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 5,972 SF building on a half‑acre lot; Interior and exterior renovation completed in 2017/2018
