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    Entitled Multifamily Development Land Title is generated by Realmo AI

    8955 Puerto Del Rio Drive, Cape Canaveral, FL 32920

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    For Sale
    $8,250,000

    COMMERCIAL - Cape Canaveral, FL

    Lot size:
    7.50 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 3:06 pm

    Property Features for 8955 Puerto Del Rio Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    0040
    Standard status
    Active
    APN
    2437150000259q
    Lot size
    7.50 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PUERTO DEL RIO CONDO PH 1C UNIT 6201 PUERTO DEL RIO PHASE ONE CONDO PHASE 1C AS DESC IN ORB 5006 PG 761 AND ALL AMENDMENTS THERETO
    Tax Annual Amount
    202

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    River Front
    Water front
    1

    We can help!

    Listing Contact
    James Kenneth Edmunds
    James Kenneth Edmunds

    Listing agent James Kenneth Edmunds License #3414010

    Listing office One Sotheby's Int'l Realty 1006 Beachland Blvd, Vero Beach, FL

    Listing date Jun 2, 2026

    MLS# B26035752 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • +/-7.5‑acre fully entitled multifamily development opportunity in Cape Canaveral with 112 approved units
    • Seven approved mid‑rise residential pads, each +/-1 acre or greater, with entitlements for four‑story structures up to 45 ft
    • Each building is approved for 16 residential units, totaling 112 approved multifamily units across the site
    • All horizontal infrastructure in place, including paved roadways, municipal water, sanitary sewer, electrical service, drainage, and utility connectivity
    • Utilities available include cable, with public water and public sewer
    • Waterfront feature: river front near the Banana River and final undeveloped waterfront corridor

    Overview

    This fully entitled multifamily development opportunity is positioned within the Economic Overlay District and consists of seven approved mid-rise residential pads. Each pad is approved for a four-story multifamily structure, with a maximum building height of 45 feet. Current entitlements allow for 16 residential units per building, totaling 112 approved multifamily units across the site.

    Horizontal infrastructure improvements are in place to support rapid execution, including paved roadways, municipal water, sanitary sewer, electrical service, drainage, and utility connectivity. The property is near the final undeveloped waterfront corridor in Cape Canaveral, with proximity to the Banana River.

    The site is well suited for developers seeking a waterfront infill multifamily project where entitlements and infrastructure are already established. With a ready-to-build framework and a coastal, hospitality-focused surrounding context that includes condominium communities, hotels, mixed-use assets, and multifamily developments, it offers a practical path for an operator to advance vertical construction without waiting for site-wide groundwork.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cape Canaveral
    County
    Brevard
    State
    Florida
    Longitude
    -80.618218
    Latitude
    28.399111

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    FAQs

    What type of property is this?
    Residential land & home lot - Fully entitled multifamily site with horizontal infrastructure in place for immediate vertical development across seven approved pads.
    Where is this residential land & home lot located?
    The property is located at 8955 Puerto Del Rio Drive Cape Canaveral, FL.
    What is the asking price?
    The asking price for this property is $8,250,000.
    What are key features of this property?
    This property features: +/-7.5‑acre fully entitled multifamily development opportunity in Cape Canaveral with 112 approved units; Seven approved mid‑rise residential pads, each +/-1 acre or greater, with entitlements for four‑story structures up to 45 ft; Each building is approved for 16 residential units, totaling 112 approved multifamily units across the site
    (321) 349-5068
    We can help!
    Listing Contact
    James Kenneth Edmunds
    James Kenneth Edmunds
    Real Estate License ID: 3414010
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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