Titusville Multifamily Investment
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955 KNOX MCRAE DR, Titusville, FL 32780
20-unit apartment complex in growing Titusville, Florida.
Property Size15,488 SF
Days on Market368
Property Features for 955 KNOX MCRAE DR
General Information
Standard status
Active
Size
15,488 SF
Property subtype
Multi-Family 5+
Taxes and HOA fees
Annual Taxes
$27,617
Building Details
Building Size
15,488 SF
Year Built
1969
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 907-0350
Listed By:
Tito Urbano Perez · License #3470017
Source:
Thefullerproperties
Added: Aug 28, 2025
Changed: Aug 23
Last Checked: Aug 29 at 4:07PM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
Coquina Court Apartments is a 20-unit multifamily community located in Titusville, Florida, featuring a single concrete block building constructed in 1969. The property offers a mix of 12 two-bedroom/one-bath units and 8 one-bedroom/one-bath units. Recent ownership improvements include $30,000 in roof work. Tenants are responsible for their electric usage, while the owner covers water expenses. Titusville, located in Brevard County, is known as “Space City, USA” due to its strong ties to the aerospace industry. The city is experiencing significant economic growth, with a new aerospace company bringing 1,347 jobs over the next four years, plus an estimated 900 additional jobs in spinoff or related work for former space shuttle program employees. This expansion represents nearly $96 million in payroll and an economic impact of approximately $48 million, fueling continued demand for housing in the area.
Key Highlights
- Strong economic growth in Titusville driven by the aerospace industry, creating high demand for housing.
- 20‑unit multifamily property with a mix of 12 two‑bedroom/one‑bath and 8 one‑bedroom/one‑bath units.
- Tenants pay their own electric, simplifying the utility structure.
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
$158,544
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
6.61%
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%
$3,170,880
$3.2M
Cap Rate 7%
$2,264,914
$2.3M
Cap Rate 9%
$1,761,600
$1.8M
Market Conditions
NOI Build-Up for 15,488 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
$306.7K $19.80/SF
− Vacancy
−$18.4K −$1.19/SF
EGI
$288.3K $18.61/SF
− OpEx
−$129.7K −$8.38/SF
NOI
$158.5K $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%
$3,170,880
Cap Rate 7%
$2,264,914
Cap Rate 9%
$1,761,600
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,544 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.09M
$3.58M – $4.77M
NOI $286,032 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 32780, FL
39,525
Population
19,984
Households
2
Avg Household Size
48
Median Age
27%
College-Educated
92%
High-School Grad
68.1 sq mi
ZIP Area
580
Density / Sq Mi
$64,670
Median Household Income
$39,882
Median Earnings
$1,258
Median Rent
$250,800
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 - 20-unit apartment complex in growing Titusville, Florida.
Where is this apartment building located?
The property is located at 955 KNOX MCRAE DR Titusville, FL.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: Strong economic growth in Titusville driven by the aerospace industry, creating high demand for housing.; 20‑unit multifamily property with a mix of 12 two‑bedroom/one‑bath and 8 one‑bedroom/one‑bath units.; Tenants pay their own electric, simplifying the utility structure.
