Current Use by Public Records
- Banana River Resort / Hotel & Motel / Bed & Breakfast
- Clean Serve Quality System / Hardware & Home Improvement / HVAC Service
Property Details for 3590 Atlantic Ave
- Year built
- 1954
- Property type
- Hospitality properties
- Property subtype
- Motels
Description
This exceptional investment opportunity presents a ten-unit, riverfront motel situated on Florida's Banana River, directly across from the Atlantic Ocean in Cocoa Beach (3590 S Atlantic Ave, 32931). Boasting 7,224 square feet across two two-story buildings, this stabilized property includes a seven-unit main building and a 2,208 square foot triplex. A recent $2 million capital improvement project (2021) enhances its appeal. Currently operating as short-term vacation rentals, the property offers an estimated 8% return on investment based on current income. The location benefits from proximity to major transportation hubs, including Orlando International Airport (50 miles), Melbourne International Airport (15 miles), and Space Coast Regional Airport (25 miles). Furthermore, its strategic position near Port Canaveral (3 miles), a leading cruise embarkation point, and significant aerospace employers like SpaceX, Blue Origin, and NASA (within 10 minutes), presents substantial growth potential. The property's versatility extends to various income streams, including annual rentals, transient rentals, and event hosting (weddings, corporate functions, etc.). Built in 1954, this property is priced at $5,000,000 ($692.14 per square foot) and offers a unique blend of established income and future development possibilities in a rapidly growing area. The property is offered with broker co-op.
Value Estimations
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cocoa Beach
- County
- Brevard
- State
- Florida
- Longitude
- -80.6069
- Latitude
- 28.2725
