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Active
102 Riverside DR #806 Cocoa, FL 32922
3 Beds
3 Baths
2,019 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Rent
Square Footage 2,019 sqft
Subdivision Oleander Pointe Ph Ii
MLS Listing ID 1076453
Bedrooms 3
Full Baths 3
HOA Y/N Yes
Total Fin. Sqft 2019
Year Built 1998
Lot Size 2,178 Sqft
Acres 0.05
Property Sub-Type Condominium
Source Space Coast MLS (Space Coast Association of REALTORS®)
Property Description
Experience luxury coastal living in this 3-bedroom, 3-bath riverfront condo on the Indian River. This spacious residence offers panoramic water views from a private balcony--perfect for morning coffee, evening sunsets, and rocket launches. The open-concept layout is filled with natural light and features a modern kitchen with high-end finishes. The primary suite provides a peaceful retreat with stunning river views, while additional bedrooms offer flexibility for guests or a home office. Located in a quiet, upscale community just minutes from beaches, boating, dining, and shopping, and within walking distance to Cocoa Village. Rent includes cable, high-speed internet, water, trash, and pest control for a low-maintenance lifestyle. Enjoy beautiful sunrises and riverfront breezes every day. Pro-Forma fully able to use as Rentals 2 STR & 2 LTR Regarding 160 Shepard Dr Units 9,10,11,12 Cocoa Beach FL 32931
The property at 160 S Shepard Dr in Cocoa Beach appears to be a rare 4-unit multifamily investment opportunity near the Cocoa Beach Pier and the ocean. The current listing information shows Units 9, 10, 11, and 12 combined as one package.
Here are the key details currently available:
Asking price: approximately $2.2 million
Configuration:
4 separate units
Total of 8 bedrooms
Around 4,056 sq ft combined
Year built: 1980
Major value-add:
Units 9-12 are reportedly the only units in the complex zoned for short-term vacation rentals (STRs).
Income potential:
Units 10 and 12 are reportedly producing around $7,500/month each as short-term rentals.
Units 9 and 11 are currently long-term rentals but may be converted with 30-day notice.
For a Brevard investor, that STR zoning angle is extremely significant because Cocoa Beach has gotten much tighter on vacation rental inventory over the years. Being one block from the pier is a premium tourism location.
Based on the reported income:
Existing STR income from just 2 units could already be roughly $15,000/month gross.
If all 4 units performed similarly seasonally, the gross annual income potential could become very strong, especially during launches, holidays, surf season, and major events like the Cocoa Beach Air Show.
Things I would personally dig into before underwriting it:
Exact STR zoning verification with Cocoa Beach
HOA restrictions and fees
Insurance costs (very important beachside now)
Flood zone + wind mitigation
Actual Airbnb/VRBO financials
Deferred maintenance
Whether all units have updated plumbing/electrical
Current occupancy history and seasonality
Nearby businesses and attractions helping the location include:
Coasters Taphouse
El Buzo
Cocoa Beach Pier area and beach access within walking distance.
This looks more like a hybrid hospitality/investment play than a standard multifamily deal. For Cocoa Beach, legally grandfathered or uniquely zoned STR multifamily inventory is hard to find.
Can you do a Pro-forma as is with 2 STR and 2 Long term rentals
Here's a realistic pro-forma "as-is" operating model for the four-unit property at 160 S Shepard Dr assuming:
Units 10 & 12 = Short-Term Rentals (STR)
Units 9 & 11 = Long-Term Rentals (LTR)
Property purchased around $2.2M
Self-managed or lightly managed investment structure
Assumptions
Short-Term Rental Units (2 Units)
Based on the reported ~$7,500/mo current gross each:
STR Gross Income:
$7,500/month × 2
= $15,000/month
= $180,000/year gross
STR Expense Assumptions
Typical Cocoa Beach vacation rental operating costs:
Cleaning/turnover: 12%
Airbnb/VRBO fees: 3%
Utilities/WiFi: included
Consumables/maintenance reserve
STR insurance premium allocation
Estimated total operating expense ratio:
~35%
Estimated NOI from STRs:
~$117,000/year
Long-Term Rental Units (2 Units)
Estimated market rents for updated beachside units near the pier:
Estimated rent:
$2,700/month each
= $5,400/month
= $64,800/year gross
LTR Expense Assumptions
Tenant pays electric where possible.
Estimated operating expense ratio:
~25%
Estimated NOI from LTRs:
~$48,600/year
Combined Property Pro-Forma
Category Annual Amount
STR Gross Income $180,000
LTR Gross Income $64,800
Total Gross Revenue $244,800
Estimated Operating Expenses
Expense Category Estimated Annual
STR Ops + Cleaning + Supplies $63,000
Taxes ~$24,000
Insurance (beachside estimate) ~$28,000
HOA/Condo Fees TBD
Repairs & Maintenance ~$15,000
Miscellaneous/Admin ~$6,000
Approximate total operating expenses before debt:
~$110K-$125K depending on HOA
Estimated NOI (Net Operating Income)
Estimated NOI Range:
~$155,000-$170,000/year
Cap Rate Estimate
If purchase price = $2.2M:
Cap Rate=2,200,000165,000H7.5%
Estimated cap rate:
~7.0%-7.7% "as-is"
That is actually fairly solid for:
Cocoa Beach
Walkable to ocean/pier
STR-permitted inventory
Mixed-use income strategy
Financing Example
Example Loan
25% down
7.0% interest
30-year amortization
Loan Amount
~$1.65M
Estimated Annual Debt Service
~$132,000/year
Estimated Cash Flow After Debt
Scenario Annual Cash Flow
Conservative ~$20K
Moderate ~$35K
Strong STR Season ~$50K+
What Makes This Deal Interesting
The real upside is NOT the current pro-forma.
The upside is:
Converting all 4 units to STR (if legally possible)
Raising ADR during launch tourism
Premium furnished rentals
Mid-term executive/space industry housing
Combining units for luxury group stays
Appreciation of rare Cocoa Beach STR inventory
If all 4 units eventually averaged:
$7,000/month gross STR income
Then potential gross revenue approaches:
~$336,000/year+
That changes the entire valuation model substantially.
This is one of those Space Coast assets where the zoning/STR rights may become more valuable than the physical real estate itself over time.
Then do the proforma with all STR
Pro Forma -- All 4 Units as STR
For 160 S Shepard Dr Units 9, 10, 11 & 12
This assumes:
All four units legally operate as short-term rentals
Similar performance to the currently active STR units
Professionally marketed Airbnb/VRBO setup
Strong Cocoa Beach seasonal occupancy
Revenue Assumptions
Base STR Performance Assumption
Using a blended estimate slightly below peak performance:
Metric Per Unit
Average Monthly Gross $7,000
Annual Gross Per Unit $84,000
Total Gross Revenue
Units Annual Gross
Unit 9 $84,000
Unit 10 $84,000
Unit 11 $84,000
Unit 12 $84,000
Total Gross Revenue:
$336,000/year
Operating Expense Assumptions
Beachside STRs typically run heavier expenses than long-term rentals.
Estimated STR Expense Ratio
~35-40% of gross revenue
Includes:
Cleaning & turnover
Airbnb/VRBO fees
Utilities
WiFi/cable
Furnishings reserve
Maintenance
Pest control
Consumables
STR insurance allocation
Property management reserve
Estimated Operating Expenses
Expense Estimated Annual
STR Operating Costs $118,000
Property Taxes ~$24,000
Insurance ~$28,000
Repairs & Maintenance ~$18,000
Admin/Accounting/Misc ~$7,000
HOA/Condo Fees TBD
Estimated NOI
Conservative NOI
~$155,000/year
Moderate Expected NOI
~$175,000/year
Strong Operations Scenario
~$190,000-$205,000/year
Cap Rate Analysis
Assuming purchase price = $2.2M
Conservative
Cap Rate=2,200,000155,000H7.0%
Moderate
Cap Rate=2,200,000175,000H8.0%
Strong Operations
Cap Rate=2,200,000200,000H9.1%
Financing Scenario
Example Financing
Purchase Price: $2.2M
25% Down
Loan Amount: ~$1.65M
7% interest
30-year amortization
Estimated Annual Debt Service
~$132,000/year
Estimated Cash Flow After Debt
Scenario Estimated Annual Cash Flow
Conservative ~$23K
Moderate ~$43K
Strong Operations ~$68K+
Potential Appreciation Drivers
This asset has several rare value drivers for Cocoa Beach:
Walkability to beach & pier
Rare multifamily STR rights
Space launch tourism growth
Cruise passenger overflow
Corporate/space industry mid-term demand
Limited future STR inventory
Highest-and-Best-Use Possibilities
The biggest upside may be:
Boutique branded beach rental concept
"Launch View Vacation Suites"
Luxury furnished executive rentals
Hybrid STR + mid-term furnished rentals
Selling units individually later as condos
If the units are renovated to elite beach-modern finishes, ADRs during launch weeks and peak seasons could materially exceed these numbers.
The property at 160 S Shepard Dr in Cocoa Beach appears to be a rare 4-unit multifamily investment opportunity near the Cocoa Beach Pier and the ocean. The current listing information shows Units 9, 10, 11, and 12 combined as one package.
Here are the key details currently available:
Asking price: approximately $2.2 million
Configuration:
4 separate units
Total of 8 bedrooms
Around 4,056 sq ft combined
Year built: 1980
Major value-add:
Units 9-12 are reportedly the only units in the complex zoned for short-term vacation rentals (STRs).
Income potential:
Units 10 and 12 are reportedly producing around $7,500/month each as short-term rentals.
Units 9 and 11 are currently long-term rentals but may be converted with 30-day notice.
For a Brevard investor, that STR zoning angle is extremely significant because Cocoa Beach has gotten much tighter on vacation rental inventory over the years. Being one block from the pier is a premium tourism location.
Based on the reported income:
Existing STR income from just 2 units could already be roughly $15,000/month gross.
If all 4 units performed similarly seasonally, the gross annual income potential could become very strong, especially during launches, holidays, surf season, and major events like the Cocoa Beach Air Show.
Things I would personally dig into before underwriting it:
Exact STR zoning verification with Cocoa Beach
HOA restrictions and fees
Insurance costs (very important beachside now)
Flood zone + wind mitigation
Actual Airbnb/VRBO financials
Deferred maintenance
Whether all units have updated plumbing/electrical
Current occupancy history and seasonality
Nearby businesses and attractions helping the location include:
Coasters Taphouse
El Buzo
Cocoa Beach Pier area and beach access within walking distance.
This looks more like a hybrid hospitality/investment play than a standard multifamily deal. For Cocoa Beach, legally grandfathered or uniquely zoned STR multifamily inventory is hard to find.
Can you do a Pro-forma as is with 2 STR and 2 Long term rentals
Here's a realistic pro-forma "as-is" operating model for the four-unit property at 160 S Shepard Dr assuming:
Units 10 & 12 = Short-Term Rentals (STR)
Units 9 & 11 = Long-Term Rentals (LTR)
Property purchased around $2.2M
Self-managed or lightly managed investment structure
Assumptions
Short-Term Rental Units (2 Units)
Based on the reported ~$7,500/mo current gross each:
STR Gross Income:
$7,500/month × 2
= $15,000/month
= $180,000/year gross
STR Expense Assumptions
Typical Cocoa Beach vacation rental operating costs:
Cleaning/turnover: 12%
Airbnb/VRBO fees: 3%
Utilities/WiFi: included
Consumables/maintenance reserve
STR insurance premium allocation
Estimated total operating expense ratio:
~35%
Estimated NOI from STRs:
~$117,000/year
Long-Term Rental Units (2 Units)
Estimated market rents for updated beachside units near the pier:
Estimated rent:
$2,700/month each
= $5,400/month
= $64,800/year gross
LTR Expense Assumptions
Tenant pays electric where possible.
Estimated operating expense ratio:
~25%
Estimated NOI from LTRs:
~$48,600/year
Combined Property Pro-Forma
Category Annual Amount
STR Gross Income $180,000
LTR Gross Income $64,800
Total Gross Revenue $244,800
Estimated Operating Expenses
Expense Category Estimated Annual
STR Ops + Cleaning + Supplies $63,000
Taxes ~$24,000
Insurance (beachside estimate) ~$28,000
HOA/Condo Fees TBD
Repairs & Maintenance ~$15,000
Miscellaneous/Admin ~$6,000
Approximate total operating expenses before debt:
~$110K-$125K depending on HOA
Estimated NOI (Net Operating Income)
Estimated NOI Range:
~$155,000-$170,000/year
Cap Rate Estimate
If purchase price = $2.2M:
Cap Rate=2,200,000165,000H7.5%
Estimated cap rate:
~7.0%-7.7% "as-is"
That is actually fairly solid for:
Cocoa Beach
Walkable to ocean/pier
STR-permitted inventory
Mixed-use income strategy
Financing Example
Example Loan
25% down
7.0% interest
30-year amortization
Loan Amount
~$1.65M
Estimated Annual Debt Service
~$132,000/year
Estimated Cash Flow After Debt
Scenario Annual Cash Flow
Conservative ~$20K
Moderate ~$35K
Strong STR Season ~$50K+
What Makes This Deal Interesting
The real upside is NOT the current pro-forma.
The upside is:
Converting all 4 units to STR (if legally possible)
Raising ADR during launch tourism
Premium furnished rentals
Mid-term executive/space industry housing
Combining units for luxury group stays
Appreciation of rare Cocoa Beach STR inventory
If all 4 units eventually averaged:
$7,000/month gross STR income
Then potential gross revenue approaches:
~$336,000/year+
That changes the entire valuation model substantially.
This is one of those Space Coast assets where the zoning/STR rights may become more valuable than the physical real estate itself over time.
Then do the proforma with all STR
Pro Forma -- All 4 Units as STR
For 160 S Shepard Dr Units 9, 10, 11 & 12
This assumes:
All four units legally operate as short-term rentals
Similar performance to the currently active STR units
Professionally marketed Airbnb/VRBO setup
Strong Cocoa Beach seasonal occupancy
Revenue Assumptions
Base STR Performance Assumption
Using a blended estimate slightly below peak performance:
Metric Per Unit
Average Monthly Gross $7,000
Annual Gross Per Unit $84,000
Total Gross Revenue
Units Annual Gross
Unit 9 $84,000
Unit 10 $84,000
Unit 11 $84,000
Unit 12 $84,000
Total Gross Revenue:
$336,000/year
Operating Expense Assumptions
Beachside STRs typically run heavier expenses than long-term rentals.
Estimated STR Expense Ratio
~35-40% of gross revenue
Includes:
Cleaning & turnover
Airbnb/VRBO fees
Utilities
WiFi/cable
Furnishings reserve
Maintenance
Pest control
Consumables
STR insurance allocation
Property management reserve
Estimated Operating Expenses
Expense Estimated Annual
STR Operating Costs $118,000
Property Taxes ~$24,000
Insurance ~$28,000
Repairs & Maintenance ~$18,000
Admin/Accounting/Misc ~$7,000
HOA/Condo Fees TBD
Estimated NOI
Conservative NOI
~$155,000/year
Moderate Expected NOI
~$175,000/year
Strong Operations Scenario
~$190,000-$205,000/year
Cap Rate Analysis
Assuming purchase price = $2.2M
Conservative
Cap Rate=2,200,000155,000H7.0%
Moderate
Cap Rate=2,200,000175,000H8.0%
Strong Operations
Cap Rate=2,200,000200,000H9.1%
Financing Scenario
Example Financing
Purchase Price: $2.2M
25% Down
Loan Amount: ~$1.65M
7% interest
30-year amortization
Estimated Annual Debt Service
~$132,000/year
Estimated Cash Flow After Debt
Scenario Estimated Annual Cash Flow
Conservative ~$23K
Moderate ~$43K
Strong Operations ~$68K+
Potential Appreciation Drivers
This asset has several rare value drivers for Cocoa Beach:
Walkability to beach & pier
Rare multifamily STR rights
Space launch tourism growth
Cruise passenger overflow
Corporate/space industry mid-term demand
Limited future STR inventory
Highest-and-Best-Use Possibilities
The biggest upside may be:
Boutique branded beach rental concept
"Launch View Vacation Suites"
Luxury furnished executive rentals
Hybrid STR + mid-term furnished rentals
Selling units individually later as condos
If the units are renovated to elite beach-modern finishes, ADRs during launch weeks and peak seasons could materially exceed these numbers.
Location
State FL
County Brevard
Area 213 - Mainland E Of Us 1
Direction East SR520 to Brevard Avenue. Left on Church Street, then right onto Riverside Drive. Condo on left. Middle building.
Body of Water Indian River
Interior
Interior Features Breakfast Bar, Breakfast Nook, Built-in Features, Ceiling Fan(s), Open Floorplan, Primary Bathroom - Shower No Tub, Walk-In Closet(s)
Heating Central, Electric
Cooling Central Air
Furnishings Negotiable
Appliance Dishwasher, Disposal, Dryer, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer
Laundry Electric Dryer Hookup, In Unit, Washer Hookup
Exterior
Exterior Feature Balcony, Boat Slip, Dock
Parking Features Additional Parking, Garage, Garage Door Opener
Garage Spaces 1.0
Utilities Available Cable Connected, Electricity Connected, Sewer Connected, Water Connected
Amenities Available Basketball Court, Boat Dock, Boat Slip, Cable TV, Car Wash Area, Clubhouse, Elevator(s), Fitness Center, Maintenance Grounds, Maintenance Structure, Management - Off Site, Pickleball, Pool, Security, Spa/Hot Tub, Tennis Court(s), Trash, Water, Other
Waterfront Description River Access,River Front,Intracoastal
View River
Street Surface Asphalt
Road Frontage City Street
Garage Yes
Building
Faces West
Story 1
Level or Stories One
Schools
Elementary Schools Tropical
High Schools Rockledge
Others
HOA Fee Include Cable TV,Maintenance Grounds,Maintenance Structure,Pest Control,Security,Sewer,Trash,Water
Senior Community No
Tax ID 24-36-33-87-00000.0-0042.00
Security Features Fire Sprinkler System,Smoke Detector(s),Secured Lobby
Virtual Tour https://www.virtualtourcafe.com/mls/10005639
Listed by Keller Williams Space Coast
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