Bird Island Dr

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Bird Island Dr

Cocoa, FL 32926
Asking Price
$2.30M
Asset Type
Multifamily
Class
Class B

What's Special

Located on Bird Island Drive in Cocoa, Florida, this property is situated within a developing residential corridor near the Indian River. The neighborhood is characterized by a mix of single-family homes and mid-sized residential complexes. It offers proximity to major retailers, local dining, and recreational parks along the waterfront. Transportation access is provided via nearby State Road 520 and U.S. Route 1, which connect the area to the historic Cocoa Village, the Space Coast's employment hubs, and the Atlantic beaches. This site is suited for multifamily redevelopment or the construction of small-to-mid-scale apartment units. The location appeals to a tenant profile comprised of local service workers, aerospace contractors, and young professionals seeking a central location between inland hubs and coastal amenities. The property’s positioning supports a range of rental configurations, from workforce housing to market-rate residential units, catering to the growing demand for regional housing.

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NOI
$80,000
Cap Rate
3.48%
DSCR
0.59
Underwater
Cash-on-Cash
-8.20%
Monthly Payment
$11,379.145
Annual Cash Flow
$-56,549.741

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