Hilltop Apartments at Cocoa — Sale in Cocoa, FL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Cocoa, FL 32922

Photos

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Investment Figures

Cap rate
6.89%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

A 51-Unit Multifamily Community in Cocoa, FL. 7.25% In-Place Cap Rate: Offered at $5,800,000 ($113,725/unit; $129.88/SF), a 7.25% cap rate on August 2026 trailing actuals, with all revenue units occupied Investment Highlights: • 7.25% In-Place Cap Rate: Offered at $5,800,000 ($113,725/unit; $129.88/SF), a 7.25% cap rate on August 2026 trailing actuals, with all revenue units occupied • Priced Below Recent Comparable Sales: Pricing is about 13% below the $130,143/unit sales comp average and 27% below the $177.75/SF average • Large, Diverse Townhome Floor Plans: floor plans range from 465 SF studios to 1,130 SF three-bedroom/2.5-bath townhomes, and 40 of 51 units are two-story townhouse layouts averaging 876 SF. Two- and • Significant NOI Upside: NOI is projected to grow from $420,642 in place to $547,983 in Year 1 and $569,699 in Year 2, a 35% increase • In-Place Rents Well Below the Comp Set: Current rents average $1,149 ($1.31/SF), versus comp-set averages of $1.96/SF for one-bedrooms and $1.69/SF for two-bedrooms. Renovated two-bedroom townhomes lease at $1,255, while comparable two-bedrooms command $1,500 - $1,650 • Renovation Program 82% Complete: 42 of 51 units are already renovated, leaving 9 interiors plus common-area work on a $202,000 total budget ($3,961/unit). Copper wiring and CPVC plumbing are already in place • Utility Reimbursement Opportunity: Ownership currently pays roughly $44,900 per year (~$880/unit) for water, sewer, and trash. A bill-back adds $25,000 of income and is consistent with nearby comps • Short- and Long-Term Growth Drivers: Population within 10 miles is projected to grow 7.6% by 2030, to 232,465. Brevard County ranks #21 nationally for job growth and #24 for tech-sector growth (Milken Institute, 2025), and the pipeline includes the $87M Eastern Florida State College Cocoa campus expansion and the 3.0M SF Space Coast Innovation Park

Market Context

This multifamily in Cocoa, FL is listed for sale. It is offered at an approximate 6.9% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Cocoa, FL — view the full market.

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