About this property
Incredible multifamily investment opportunity only 2 blocks from the beach, 1 mile from Port Canaveral, and 1 mile to the Cocoa Beach Pier. Next to the city park, and 1 block from the library.
Building is currently gutted and boarded, with level 3 rehab required to bring it up to code. Two new roofs complete, but a new permit must be issued. One smaller shingle section still needs repair. $167,000 code enforcement judgement, and 5 years back-taxes will be paid from proceeds at closing.
First Floor
- Unit 1 - 835 Sq. Ft - 3 bedroom, 1 bath $1195/mo*
- Unit 2 – 500 Sq. Ft. – 1 bedroom, 1 bath $795/mo*
- Unit 3 – 714 Sq. ft. – 1 bedroom, 1 bath - with office $995/mo*
Second Floor
- Unit 4 – 835 Sq. Ft – 3 bedroom, 1 bath $1195/mo*
- Unit 5 – 500 Sq. Ft. – 1 bedroom, 1 bath $795/mo*
- Unit 6 – 714 Sq. Ft. – 1 bedroom, 1 bath – with office $995/mo*
Third Floor
- Unit 7 – 302 Sq, Ft. – 1 bedroom, 1 bath $695/mo*
- Unit 8 – 543 Sq. Ft. – 2 bedroom, 1 bath $750/mo*
Gross Potential Rent $7415/month or $88,980/year*
*Market Rate for similar units
Drive by OK, but do not enter the property. Walk-thru's permitted during buyer's due-diligence period.
Property details
- Property Type
- Residential
- Building Type
- Freestanding
- Building Size
- 4,906 sqft
- Land Size
- 0.16 acres
- Units
- 8
- Zoning
- R-2 - 8 units
- Year Built
- 1962
- Roof
- Membrane & Shingle
- Parking
- 14 spaces
- Construction
- Block
Documents 3 files
Last updated: Sep 30, 2026
Location
- Address
-
7521 Magnolia Avenue
Cape Canaveral, Florida 32920