637 S Orlando Avenue, Cocoa Beach, FL 32931

$4,400,000

Virtual Tour

https://www.propertypanorama.com/instaview/spc/1051839

Property Type: Commercial Sale Baths: 13 Square Footage: 8,177 Lot Size (sq. ft.): 21,344 Status: Pending

Current Price: $4,400,000 List Date: 7/16/2025 Last Modified: 4/24/2026

Overview

Description

Listed $855,000 below appraised value. 9.93% cap rate. Owning a short-term rental may offer access to tax strategies such as bonus depreciation and cost segregation. Bonus depreciation, which is currently available at 100% for qualifying property placed in service in 2025, May offer significant tax advantages. Speak with your tax advisor to explore how these options might benefit your investment. Listed below appraised value. The Drift is a fully renovated boutique short term rental complex located in the heart of Cocoa Beach, just a short walk to the surf and downtown. With 13 beautifully upgraded units, including both one-bedroom and two-bedroom options, The Drift offers a blend of modern amenities and coastal charm. This turnkey property is an ideal investment, offering strong cash flow potential and a highly desirable location. Selling with turn key ability.

Listing Details MLS# 1051839

General Property Information

Number Of Units Total: 13
Stories Total: 3
Bathrooms Total: 13
Building Area Total: 8177
Building Area Source: Public Records
Accessibility Features YN: No
Year Built: 1956
Building Name: The Drift
Lot Size Acres: 0.49
Land Lease YN: No
Association YN: No
Water Body Access YN: Yes
Waterfront YN: No
Senior Community YN: No
List Price/SqFt: 538.09

Property Features

Building Features: Fenced; Laundry; Outside Storage Ceiling Type: Drywall Construction Materials: Block; Composition Siding; Concrete; Stucco Cooling: Ceiling Fan(s); Central Air; Multi Units; Other Current Use: Hotel/Motel; Multi-Family Flooring: Vinyl Heating: Central; Other Lot Features: Other Parking Features: Assigned; Parking Lot Possession: Close Of Escrow Water Body Access Type: Public Accessible Road Frontage Type: City Street Roof: Shingle Sale Includes: Building & Land; Business with Real Estate; Furniture, Fixtures and Equipment Sewer: Public Sewer Showing Considerations: Occupied Showing Requirements: 24 Hour Notice; Appointment Only; Call Listing Agent; Listing Agent Must Accompany; No Sign Utilities: Cable Available; Electricity Connected; Natural Gas Available Water Source: Public

Contract Information

Original List Price: 4400000
Listing Contract Date: 2025-07-16
Property Sub Type: Multi Family
Comp Sale YN: Yes

Location Tax and Legal

Street Number: 637
Street Direction Prefix: S
Street Name: Orlando
Street Suffix: Avenue
County: Brevard
State: FL
Postal Code: 32931
MLS Area Major: 272 - Cocoa Beach
Subdivision Name: Parsons Add To Cocoa Beach

Remarks and Miscellaneous

Public Remarks: Listed $855,000 below appraised value. 9.93% cap rate. Owning a short-term rental may offer access to tax strategies such as bonus depreciation and cost segregation. Bonus depreciation, which is currently available at 100% for qualifying property placed in service in 2025, May offer significant tax advantages. Speak with your tax advisor to explore how these options might benefit your investment. Listed below appraised value. The Drift is a fully renovated boutique short term rental complex located in the heart of Cocoa Beach, just a short walk to the surf and downtown. With 13 beautifully upgraded units, including both one-bedroom and two-bedroom options, The Drift offers a blend of modern amenities and coastal charm. This turnkey property is an ideal investment, offering strong cash flow potential and a highly desirable location. Selling with turn key ability.

Status Change Information

Major Change Timestamp: 2026-03-02T18:10:26Z
Major Change Type: Price Change
Price Change Timestamp: 2026-03-02T18:10:26Z
Status Change Timestamp: 2026-01-09
Purchase Contract Date: 2026-01-09

More Information

Income and Expenses

Net Operating Income: 352000

Unit 1 Details

Unit ID: Yes
Annual Rent: 30000
Unit SqFt: 874
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 2 Details

Unit ID: 2
Annual Rent: 30000
Unit SqFt: 874
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 3 Details

Unit ID: 3
Annual Rent: 30000
Unit SqFt: 874
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 4 Details

Unit ID: 4
Annual Rent: 30000
Unit SqFt: 552
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 5 Details

Unit ID: 5
Annual Rent: 30000
Unit SqFt: 552
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 6 Details

Unit ID: 6
Annual Rent: 30000
Unit SqFt: 552
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 7 Details

Unit ID: 7
Annual Rent: 30000
Unit SqFt: 552
# Units (This Type): Yes
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Unit 8 Details

Unit ID: 8
Annual Rent: 30000
Unit SqFt: 552
# Units (This Type): 6
Furnished: Furnished
Unit Remarks: Annual rent not accurate

Listing Office: Margaux Realty, Inc

Last Updated: April - 24 - 2026

Information is deemed to be reliable, but is not guaranteed.