3921 Dixie Highway Ne, Palm Bay, FL 32905
Local realty services provided by:Better Homes and Gardens Real Estate Star
Listed by:keith r brodsky
Office:lokation real estate
MLS#:1058166
Source:FL_SPACE
Price summary
- Price:$399,000
- Price per sq. ft.:$226.96
About this home
Riverview living and strong income meet in this rare one-story triplex on highly traveled US 1 with signage seen by more than 33,000 vehicles a day. Zoned Highway Commercial and Office, this property offers true live-work flexibility where you can live in one unit, rent the others, and even choose your neighbors while enjoying peaceful Indian River views from your backyard. With a cap rate near 10 percent and more than $95,000 in upgrades including a new 2024 roof, modern kitchens and baths, resurfaced parking, fencing, granite shower, plumbing updates, and more, this property is turnkey and income-producing from the moment you close. Steps from Castaways Point Park with fishing docks, kayak launches, and shaded walking trails, and minutes from the ocean, waterfront dining, Downtown Melbourne, major employers, and even rocket launch views, this property combines lifestyle, location, visibility, and performance into one of the strongest river-view investment opportunities around. This income-producing triplex offers far more than just rental revenue. It is a strategic, turnkey investment positioned to perform immediately and grow stronger over time. Generating a gross annual income of $46,800 and carrying fixed annual expenses of $7,758.85 (including $2,774.85 in property taxes and $4,984 in insurance), the property delivers a net operating income (NOI) of $39,041.15. Based on the current asking price of $399,000, that equates to a precise cap rate of 9.78%, placing this asset well above typical returns in the current Space Coast multifamily market. These are real numbers based on existing leases and proven performance, not projections. Income begins flowing from the first day of ownership.
Each unit is independently metered and features separate utility arrangements, private entrances, and ground-level construction for ease of access and minimal maintenance. Unit A rents for $1,450 per month, with the tenant responsible for electric service. Unit B leases for $1,150 per month with the tenant covering water costs. Unit C rents for $1,390 per month, is furnished, includes washer and dryer hookups, and has tenant-paid electric. This structure creates a stable and diversified income stream while keeping overhead predictable and straightforward to manage.
The extensive improvements to the property further enhance its performance and appeal. More than $95,000 in capital upgrades have been completed, including a new roof installed in 2024, upgraded kitchens and bathrooms, resurfaced parking, fencing, granite finishes, plumbing improvements, and new gutters. A masonry wall at the front improves privacy and appearance, while tree trimming and the removal of an older shed improve the exterior landscape and usability. These upgrades significantly reduce near-term capital expenditures, lower ongoing maintenance costs, and elevate the property's presentation, all of which are key factors in tenant retention and long-term appreciation.
One of the defining advantages of this property is its Highway Commercial and Office zoning, which opens the door to a wide range of current and future uses. This is not a property limited to traditional multifamily. It can accommodate a variety of business or professional uses while still generating residential income. A new owner could choose to live in one unit and operate a small business out of another, convert part of the property into a professional office or creative space, or maintain all three as residential rentals. There is also additional land on site that could be used to expand parking or support future structures, giving you room to grow income and property value over time.
The location amplifies everything that makes this property exceptional. Set along the Indian River Lagoon, one of the most biodiverse estuaries in North America, the property offers peaceful water views and a daily connection to nature that enhances its appeal for tenants and owner-occupants alike. Dolphins surface, manatees glide, and native birds soar across the water just beyond the backyard. Castaways Point Park, located just steps away, provides fishing docks, kayak launches, shaded walking trails, and scenic picnic areas, offering outdoor recreation right outside the door. From the backyard, residents and guests can even watch rocket launches streak across the sky from Cape Canaveral, adding a uniquely Space Coast experience that few properties can match.
The surrounding neighborhood provides a lifestyle balance that drives strong rental demand. Downtown Melbourne is just minutes away, offering boutique shopping, art galleries, live music, and a vibrant restaurant scene. Popular waterfront dining destinations like Yellow Dog Cafe, The Shack Riverfront and Tiki Bar, and Reflections Restaurant are nearby. Two major hospitals, multiple fitness centers, yoga studios, and essential services are all within easy reach. The property also offers quick access to I-95, US-192, and Melbourne International Airport, keeping the rest of Central Florida within easy reach while maintaining the relaxed pace of riverfront living. The beaches of the Atlantic Ocean are just a short drive away, making it easy to enjoy sun, sand, and surf whenever you choose.
The region itself is experiencing sustained growth that adds long-term value to this investment. The Space Coast continues to attract billions in new investment from aerospace, defense, and technology companies. Global leaders like L3Harris, Northrop Grumman, Embraer, and Blue Origin continue to expand operations in the area, fueling job creation and population growth. As demand for quality housing near major employers grows, well-located income-producing properties like this one are poised to appreciate in both value and rental income. Florida's pro-business climate, strong in-migration trends, and absence of state income tax further enhance the investment case.
The property's high-traffic US 1 frontage, with visibility to more than 33,000 vehicles daily, adds another valuable dimension. This exposure provides built-in marketing power for any potential commercial use and supports long-term property value growth. Even if you maintain it strictly as a residential investment, this visibility helps ensure ongoing tenant demand and appreciation potential.
Operationally, the property is straightforward and efficient. All three units are single-story, eliminating the challenges associated with stairs and expanding accessibility to a broader tenant base. Separate entrances and utilities minimize disputes and simplify management. The durable concrete block construction ensures longevity and reduced maintenance over time. Together, these features make the property attractive to out-of-area investors seeking a low-maintenance asset and local buyers seeking a hands-on investment with minimal complexity.
For an owner-occupant, the property offers the chance to build wealth while enjoying a scenic, riverside lifestyle. Living in one unit while collecting rent from the others can significantly offset housing costs, and the ability to choose who lives next door is a rare benefit in multifamily ownership. For investors, the performance metrics speak clearly: $46,800 in gross annual income, $7,758.85 in annual expenses, a net operating income of $39,041.15, and a cap rate of 9.78 percent, all in a property that is stabilized, upgraded, and income-producing from the start.
This triplex represents more than just a property purchase. It is an opportunity to acquire a flexible, high-performing asset in one of Florida's most dynamic markets. It combines the consistent returns investors seek with the lifestyle features that attract quality tenants and long-term demand. It offers the zoning flexibility to adapt as needs evolve and the location strength to remain relevant as the region grows. Few assets check this many boxes: river views, proximity to the ocean, prime US 1 visibility, major capital improvements, strong current income, future upside, and zoning that allows creativity and growth.
Properties of this caliber rarely come to market and do not stay available for long. Whether you are an investor seeking strong, stable returns, a buyer looking for a property that can evolve with your personal and business goals, or someone who wants to live near the water while your investment pays you, this triplex delivers on all fronts. It is more than real estate. It is a performing asset, a strategic foothold on the Space Coast, and a lifestyle opportunity all in one.
Property sold as is, where is. Buyer is responsible for verifying all information, including but not limited to permitted uses, zoning, square footage, condition, occupancy, building codes, and any approvals required for future use or modifications.
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Home facts
- Year built:1957
- Listing ID #:1058166
- Added:1 day(s) ago
Rooms and interior
- Bedrooms:3
- Total bathrooms:3
- Full bathrooms:3
- Living area:1,758 sq. ft.
Heating and cooling
- Cooling:Electric
- Heating:Central, Electric
Structure and exterior
- Year built:1957
- Building area:1,758 sq. ft.
- Lot area:0.13 Acres
Schools
- High school:Palm Bay
- Middle school:Stone
- Elementary school:Palm Bay Elem
Utilities
- Sewer:Public Sewer
Finances and disclosures
- Price:$399,000
- Price per sq. ft.:$226.96
- Tax amount:$2,670 (2023)
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