3921 Dixie Highway NE, Palm Bay, FL 32905

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, manatee