● Confidential Investor Package
2100 NE Indian River Drive
Jensen Beach, FL 34957  ·  15-Unit Coastal Multifamily Investment
7 Studios 8 One-Bedrooms Fully Renovated 2025 Indian River Drive Corridor Treasure Coast, Florida STR-Ready Layout
$2,795,000
List Price
$186,333/unit
$216,000
In-Place NOI
$18K/mo profit
$340,799
STR NOI (Base)
+98.6% vs LTR
12.2%
STR Cap Rate
Base Case
Section 01
Executive Summary

GoCommercial presents a comprehensive pricing analysis and dual-strategy investment case for 2100 NE Indian River Drive — a fully renovated 15-unit coastal asset with demonstrated cash flow, exceptional STR repositioning potential, and below-replacement-cost pricing.

Current Operations
  • 15 units: 7 studios + 8 one-bedrooms
  • Fully renovated — turnkey condition
  • $18,000/mo profit before debt service
  • $216,000 annual in-place NOI
  • Mix of M-T-M and 12-month leases
  • Master-metered utilities
Pricing Conclusion
Income Approach (8.0% Cap)$2,700,000
Sales Comparison Range$2,550,000–$2,850,000
Replacement CostAbove List Price
Recommended List$2,795,000
STR Upside Case
  • Jensen Beach avg ADR: $194/night
  • Market occupancy: ~60%+
  • STR Base Case NOI: $340,799
  • STR Cap Rate: 12.2%
  • Cash-on-Cash (25% down): 23.6%
  • +98.6% NOI premium over LTR
⭐ Key Investment Thesis
This asset presents a rare combination of immediate in-place cash flow, below-replacement-cost pricing, and an exceptional short-term rental conversion story on one of Jensen Beach's most desirable corridors. A buyer operating this property as an Airbnb/VRBO asset could achieve 2–3× the NOI of a traditional long-term rental operation.
Section 02
Property Overview
Property Specifications
Address2100 NE Indian River Drive, Jensen Beach, FL 34957
Property Type15-Unit Multifamily (Apartment / STR Operations)
Unit Mix7 Studios + 8 One-Bedroom Units
ConditionFully Renovated — Completed 2025
UtilitiesMaster-Metered (no separate metering)
Occupancy StatusPartially occupied — stabilization upside
Lease ProfileMix of month-to-month and 12-month leases
In-Place Income~$18,000/month before debt service
Annual In-Place NOI$216,000
LocationIndian River Drive Corridor — Treasure Coast, FL
List Price$2,795,000 ($186,333/unit)
Key Features & Value Drivers
🔨
Turnkey RenovatedNo near-term capex required — move-in ready for buyers or STR operators
🌊
Prime Coastal LocationIndian River Drive — one of Jensen Beach's most desirable corridors
📋
Lease FlexibilityMix of M-T-M and term leases allows strategic re-tenanting and rent resets
🏨
STR-Ready LayoutHospitality-layout design ideal for Airbnb/VRBO conversion
💰
Below Replacement Cost$2,795,000 is meaningfully below cost to build equivalent product today
📈
Stabilization UpsidePartial vacancy = immediate rent growth and occupancy fill opportunity
Section 03
Market Analysis
Jensen Beach Multifamily Rental Market

The Jensen Beach multifamily rental market continues to demonstrate solid fundamentals. Average asking rents for one-bedroom apartments range from $1,600–$1,725, with Class A communities like Heritage Bay and Portofino at Jensen Beach achieving $1,725–$1,795. Studio rents range from approximately $1,200–$1,500 depending on condition and location.

Florida multifamily cap rates held around 5.5% statewide in Q2 2025. Smaller multifamily assets in secondary coastal markets like Jensen Beach typically trade at wider spreads — 7.0%–9.0% — reflecting scale risk and management intensity. Value-add multifamily assets nationally saw cap rate compression of ~8 basis points in Q3 2025 (Freddie Mac), indicating improving buyer sentiment.

Martin County total home sales increased 2.6% YoY as of late 2025, with $1M+ transactions up 14.3%, fueled by wealth migration and favorable Florida tax policy. The county's taxable base increased 12.88% overall.

Market Rent Benchmarks
Studios (Market)
$1,200–$1,500
1-BR (Market)
$1,600–$1,725
1-BR Class A
$1,725–$1,795
Subject Studios
$1,500/mo
Subject 1-BR
$1,800/mo
Buyer Profile
Yield-sensitive investors underwriting conservatively; assets with clean renovation story, supportable income, and realistic cap-rate-anchored pricing perform best in this market.
Section 04
LTR Financial Analysis & Pro Forma
Basis of This Analysis
The LTR pro forma below represents the stabilized long-term rental scenario using conservative below-market rents, 95% occupancy, and fully-loaded expenses including professional management. This is the traditional investor underwriting baseline. The STR analysis in Section 05 demonstrates the significant upside available by converting to Airbnb/VRBO operations.
Revenue Projection
Unit TypeUnitsMonthly RentAnnual Income
Studios7$1,500$126,000
One-Bedroom8$1,800$172,800
Total Potential Gross Income$298,800

Note: Rent assumptions are conservatively set below market — $1,600–$1,725 range for newer 1-BR communities — reflecting smaller unit sizes and boutique positioning.

In-Place Operations
$18,000
Monthly Profit
Before Debt Service
$216,000
Annual NOI
In-Place (Current)
$171,631
Stabilized NOI
Pro Forma
39.5%
Expense Ratio
Typical: 35–45%
Operating Pro Forma (Stabilized LTR)
Line ItemAnnual Amount% of EGI
Revenue
Potential Gross Income (15 units)$298,800105.3%
Less: Vacancy & Collection Loss (5%)($14,940)(5.3%)
Effective Gross Income (EGI)$283,860100.0%
Operating Expenses
  Property Taxes (est. ~$16/mil on ~$2.0M assessed)($31,920)11.2%
  Insurance (est. coastal multifamily)($22,500)7.9%
  Utilities (master-metered: electric, water, sewer, trash)($21,600)7.6%
  Management Fee (8% of EGI)($22,709)8.0%
  Repairs & Maintenance($9,000)3.2%
  General & Administrative / Misc.($4,500)1.6%
Total Operating Expenses($112,229)39.5%
PROJECTED STABILIZED NOI (LTR)$171,63160.5%
💡 Self-Management Upside
Owner-operators who self-manage can reduce the management fee line by $15,000–$22,000 annually, improving NOI to $186,000–$193,000 — a cap rate of 6.7%–6.9% on the list price.
✦ New Analysis
Short-Term Rental Conversion Analysis
Operating this property as a short-term rental on Airbnb & VRBO represents a transformational income opportunity. Based on live Jensen Beach STR market data, a well-managed conversion could deliver nearly double the NOI of a traditional apartment operation.
$194
Market ADR
Median / night (AirDNA)
60%+
Market Occ.
Jensen Beach avg.
11.4%
YoY Growth
STR market 2025
938+
Active Listings
Airbnb · Jensen Beach
4.9★
Avg. Rating
Jensen Beach Airbnb
Section 05 — STR
STR Revenue Assumptions & Scenarios
Jensen Beach STR Market Data
MetricValueSource
Median ADR (all types)$194/nightAirDNA MarketMinder
Average ADR (all types)$261/nightAirDNA MarketMinder
Top 25% performers$263+/nightAirROI 2025
Market avg. occupancy~60%AirDNA MarketMinder
Peak monthsJan–MarAirDNA Seasonality
Trough monthsAug–SepAirDNA Seasonality
Avg. booking lead time64 daysAirDNA MarketMinder
YoY market revenue growth+11.4%AirDNA 2025 vs 2024
Platform & Fee Structure
Fee TypeRateNotes
Airbnb Host Fee (split)3.0%Per booking; guest pays separate fee
VRBO Host Fee (PPB)8.0%5% commission + 3% processing
Blended Platform Fee3.5%75% Airbnb / 25% VRBO mix
STR Mgmt (full-service)22.0%Range: 15–30% (Vacasa: 25–35%)
FL State Sales Tax6.0%Collected & remitted by platforms
Martin Co. TDT (bed tax)5.0%Collected by platforms; not owner expense
Tax Note
FL 6% sales tax + Martin County 5% TDT = 11% total on bookings. Both collected and remitted directly by Airbnb/VRBO — not an expense to the property owner.
Monthly Revenue — Base Case vs. LTR Baseline
STR gross rental revenue by month (all 15 units) compared to stabilized LTR effective gross income
Select Scenario to View Detailed Pro Forma
$145
Studio ADR
58% occupancy
$175
1-BR ADR
60% occupancy
$489,534
Gross Revenue
All 15 units
$224,261
NOI
8.0% cap rate
$48,331
Cash Flow
6.9% CoC
Line ItemAnnual AmountPer Unit
Revenue
  Studio Rental Revenue (7 units — $145 ADR / 58% occ)$213,851$30,550
  One-Bedroom Rental Revenue (8 units — $175 ADR / 60% occ)$275,683$34,460
Gross Rental Revenue$489,534$32,636
Revenue Deductions
  Platform Fees — Airbnb/VRBO (blended 3.5%)($17,134)($1,142)
  STR Property Management (full-service, 22%)($107,698)($7,180)
Net Revenue to Owner$364,702$24,314
Operating Expenses
  Property Taxes (est. post-purchase re-assessment)($35,000)($2,333)
  STR Insurance (commercial + flood, coastal FL)($9,500)($633)
  Utilities (master-metered, +17% STR uplift)($25,200)($1,680)
  High-Speed Internet (15 × $60/mo)($10,800)($720)
  Supplies & Consumables ($567/unit/yr)($8,500)($567)
  Linens & Towel Replacement Reserve($4,500)($300)
  Repairs & Maintenance ($933/unit/yr)($14,000)($933)
  Landscaping & Exterior ($200/mo)($2,400)($160)
  Pest Control ($150/mo)($1,800)($120)
  Accounting & Tax Preparation($3,500)($233)
  DBPR Vacation Rental Licenses (15 × ~$170)($2,550)($170)
  Marketing & Professional Photography($1,800)($120)
  Property Management Software (PMS)($3,600)($240)
  Furnishings Replacement Reserve ($500/unit/yr)($7,500)($500)
  Contingency Reserve (2% of gross)($9,791)($653)
Total Operating Expenses($140,441)($9,363)
NET OPERATING INCOME (NOI)$224,261$14,951
Cap Rate (on $2,795,000)8.02%—
Debt Service & Cash Flow (25% Down / 7.5% / 30yr)
  Annual Debt Service ($2,096,250 loan)($175,930)($11,729)
NET CASH FLOW AFTER DEBT SERVICE$48,331$3,222
Cash-on-Cash Return ($698,750 equity)6.9%DSCR: 1.27×
$165
Studio ADR
63.7% occupancy
$202
1-BR ADR
66.7% occupancy
$655,102
Gross Revenue
All 15 units
$340,799
NOI
12.2% cap rate
$164,869
Cash Flow
23.6% CoC
Line ItemAnnual AmountPer Unit
Revenue
  Studio Rental Revenue (7 units — $165 ADR / 63.7% occ)$266,966$38,138
  One-Bedroom Rental Revenue (8 units — $202 ADR / 66.7% occ)$388,136$48,517
Gross Rental Revenue$655,102$43,674
Revenue Deductions
  Platform Fees — Airbnb/VRBO (blended 3.5%)($22,929)($1,529)
  STR Property Management (full-service, 22%)($144,122)($9,608)
Net Revenue to Owner$488,051$32,537
Operating Expenses
  Property Taxes (est. post-purchase re-assessment)($35,000)($2,333)
  STR Insurance (commercial + flood, coastal FL)($9,500)($633)
  Utilities (master-metered, +17% STR uplift)($25,200)($1,680)
  High-Speed Internet (15 × $60/mo)($10,800)($720)
  Supplies & Consumables ($600/unit/yr)($9,000)($600)
  Linens & Towel Replacement Reserve($4,500)($300)
  Repairs & Maintenance ($1,100/unit/yr)($16,500)($1,100)
  Landscaping & Exterior ($200/mo)($2,400)($160)
  Pest Control ($150/mo)($1,800)($120)
  Accounting & Tax Preparation($3,500)($233)
  DBPR Vacation Rental Licenses (15 × ~$170)($2,550)($170)
  Marketing & Professional Photography($1,800)($120)
  Property Management Software (PMS)($3,600)($240)
  Furnishings Replacement Reserve ($500/unit/yr)($7,500)($500)
  Contingency Reserve (2% of gross)($13,102)($874)
Total Operating Expenses($147,252)($9,817)
NET OPERATING INCOME (NOI)$340,799$22,720
Cap Rate (on $2,795,000)12.19%—
Debt Service & Cash Flow (25% Down / 7.5% / 30yr)
  Annual Debt Service ($2,096,250 loan)($175,930)($11,729)
NET CASH FLOW AFTER DEBT SERVICE$164,869$10,991
Cash-on-Cash Return ($698,750 equity)23.6%DSCR: 1.94×
$185
Studio ADR
73% occupancy
$225
1-BR ADR
76% occupancy
$831,284
Gross Revenue
All 15 units
$464,931
NOI
16.6% cap rate
$289,001
Cash Flow
41.4% CoC
Line ItemAnnual AmountPer Unit
Revenue
  Studio Rental Revenue (7 units — $185 ADR / 73% occ)$345,094$49,299
  One-Bedroom Rental Revenue (8 units — $225 ADR / 76% occ)$486,190$60,774
Gross Rental Revenue$831,284$55,419
Revenue Deductions
  Platform Fees — Airbnb/VRBO (blended 3.5%)($29,095)($1,940)
  STR Property Management (full-service, 22%)($182,882)($12,192)
Net Revenue to Owner$619,307$41,287
Operating Expenses
  Property Taxes($35,000)($2,333)
  STR Insurance (commercial + flood)($9,500)($633)
  Utilities (+higher turnover)($26,400)($1,760)
  High-Speed Internet($10,800)($720)
  Supplies & Consumables($9,500)($633)
  Linens & Towel Replacement Reserve($4,500)($300)
  Repairs & Maintenance($18,500)($1,233)
  Landscaping & Exterior($2,400)($160)
  Pest Control($1,800)($120)
  Accounting & Tax Preparation($3,500)($233)
  DBPR Vacation Rental Licenses($2,550)($170)
  Marketing & Photography (enhanced)($2,200)($147)
  Property Management Software($3,600)($240)
  Furnishings Replacement Reserve($7,500)($500)
  Contingency Reserve (2% of gross)($16,626)($1,108)
Total Operating Expenses($154,376)($10,292)
NET OPERATING INCOME (NOI)$464,931$30,995
Cap Rate (on $2,795,000)16.63%—
Debt Service & Cash Flow (25% Down / 7.5% / 30yr)
  Annual Debt Service ($2,096,250 loan)($175,930)($11,729)
NET CASH FLOW AFTER DEBT SERVICE$289,001$19,267
Cash-on-Cash Return ($698,750 equity)41.4%DSCR: 2.64×
Section 05 — STR (continued)
Scenario Summary & STR vs. LTR Comparison
Conservative
Studio ADR / Occ$145 / 58%
1-BR ADR / Occ$175 / 60%
Gross Revenue$489,534
NOI$224,261
Cap Rate8.02%
Cash Flow$48,331
CoC Return6.9%
DSCR1.27×
vs. LTR NOI+30.7%
⭐ Base Case
Studio ADR / Occ$165 / 63.7%
1-BR ADR / Occ$202 / 66.7%
Gross Revenue$655,102
NOI$340,799
Cap Rate12.19%
Cash Flow$164,869
CoC Return23.6%
DSCR1.94×
vs. LTR NOI+98.6%
Optimistic
Studio ADR / Occ$185 / 73%
1-BR ADR / Occ$225 / 76%
Gross Revenue$831,284
NOI$464,931
Cap Rate16.63%
Cash Flow$289,001
CoC Return41.4%
DSCR2.64×
vs. LTR NOI+170.9%
STR vs. Long-Term Rental — Head-to-Head
MetricLTR StabilizedSTR ConservativeSTR Base CaseSTR Optimistic
Gross Revenue$283,860$489,534$655,102$831,284
Platform / Mgmt Fees($22,709)($124,832)($167,051)($211,977)
Operating Expenses($89,520)($140,441)($147,252)($154,376)
NOI$171,631$224,261$340,799$464,931
Cap Rate (on $2,795,000)6.14%8.02%12.19%16.63%
Annual Debt Service($175,930)($175,930)($175,930)($175,930)
Net Cash Flow (Levered)($4,299)$48,331$164,869$289,001
Cash-on-Cash Return(0.6%)6.9%23.6%41.4%
DSCR0.98×1.27×1.94×2.64×
Management IntensityLowHighHighHigh
Income PredictabilityHighModerateModerateModerate
NOI & Cap Rate Comparison — All Strategies
Annual Net Operating Income by operating strategy at $2,795,000 purchase price
Section 05 — STR (continued)
STR Setup Costs & Seasonal Revenue Pattern
One-Time Setup Costs (Not in Annual Pro Forma)
ItemLowHigh
Furnishings (15 units × $3–4K/unit)$45,000$60,000
Professional Photography$2,500$3,500
DBPR License Application (15 units)$2,550$2,550
Initial Supplies & Welcome Kit Stock$3,000$4,500
PMS Software Setup/Onboarding$500$1,500
Legal / Entity Structure Review$1,500$3,000
Contingency Buffer$3,000$5,000
TOTAL SETUP COSTS$58,050$80,050
⚠ Setup Budget Note
Budget $58K–$80K in additional one-time costs before STR launch. These are separate from the purchase price and down payment. Factor into total equity required.
Base Case Seasonality (Monthly Revenue, All 15 Units)
MonthStudio Rev1-BR RevTotal
January$28,481$40,601$69,082
February ★ Peak$31,341$44,744$76,085
March ★ Peak$32,116$46,266$78,382
April$24,948$36,000$60,948
May$20,832$30,628$51,460
June$15,288$23,100$38,388
July$17,647$25,891$43,538
August ▼ Trough$14,061$20,460$34,521
September ▼ Trough$11,642$17,496$29,138
October$18,879$28,441$47,320
November$23,195$33,600$56,795
December$28,511$40,920$69,431
ANNUAL TOTAL$266,941$388,147$655,088
Section 06
Real Estate Valuation
① Income Approach

Cap rate sensitivity using in-place NOI of $216,000

Cap RateIndicated Value$/Unit
6.0%$3,600,000$240,000
6.5%$3,323,000$221,533
7.0%$3,086,000$205,733
7.5%$2,880,000$192,000
8.0% (Anchor)$2,700,000$180,000
8.5%$2,541,000$169,400
9.0%$2,400,000$160,000
10.0%$2,160,000$144,000
Conclusion: 8.0% cap rate anchor → ~$2,700,000. FL statewide avg: 5.5%; coastal secondary markets: 7–9%.
② Sales Comparison

Per-unit benchmarking adjusted for renovation quality and location

Comp Category$/UnitValue
Older / non-coastal$150,000$2,250,000
Stabilized / avg condition$170,000$2,550,000
Renovated / strong location$185,000$2,775,000
Renovated / coastal$190–$200K$2,850,000+
Conclusion: Range $2,550,000–$2,900,000. 2500 NE Indian River Drive comp validates upper end for renovated coastal product.
③ Replacement Cost
Hard Construction$225–$275/SF
Soft Costs+20–35%
Land ValueSubstantial
All-In ReplacementAbove $2,795,000
Conclusion: Building comparable product today costs meaningfully more than the list price — supports "below replacement cost" investment thesis.
Weighted Conclusion of Value
~$2,700,000
Income Approach (8.0% Cap)
$2,550,000–$2,900,000
Sales Comparison
Above List Price
Replacement Cost
Recommended List Price
$2,795,000
$186,333/unit · Below replacement cost · 8.0% going-in cap on in-place NOI
Section 07
Pricing Strategy & Recommendation
Recommended List Price
$2,795,000
$186,333/unit · Best-balance position
Rationale
  • Aligns with 8.0% cap rate anchor on in-place NOI
  • Credible per-unit pricing vs. renovation-quality comps
  • Preserves upside narrative (vacancy fill + lease rollover)
  • Broadest buyer pool: yield investors + 1031 buyers + funds
  • Below replacement cost — durable valuation floor
Expected Outcomes
Expected Contract Range$2,650,000–$2,750,000
Time to Contract45–75 days
Full Closing Timeline75–105 days
Pricing Options
OptionList PricePositionTimelineComment
A$2,695,000High urgency30–60 / 60–90dMaximizes velocity
B ✓$2,795,000Best balance45–75 / 75–105dRecommended
C$2,895,000Edge pricing60–100 / 90–130dFewer buyers
Net Proceeds Illustration
Sale PriceCommission (8%)Net to Seller
$2,600,000$208,000$2,392,000
$2,700,000$216,000$2,484,000
$2,795,000$223,600$2,571,400
$2,900,000$232,000$2,668,000
$3,000,000$240,000$2,760,000

Note: Closing costs and prorations are separate and vary by title company, tax prorations, and transaction structure.

Section 08
GoCommercial Full-Service Marketing Plan
✦ No Upfront Costs to You
GoCommercial covers 100% of marketing and deliverable costs. You pay nothing out-of-pocket for media, underwriting, or campaigns. Our fee is earned only upon a successful closing.
📸 What We Produce
  • Professional photography (interior + exterior)
  • Drone aerial photography & videography
  • Floor plans and measured drawings
  • Virtual walkthroughs / 3D tour
  • Investor-grade underwriting model
  • Offering Memorandum + 1-page teaser
  • Rent/expense narrative for master-metered utilities
  • Pricing justification package
📡 Distribution & Outreach
  • LoopNet premium + CoStar placement
  • Crexi featured + key marketplace syndication
  • GoCommercial.com featured listing
  • Email campaigns to investor/broker database
  • Targeted 1031 exchange buyer outreach
  • Direct broker-to-broker promotion statewide
  • Proactive calling campaign to buyer profiles
  • Digital advertising & retargeting
  • Weekly inquiry/tour/feedback reporting
🤝 Buyer Management
  • Rapid response to all inquiries
  • Buyer qualification + POF/lender review
  • Organized data room access
  • Tour coordination & controlled showings
  • Offer analysis & negotiation strategy
  • Transaction management through closing
  • Confidential marketing option available
The GoCommercial Listing Process
1
Preparation — Weeks 1–2
Execute listing agreement · Collect documentation · Build underwriting model
  • Photography, drone, floor plans, virtual tour
  • Draft Offering Memorandum and marketing collateral
  • Finalize list price and negotiation parameters
2
Launch — Week 3
Full platform activation across all channels
  • Publish to LoopNet, CoStar, Crexi, GoCommercial.com
  • Email campaign + direct outreach + calling campaign
  • Digital advertising activation · Immediate tour scheduling
3
Active Marketing — Weeks 4–10
Ongoing tours · Weekly reporting · Competitive offer environment
  • Continuous buyer follow-up and feedback collection
  • Refine positioning based on market response
4
Negotiation & Contract
Evaluate offers · Negotiate for best net outcome · Execute contract
  • Price, terms, financing, diligence timeline analysis
5
Transaction Management — 30–60 Days Post-Contract
Diligence coordination · Contingency management · Closing logistics
  • Coordinate title, survey, lender, insurance · Final walkthrough
Ready to Move Forward?
Let's Talk Strategy
Whether you're listing as a traditional multifamily investment or exploring a full STR conversion, GoCommercial has the underwriting expertise and investor network to maximize your outcome.
Brad Kuskin
Founding Principal
GoCommercial
Group at Compass Florida LLC
Commercial Real Estate Excellence
CONFIDENTIALITY NOTICE: This analysis and all accompanying information is confidential and intended solely for the recipient named herein. Unauthorized distribution is prohibited. STR DISCLAIMER: The STR pro forma is based on publicly available market data (AirDNA, AirROI, Airbtics — Jensen Beach, FL, 2025) and is for analytical purposes only. Actual STR performance will depend on platform setup, guest reviews, local regulations, management execution, seasonality, and market conditions. All STR taxes (FL 6% sales tax + Martin County 5% TDT = 11%) are collected and remitted by Airbnb/VRBO — not an owner expense. Verify all assumptions with local STR operators and legal counsel before making investment decisions. COMMISSION: Standard rate of 8% of final sale price; earned only upon successful closing. GoCommercial pays all marketing costs.

© 2026 GoCommercial Group at Compass Florida LLC · Prepared by Brad Kuskin, Founding Principal · bkuskin@gocommercial.com · (561) 232-7899