Living in Florida's Space Coast
Rhum Cove
Rhum Cove is a gated riverfront condominium on Dixie Highway NE in Palm Bay, built in 1988, addressed at 5011 and 5055. Two buildings, four floors, elevators, and a private marina on the Indian River where most units convey a deeded boat slip. Floor plans come in two sizes, 1,480 and 1,580 square feet, and every one of them looks at water.
Rhum Cove In Palm Bay, Florida
The correct way to think about Rhum Cove is that you are buying water access that happens to come with a condominium. It sits directly on the Indian River off Dixie Highway NE in the 32905 part of Palm Bay, behind a gate, with a private marina. Most units convey a deeded boat slip, many with a lift already installed. Take the marina out of the equation and the pricing here stops making sense.
The buildings went up in 1988. There are two of them, A and B, at 5011 and 5055 Dixie Highway NE, four floors with elevator access, and the plans come in exactly two sizes: 1,480 square feet for the interior units and 1,580 for the corners and ends. Two and three bedroom layouts, two baths, one garage space per unit. Balconies are long, running as much as 45 feet across the primary suite, living room and guest bedroom.
The amenity list is heavy for a building of this size: waterfront pool and spa, fitness center, sauna, tennis and pickleball, clubhouse, fishing pier and the marina itself. Monthly fees run $715 to $900 depending on the unit, billed by Rhum Cove Condominium Association, Inc., an active Florida nonprofit. The fee covers water, sewer, trash, cable, internet, pest control, grounds, the structure and its insurance. Two older entities, Rhum Cove Marina, Inc. and Rhum Cove Properties, Inc., are long inactive.
About the boats. The Indian River here is part of the Atlantic Intracoastal Waterway. The Sebastian Inlet District, chartered in 1919, describes Sebastian Inlet as the only charted inlet between Cape Canaveral and Fort Pierce, and the fixed A1A bridge over it carries 39 feet of vertical clearance. That geography defines your day: protected inside water in every direction, and one specific fair weather inlet to the south if you want the ocean.
The honest tradeoffs are the fee and the pace. At $900 a month you are paying roughly $10,800 a year before your mortgage, though a real share of that displaces utilities, insurance and dockage you would otherwise buy separately. Units here also take a long time to sell, commonly around three and a half months. Price the fee into your offer rather than around it.
Rhum Cove At A Glance
Rhum Cove at a glance, from the marina to the monthly assessment.
| Detail | What you get |
|---|---|
| Detail | Value |
| Location | 5011 and 5055 Dixie Highway NE, on the Indian River, Palm Bay 32905 |
| Built | 1988 |
| Structure | Two buildings, A and B, four floors, elevator access |
| Home size | Two floor plans, 1,480 square feet interior and 1,580 square feet for corners and ends |
| Bedrooms | Two or three, with two baths |
| Lot size | Condominium ownership. There is no individual lot |
| Construction | Mid rise condominium with long balconies, several units upgraded to impact windows |
| Association | Mandatory. Rhum Cove Condominium Association, Inc., Florida document N23533, active. Monthly fees run about $715 to $900 |
| Fee includes | Water, sewer, trash, cable, internet, pest control, grounds, structure maintenance and insurance |
| Marina | Private marina on the Indian River. Most units convey a deeded boat slip, many with a lift |
| Waterfront | River front and river view on every unit. Navigable water with direct Intracoastal Waterway access |
| Amenities | Waterfront pool and spa, fitness center, sauna, tennis and pickleball, clubhouse, fishing pier, boat dock |
| Gated | Yes, secured gated entry |
| Utilities | Public water and public sewer, included in the monthly assessment |
| Garage | One garage space per unit, plus assigned and guest parking |
| Price range | $350,000 to $450,000, typical $376,900, around $241 per square foot |
| Time on market | Slow. Commonly around three and a half months |
Rhum Cove Details
The Slip Is The Asset
Most units here convey a deeded boat slip, and many slips already carry a lift. Waterfront condominiums that include private dockage in the ownership rather than on a waiting list are genuinely uncommon on this stretch of the Indian River. Confirm in writing which slip conveys with the unit, its length, and the lift capacity.
Two Plans, No Guesswork
Interior units are 1,480 square feet and corner and end units are 1,580, and that is the whole menu. It makes comparing listings unusually straightforward: once you know the plan, the differences come down to floor, orientation, renovation level and which slip is attached. Higher floors and corner exposures command the premium.
Where The Boat Can Actually Go
You are on the Atlantic Intracoastal Waterway with protected running water north and south. The Sebastian Inlet District, chartered in 1919, describes Sebastian Inlet as the only charted inlet between Cape Canaveral and Fort Pierce, with 39 feet of clearance under the fixed A1A bridge. It is a local knowledge, fair weather inlet, so plan ocean days around conditions.
Read The Milestone Inspection
Florida requires a milestone inspection for residential condominium buildings three or more habitable stories at 30 years of age and every ten years after, plus a structural integrity reserve study every ten years. A 1988 four story building falls squarely inside both. Ask for the inspection report, the reserve study, and the funding plan that came out of them.
What The Monthly Fee Buys
Between $715 and $900 a month covers water, sewer, trash, cable, internet, pest control, grounds, the building and its insurance. Run the comparison honestly: on a detached house you would pay most of those separately, and you would pay for a slip on top. It is still real money, and it is not optional.
The Dixie Highway Corridor
Dixie Highway NE runs along the river parallel to US 1. Palm Bay Marina sits up the road at 4350 Dixie Highway NE and The Shack Riverfront Restaurant at 4845, within walking distance for most residents. Malabar Road reaches I-95 exit 173 in about four miles west.
Homes For Sale In Rhum Cove
Current Rhum Cove listings are below. Slip assignment, floor and which building a unit sits in matter as much as the interior here, so read each listing carefully before you compare prices.
Rhum Cove Frequently Asked Questions
Does every unit come with a boat slip?
Most do, as a deeded slip conveying with the unit, and many slips have a lift installed. It is not universal, and slip size and lift capacity vary. Get the slip assignment, its dimensions and the lift rating confirmed in writing during your inspection period rather than relying on the listing language.
What are the monthly condominium fees?
Between about $715 and $900 depending on the unit, billed by Rhum Cove Condominium Association, Inc., an active Florida nonprofit. The assessment covers water, sewer, trash, cable, internet, pest control, grounds maintenance, the building structure and its insurance. Ask for the current budget and any approved special assessment.
How old are the buildings?
They were completed in 1988. There are two buildings, four floors each, with elevator access, at 5011 and 5055 Dixie Highway NE. A building of that age and height in Florida is subject to the state's milestone inspection and structural integrity reserve study requirements, so those documents are essential reading.
What is a milestone inspection and why does it matter here?
Florida requires residential condominium buildings of three or more habitable stories to undergo a milestone inspection at 30 years of age and every ten years afterward, and to complete a structural integrity reserve study every ten years. Rhum Cove is covered by both. Request the reports, the repair plan and the reserve funding schedule before you make an offer.
Can I get to the ocean from the marina?
Yes, with planning. You are on the Indian River, part of the Atlantic Intracoastal Waterway, with protected water north and south. Sebastian Inlet to the south is described by the Sebastian Inlet District as the only charted inlet between Cape Canaveral and Fort Pierce, with 39 feet of clearance under the fixed A1A bridge, and it is a fair weather inlet best used with local knowledge.
How big are the units?
Two sizes only. Interior units are 1,480 square feet and corner and end units are 1,580 square feet, laid out as two or three bedrooms with two baths. Balconies are long, in some units running roughly 45 feet across the primary suite, living room and guest bedroom. Each unit includes one garage space.
What amenities does the community have?
A waterfront pool and spa, fitness center, sauna, tennis and pickleball courts, clubhouse, fishing pier, boat dock and the private marina, all behind a secured gate. For a community of this size the amenity list is unusually deep, which is a large part of what the monthly assessment funds.
Why do units take so long to sell?
Around three and a half months is typical. Condominium financing is more involved than financing a house, buyers who want a deeded slip are a narrower group, and a monthly fee near $900 filters out part of the market. For a patient buyer that is leverage, not a warning.
Dixie Highway NE, Palm Bay 32905
Rhum Cove sits directly on the Indian River in the 32905 part of Palm Bay, on Dixie Highway NE, which runs along the water parallel to and just east of US 1. From Malabar Road you go east about four miles to US 1, north roughly a mile to Gran Avenue NE, then right and immediately right again onto Dixie Highway NE. The two buildings are numbered 5011 and 5055.
This is the riverfront edge of the city, which is a different Palm Bay from the inland grids. Palm Bay Marina is up the road at 4350 Dixie Highway NE and The Shack Riverfront Restaurant sits at 4845, close enough to walk from most units. I-95 exit 173 at Malabar Road is roughly four miles west. Palm Bay is not on the ocean, so the beach means driving north or south to a causeway and crossing to the barrier island.
Near Rhum Cove In Merritt Island
Considering Rhum Cove?
Two documents decide whether a unit here is worth the asking price: the slip assignment with its length and lift rating, and the association's milestone inspection and reserve study with whatever funding plan came out of them. Everything else is decor. My partner Nichole and I will request all of it, read it, and tell you plainly whether the monthly number holds up. Call or text (321) 212-7676.
Gorgeous 3-bed, 2-bath condo in Palm Bay with stunning Indian River views from a private balcony. This remodeled 1,480 square ft home features vinyl plank flooring, grani...
- 3 Beds
- 2 Baths
- 1064370 MLS
The waterfront lifestyle you've been searching for. Rhum Cove is one of Brevard County's hidden Condos--a gated riverfront community where every owner enjoys a private de...
- 3 Beds
- 2 Baths
- 1067381 MLS
Exceptional living with stunning river views in this second-floor 3BR/2BA condo! Offering its own deeded boat slip, private marina access, and 1-car garage, this residenc...
- 3 Beds
- 2 Baths
- 1073494 MLS
This Riverfront condo comes complete with its own deeded boat slip, 1 car garage, in unit laundry, huge wrap around balcony. This 2 bedroom unit also has an enclosed off...
- 2 Beds
- 2 Baths
- 1076063 MLS
