Duplex with Furnished
New
For Sale
$575,000
1400 Binney Drive, Fort Pierce, FL 34949
Residential Income, Fort Pierce, FL
Property Size1,859 SF
Lot Size0.23 Acres
Price / SF$309.31
Days on Market4
Property Features for 1400 Binney Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HI Medium
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1
Window features
Storm Window(s), Blinds
Patio and Porch features
Porch, Patio
Pets allowed
Yes, No
Subdivision
Fort Pierce
Lot features
Corner Lot
Standard status
Active
APN
240150102670004
Size
1,859 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FT PIERCE BCH S/D BLK 15 FROM SE COR LOT 11 RUN WLY ALG S LI LOT 11 87.52 FT FOR POB, TH NLY 137.08 FT TO PT ON NLY LI LOT 10, SD PT BEING 5
Tax Annual Amount
11992
Legal Description
FT PIERCE BCH S/D BLK 15 FROM SE COR LOT 11 RUN WLY ALG S LI LOT 11 87.52 FT FOR POB, TH NLY 137.08 FT TO PT ON NLY LI LOT 10, SD PT BEING 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric, Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Frame, Stucco
Roof type
Flat
Listing Agency:
Waterfront Properties & Club C
(561) 746-7272
Listed By:
Madison Wood · License #3541413
(561) 941-0340
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# B26065894
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,859 square feet on a 0.23-acre lot in Fort Pierce. One unit is leased through May 2027, while the second is furnished for continued rental use or owner occupancy. The property includes vinyl flooring, central heating, central air, ceiling fans, a porch, and a patio. A 2018 roof and 2022 A/C update provide recent improvements.
Located at 1400 Binney Drive, the property is approximately two minutes from the beach and nearby restaurants. Public water and public sewer serve the site, and there is no HOA. The lot provides space for parking, including room for a boat or RV. Zoning is listed as HI Medium.
Located at 1400 Binney Drive, the property is approximately two minutes from the beach and nearby restaurants. Public water and public sewer serve the site, and there is no HOA. The lot provides space for parking, including room for a boat or RV. Zoning is listed as HI Medium.
Key Highlights
- Duplex with 1,859 square feet on a 0.23‑acre lot
- One unit leased through May 2027
- Second unit is furnished for rental use or owner occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,300
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$546,000
$546.0K
Cap Rate 7%
$390,000
$390.0K
Cap Rate 9%
$303,333
$303.3K
Market Conditions
NOI Build-Up for 1,859 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.3K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$39.0K $20.98/SF
− OpEx
−$11.7K −$6.29/SF
NOI
$27.3K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$546,000
Cap Rate 7%
$390,000
Cap Rate 9%
$303,333
Alternative Uses
Best Use
Multifamily LT 5
$390.0K
$341.3K – $455.0K
NOI $27,300 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$362.1K
$316.8K – $422.5K
NOI $25,347 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$467.5K
$409.1K – $545.4K
NOI $32,726 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with flexible occupancy options, public utilities, and no HOA restrictions.
Where is this duplex located?
The property is located at 1400 Binney Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Duplex with 1,859 square feet on a 0.23‑acre lot; One unit leased through May 2027; Second unit is furnished for rental use or owner occupancy
