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    1500 SE Cove Road Stuart, FL

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    Claim this Listing
    For Sale
    $1,950,000

    MULTI_FAMILY - Stuart, FL

    Property size:
    957 SF
    Lot size:
    2.38 Acres
    Added:
    Apr 2, 2026
    Days on Market:
    18
    Last Refresh:
    Apr 19 at 5:06 pm

    Property Features for 1500 SE Cove Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTIFAM
    Parking
    10
    Standard status
    Active
    APN
    343841001000000805
    Size
    957 SF
    Lot size
    2.38 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    WACO FIELD PLACE LOT 8 (LESS BEG SW COR N 626.67' E 186.61' TO E/LN S 545.30' SW 203.80' TO POB & LESS R/W)
    Tax Annual Amount
    464

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1981
    Floors in Building
    2
    Number of units
    3
    Building materials
    Frame

    We can help!

    Listing Contact
    Shelley Marko
    Shelley Marko

    Listing agent Shelley Marko License #674837

    Listing office Dalton Wade Inc 260 1st Ave S Suite 200, St. Petersburg, FL

    Listing date Apr 2, 2026

    MLS# B26010503

    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.

    Overview

    Multi-Family Development Opportunity, Stuart, FL

    This 2.38-acre property in Stuart, FL, presents a multi-family development opportunity. The site has been rezoned for multi-family use. There are currently 3 houses on the property, considered teardowns, making the site ready for new construction. Electric and public water are already available on site. An access road off Cove Rd on Grace Lane provides easy access, with a separate driveway for each of the 4 proposed 1/2-acre lots based on the current survey. The owner had the property rezoned multi-family through Martin County, dividing it into 4 half-acre parcels, each allowing 2 houses (one half the size of the primary), for a total of 8 structures. Buyers and their brokers are advised to conduct due diligence for their intended use of the property. The long side of the property, approximately 620 feet parallel with Grace Lane, features a 6 ft white cement wall. Note that the site plan for the 6 buildings is conceptual only and has not been cleared by the county.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Department Store Food Market HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Stuart
    County
    Martin
    State
    Florida
    Longitude
    -80.2342737
    Latitude
    27.1223188

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    FAQs

    What type of property is this?
    Residential land & home lot - 2.38-acre multi-family development site with utilities in Stuart, FL.
    Where is this residential land & home lot located?
    The property is located at 1500 SE Cove Road Stuart, FL.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: Multi‑family rezoning complete, allowing for up to 8 structures.; Survey in hand dividing property into 4 half‑acre parcels.; Electric and public water already on site.
    (772) 359-5302
    We can help!
    Listing Contact
    Shelley Marko
    Shelley Marko
    Real Estate License ID: 674837
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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