Updated Duplex with Separate
For Sale
$399,000
1504 41st Avenue, Vero Beach, FL 32960
Residential Income, Vero Beach, FL
Property Size1,910 SF
Lot Size0.29 Acres
Price / SF$208.90
Days on Market127
Property Features for 1504 41st Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-8
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Pets allowed
No, Yes
Exterior features
Storage
Fencing
Fenced
Subdivision
VANTRICIAN SUBDIVISION
Elementary school
Glendale
Middle school
Storm Grove
High school
Vero Beach
Standard status
Active
APN
33391000002001000013
Size
1,910 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
VANTRICIAN SUBDIVISION BLK 1 LOT 13 PBI 8-19
Tax Annual Amount
5059
Legal Description
VANTRICIAN SUBDIVISION BLK 1 LOT 13 PBI 8-19
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
screened porch
carport
large shed
extra storage
fenced yard
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
CBS, Concrete Block - With Stucco, Stucco
Roof type
Metal
Additional Structures
Storage
Listing Agency:
LPT Realty, LLC
(877) 366-2213
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Added: Apr 23
Changed: Aug 27
Last Checked: Aug 27 at 9:06PM
MLS# B26019464
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.
Located at 1504 41st Avenue in Vero Beach, this duplex contains 1,910 square feet on a 0.29-acre lot. The property includes a vacant 3BR/2BA unit and a renovated 2BR/1BA unit under a month-to-month lease. Interior improvements include tile flooring, updated bath finishes, granite countertops, and solid wood shaker cabinetry. A screened porch, enclosed Florida room, fenced yard, carport with utility sink, large shed, and additional storage add functional space.
Built in 1972, the property has a metal roof, separate utilities, central heating, central air, ceiling fans, public water, and public sewer. RM-8 zoning applies. The duplex is positioned near shopping, dining, schools, and major routes, with a dead-end street setting providing a quieter residential context.
Built in 1972, the property has a metal roof, separate utilities, central heating, central air, ceiling fans, public water, and public sewer. RM-8 zoning applies. The duplex is positioned near shopping, dining, schools, and major routes, with a dead-end street setting providing a quieter residential context.
Key Highlights
- 1,910‑square‑foot duplex on a 0.29‑acre lot
- Unit mix includes 3BR/2BA and renovated 2BR/1BA residences
- Separate utilities, metal roof, central heating, and central air
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
$22,054
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
5.53%
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%
$441,080
$441.1K
Cap Rate 7%
$315,057
$315.1K
Cap Rate 9%
$245,044
$245.0K
Market Conditions
NOI Build-Up for 1,910 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
$33.2K $17.40/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$31.5K $16.50/SF
− OpEx
−$9.5K −$4.95/SF
NOI
$22.1K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$441,080
Cap Rate 7%
$315,057
Cap Rate 9%
$245,044
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,054 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,359 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$418.9K
$366.5K – $488.7K
NOI $29,321 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
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 residential units offer flexible occupancy, including a vacant side and month-to-month leasing arrangement.
Where is this duplex located?
The property is located at 1504 41st Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,910‑square‑foot duplex on a 0.29‑acre lot; Unit mix includes 3BR/2BA and renovated 2BR/1BA residences; Separate utilities, metal roof, central heating, and central air
