Mixed-Use Complex with
For Sale
$5,900,000
1615 14th Avenue, Vero Beach, FL 32960
CommercialSale, Vero Beach, FL
Property Size36,545 SF
Lot Size2.07 Acres
Price / SF$161.44
Days on Market523
Property Features for 1615 14th Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
, C-1
Zoning description
Commercial
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Subdivision
Highland Park
Lot features
One To Three Acres
Directions
16th St. to 14th Ave.
Standard status
Active
APN
33390100047030000005.0
Lot size
2.07 Acres
Taxes and HOA fees
Tax Description
HIGHLAND PARK PLAT NO. 3 BLK 30 LOTS 5, 6, 7 & 8 PBI 2-4
Legal Description
HIGHLAND PARK PLAT NO. 3 BLK 30 LOTS 5, 6, 7 & 8 PBI 2-4
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1989
Floors in Building
2
Flooring type
Carpet, Concrete, Vinyl
Building materials
Block, Concrete
Roof type
Metal
Listing Agency:
Alex MacWilliam, Inc.
(772) 231-6509
Listed By:
T.P. Kennedy · License #3377487
(772) 473-2521
Added: Mar 25, 2025
Changed: Aug 21
Last Checked: Aug 29 at 3:06PM
MLS# 286774
Copyright © 2026 Realtors Association of Indian River County. 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 36,545-square-foot mixed-use complex occupies 2.07 acres and includes 12 residential apartments together with retail, office, restaurant, and medical areas. The building was constructed in 1989 and features block and concrete construction, an elevator with accessible installation, fire sprinklers, and ample parking. Interior finishes include carpet, concrete, and vinyl flooring.
A 2023 metal roof is in place, with additional upgrades underway. Central heating and air conditioning serve the property, while public water and public sewer provide utility service. The complex has road frontage and is located in Vero Beach, Florida. C-1 zoning and the existing combination of residential and commercial spaces define the property's mixed-use configuration.
A 2023 metal roof is in place, with additional upgrades underway. Central heating and air conditioning serve the property, while public water and public sewer provide utility service. The complex has road frontage and is located in Vero Beach, Florida. C-1 zoning and the existing combination of residential and commercial spaces define the property's mixed-use configuration.
Key Highlights
- 36,545‑square‑foot mixed‑use complex on 2.07 acres
- 12 residential apartments plus retail, office, restaurant, and medical areas
- C‑1 zoning with established mixed‑use configuration
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
$409,665
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
6.94%
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%
$8,193,300
$8.2M
Cap Rate 7%
$5,852,357
$5.9M
Cap Rate 9%
$4,551,833
$4.6M
Market Conditions
NOI Build-Up for 36,545 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
$732.4K $20.04/SF
− Vacancy
−$76.9K −$2.10/SF
EGI
$655.5K $17.94/SF
− OpEx
−$245.8K −$6.73/SF
NOI
$409.7K $11.21/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
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%
$8,193,300
Cap Rate 7%
$5,852,357
Cap Rate 9%
$4,551,833
Alternative Uses
Best Use
Mixed Use
$5.85M
$5.12M – $6.83M
NOI $409,665 @ 7.0% cap · market cap 6.94%
Second Best
Office B
$5.59M
$4.89M – $6.52M
NOI $391,068 @ 7.0% cap · market cap 6.63%
Theoretical Best
Specialty Retail
$8.01M
$7.01M – $9.35M
NOI $561,013 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,227
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-1-zoned complex combines residential units with retail, office, restaurant, and medical space.
Where is this mixed-use property located?
The property is located at 1615 14th Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 36,545‑square‑foot mixed‑use complex on 2.07 acres; 12 residential apartments plus retail, office, restaurant, and medical areas; C‑1 zoning with established mixed‑use configuration
