Furnished Quadplex with Owner
For Sale
$499,900
Pending
1837-1843 22nd Avenue, Vero Beach, FL 32960
MULTI_FAMILY - Vero Beach, FL
Property Size2,156 SF
Days on Market90
Property Features for 1837-1843 22nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
,
Zoning description
Multiple, Residential
Parking
6
Parking features
Assigned, Off Street
Window features
Blinds
Interior features
Attic
Subdivision
Osceola Park Homesit
Lot features
Quarter To Half Acre Lot, Few Trees
Elementary school district
Indian River County Schools
Middle school district
Indian River County Schools
High school district
Indian River County Schools
Directions
Route 60 to 22nd Ave, then south
Standard status
Pending
APN
33390200016000002.1
Size
2,156 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
OSCEOLA PARK HOMESITES SUB PBS 3-58&59 LOT 2, LESS POR AS PER D BK 98, PP 481 & N 1/2 OF LOT 3 BLK 6 (OR BK472 PP 450)
Tax Annual Amount
3996
Legal Description
OSCEOLA PARK HOMESITES SUB PBS 3-58&59 LOT 2, LESS POR AS PER D BK 98, PP 481 & N 1/2 OF LOT 3 BLK 6 (OR BK472 PP 450)
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
appliances
Building Details
Year built
1942
Floors in Building
1
Flooring type
Tile
Building materials
Frame
Roof type
Metal
Listing Agency:
Paula Rogers & Associates
(772) 231-9121
Listed By:
Paula L Rogers · License #0503443
(772) 231-9121
Added: May 21
Changed: Aug 9
Last Checked: Aug 18 at 3:06AM
MLS# 297532
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 2156-square-foot quadplex, built in 1942, includes one spacious 2/1 unit with central HVAC that can serve as an owner's residence, along with three additional furnished units. The property features frame construction, metal roofs, tile flooring, appliances, an attic, electric heating and cooling, and assigned off-street parking.
Located at 1837-1843 22nd Avenue in Vero Beach, the property is within walking distance of parks, Original Town, coffee shops, restaurants, schools, and churches. Public water and public sewer serve the buildings. As of 8/1/26, building 1837 is vacant and building 1843 is tenant occupied.
Located at 1837-1843 22nd Avenue in Vero Beach, the property is within walking distance of parks, Original Town, coffee shops, restaurants, schools, and churches. Public water and public sewer serve the buildings. As of 8/1/26, building 1837 is vacant and building 1843 is tenant occupied.
Key Highlights
- Quadplex with 2156 square feet of building area
- One spacious 2/1 unit with central HVAC and owner‑residence potential
- Three additional furnished units
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
$24,895
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
4.98%
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%
$497,900
$497.9K
Cap Rate 7%
$355,643
$355.6K
Cap Rate 9%
$276,611
$276.6K
Market Conditions
NOI Build-Up for 2,156 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
$37.5K $17.40/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$35.6K $16.50/SF
− OpEx
−$10.7K −$4.95/SF
NOI
$24.9K $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%
$497,900
Cap Rate 7%
$355,643
Cap Rate 9%
$276,611
Alternative Uses
Best Use
Multifamily LT 5
$355.6K
$311.2K – $414.9K
NOI $24,895 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$328.3K
$287.3K – $383.0K
NOI $22,981 @ 7.0% cap · market cap 4.60%
Theoretical Best
Specialty Retail
$472.8K
$413.7K – $551.6K
NOI $33,097 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
404
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?
Quadplex - Four-unit property with furnished apartments, public utilities, tile flooring, and off-street assigned parking.
Where is this quadplex located?
The property is located at 1837-1843 22nd Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Quadplex with 2156 square feet of building area; One spacious 2/1 unit with central HVAC and owner‑residence potential; Three additional furnished units
