Two-Building Eight-Unit Apartment
For Sale
$2,300,000
642 & 646 Eldorado Street, Fort Pierce, FL
Commercial Sale, Fort Pierce, FL
Property Size8,008 SF
Lot Size0.24 Acres
Price / SF$287.21
Days on Market122
Property Features for 642 & 646 Eldorado Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HI Medium
Parking
16
Subdivision
7010
Standard status
Active
APN
240150300620003
Size
8,008 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN'S S/D BLK 6 N 38.96 FT OF LOT 10 AND S 40.92 FT OF LOT 11
Tax Annual Amount
43595
Legal Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN'S S/D BLK 6 N 38.96 FT OF LOT 10 AND S 40.92 FT OF LOT 11
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
impact windows
Building Details
Year built
1984
Floors in Building
2
Number of units
8
Flooring type
Tile
Building materials
Frame, Stucco
Roof type
Shingle
Listing Agency:
LPT Realty, LLC
(877) 366-2213
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Added: May 11
Changed: Aug 19
Last Checked: Sep 9 at 10:06AM
MLS# B26027271
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 multifamily property comprises two adjacent fourplex buildings with eight 2BR/1.5BA apartments totaling 8,008 square feet. The units average approximately 1,001 SF and feature tile flooring, central heating and cooling, impact windows, and separate electric meters. Built in 1984, the buildings use frame and stucco construction and have undergone recent renovations. Public water and public sewer serve the property, with shingle roofing throughout.
The 0.24-acre property is located in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. It is also positioned near the Port of Fort Pierce expansion and a planned surf park. Zoning is identified as HI Medium.
The 0.24-acre property is located in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. It is also positioned near the Port of Fort Pierce expansion and a planned surf park. Zoning is identified as HI Medium.
Key Highlights
- Two adjacent fourplex buildings with 8 total units
- Eight 2BR/1.5BA apartments totaling 8,008 square feet
- Units average approximately 1,001 SF
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
$109,185
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%
$2,183,700
$2.2M
Cap Rate 7%
$1,559,786
$1.6M
Cap Rate 9%
$1,213,167
$1.2M
Market Conditions
NOI Build-Up for 8,008 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
$208.5K $26.04/SF
− Vacancy
−$10.0K −$1.25/SF
EGI
$198.5K $24.79/SF
− OpEx
−$89.3K −$11.16/SF
NOI
$109.2K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$2,183,700
Cap Rate 7%
$1,559,786
Cap Rate 9%
$1,213,167
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,185 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,973 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with renovated units, separate electric meters, and impact windows.
Where is this apartment building located?
The property is located at 642 & 646 Eldorado Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two adjacent fourplex buildings with 8 total units; Eight 2BR/1.5BA apartments totaling 8,008 square feet; Units average approximately 1,001 SF
