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    Oceanfront Development Opportunity in Florida Title is generated by Realmo AI

    702-708 S Ocean Drive, Fort Pierce, FL 34949

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    Claim this Listing
    New
    For Sale
    $5,000,000

    LAND - Fort Pierce, FL

    Lot size:
    0.43 Acres
    Added:
    May 25, 2026
    Days on Market:
    7
    Last Refresh:
    May 31 at 10:06 am

    Property Features for 702-708 S Ocean Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    HI Medium
    Vegetation
    Grassed
    Standard status
    Active
    APN
    240150301330002
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN`S S/D BLK 14 LOTS 1 TO 4 INCL-LESS THAT PART LYG E OF LI IN PB 37-2- (OR 556-1576)
    Tax Annual Amount
    4215

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    Beach Access
    Water front
    1

    We can help!

    Listing Contact
    James Eugene Tippmann
    James Eugene Tippmann

    Listing agent James Eugene Tippmann License #3336706

    Listing office Equity Florida Treasure Coast LLC 130 S Indian River Drive #202, Fort Pierce, FL

    Listing date May 25, 2026

    MLS# B26032815 Listing URL

    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.

    HighLights

    • 159 feet of direct ocean frontage on St. Lucie Beach.
    • Development opportunity with flexible build‑out options (3‑4 homes).
    • Grandfathered beyond current setback lines.
    • Underground utilities in place, including fiber optic service.
    • Located within St. Lucie County Erosion Control Zone with beach renourishment plan.
    • Private beach access on both lots.

    Overview

    This oceanfront land offers a development opportunity in a prime St. Lucie beachfront location. The property features 159 feet of direct ocean frontage, suitable for an oceanfront development. Currently deeded as two lots, it offers flexible build-out options, allowing for up to 3 homes on 53' x 225' lots, or up to 4 homes on 39' x 225' lots. All underground utilities are in place, including fiber optic service. Located within the St. Lucie County Erosion Control Zone, the site benefits from a beach renourishment plan. Both lots are grandfathered beyond current setback lines. The property includes private beach access on both lots and A1A frontage with two curbed driveways and a storm sewer. The lot size is 0.43 acres. The zoning is HI Medium.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Pharmacy Big Box & Wholesale Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Pierce
    County
    St. Lucie
    State
    Florida
    Longitude
    -80.288606
    Latitude
    27.461394

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    FAQs

    What type of property is this?
    Waterfront Land - Prime beachfront land for development with flexible build-out options.
    Where is this waterfront land located?
    The property is located at 702-708 S Ocean Drive Fort Pierce, FL.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: 159 feet of direct ocean frontage on St. Lucie Beach.; Development opportunity with flexible build‑out options (3‑4 homes).; Grandfathered beyond current setback lines.
    (772) 332-3689
    We can help!
    Listing Contact
    James Eugene Tippmann
    James Eugene Tippmann
    Real Estate License ID: 3336706
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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.

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