Renovated Beachside
For Sale
$1,775,000
741 Hernando Street, Hutchinson Island, FL 34949
ResidentialIncome, Hutchinson Island, FL
Property Size3,926 SF
Lot Size0.21 Acres
Price / SF$452.11
Days on Market53
Property Features for 741 Hernando Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
,
Zoning description
Residential
Parking
6
Parking features
Off Street
Window features
Blinds
Patio and Porch features
Patio, Porch
Exterior features
Porch, Patio
Subdivision
Ocean View
Lot features
Less Than Quarter Acre
Directions
From South Ocean Drive, Turn West on Gulfstream. Turn Left on Hernando St. Property at the end of the of the Street, on the Right
Standard status
Active
APN
240150300920002
Size
3,926 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN S S/D BLK 9 LOT 8-LESS N 35.465 FT- AND ALL LOT 9
Tax Annual Amount
19062
Legal Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN S S/D BLK 9 LOT 8-LESS N 35.465 FT- AND ALL LOT 9
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
tenant laundry
5 private storage rooms
new paver patios
Building Details
Year built
1986
Floors in Building
2
Flooring type
Laminate
Building materials
Frame
Roof type
Shingle
Listing Agency:
Compass Florida LLC
(772) 492-7777
Listed By:
Jarrett T Bass · License #3584150
(772) 584-2318
Added: Jul 2
Changed: Aug 21
Last Checked: Aug 23 at 7:06AM
MLS# 298394
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 four-unit residential income property offers a 2BR/2BA unit, two 2BR/1BA units, and one 1BR/1BA unit within a 3,926-square-foot frame building. Improvements include impact windows and doors, digital locks, central air conditioning, new water heaters, Dolomite kitchen counters, stainless steel appliances, updated bathrooms, and Lifeproof flooring. The property also includes tenant laundry, five private storage rooms, paver patios, and a porch. Off-street parking, public water, and public sewer are provided.
Located on Hutchinson Island, the property is one block from the Atlantic Ocean. Short-term rentals are allowed, and the asset is positioned for either vacation hosting or longer-term leasing. Built in 1986, the property occupies 0.2117 acres and features a shingle roof, patio areas, and laminate flooring.
Located on Hutchinson Island, the property is one block from the Atlantic Ocean. Short-term rentals are allowed, and the asset is positioned for either vacation hosting or longer-term leasing. Built in 1986, the property occupies 0.2117 acres and features a shingle roof, patio areas, and laminate flooring.
Key Highlights
- Four‑unit mix: one 2BR/2BA, two 2BR/1BA, and one 1BR/1BA
- 3,926 square feet on 0.2117 acres
- One block from the Atlantic Ocean on Hutchinson Island
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
$57,654
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
3.25%
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%
$1,153,080
$1.2M
Cap Rate 7%
$823,629
$823.6K
Cap Rate 9%
$640,600
$640.6K
Market Conditions
NOI Build-Up for 3,926 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
$87.2K $22.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$82.4K $20.98/SF
− OpEx
−$24.7K −$6.29/SF
NOI
$57.7K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,153,080
Cap Rate 7%
$823,629
Cap Rate 9%
$640,600
Alternative Uses
Best Use
Multifamily LT 5
$823.6K
$720.7K – $960.9K
NOI $57,654 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$764.7K
$669.1K – $892.2K
NOI $53,529 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$987.3K
$863.9K – $1.15M
NOI $69,113 @ 7.0% cap · market cap 3.89%
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
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
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 - Renovated four-unit property with short-term rentals allowed and updated interiors, systems, and outdoor areas.
Where is this quadplex located?
The property is located at 741 Hernando Street Hutchinson Island, FL.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Four‑unit mix: one 2BR/2BA, two 2BR/1BA, and one 1BR/1BA; 3,926 square feet on 0.2117 acres; One block from the Atlantic Ocean on Hutchinson Island
