Triplex with Renovated
For Sale
$1,075,000
1002 Shorewinds Drive, Hutchinson Island, FL 34949
Three residential units offer beach-area access, updated systems, impact protection, and dedicated parking in a non-HOA community.
Property Size3,774 SF
Price / SF$363.42
Days on Market57
Property Features for 1002 Shorewinds Drive
General Information
Standard status
Active
Size
3,774 SF
Property subtype
Residential Income
Zoning
HutchI
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/2.5BA, 1 x 1BR/1.5BA
Multifamily Units
3
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$11,082
Building Details
Building Size
3,774 SF
Year Built
1972
Stories
2
Listing Agency:
Keller Williams Realty Jupiter
(561) 339-3002
Listed By:
Kim Cuomo · License #0662253
(561) 339-3002
Source:
Laerrealty
Added: Jul 5
Changed: Aug 30
Last Checked: Aug 30 at 12:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Jupiter
Investment Insights
Based on property information with market context.
This 2,958-square-foot triplex, built in 1972, contains two two-bedroom units and one one-bedroom unit. One residence has been fully renovated, while additional interior upgrades and exterior improvements have been completed throughout the property. New AC systems serve all three units, and the building includes full-impact windows, impact doors, and shutters.
The property is located across from a state park on North Hutchinson Island, with beach access within walking distance and boat and kayak launching facilities nearby. The community is not subject to an HOA. Each unit has two parking spaces, and the property includes a sizable yard; units A and C may accommodate fenced private yard areas and patios, subject to applicable requirements.
The property is located across from a state park on North Hutchinson Island, with beach access within walking distance and boat and kayak launching facilities nearby. The community is not subject to an HOA. Each unit has two parking spaces, and the property includes a sizable yard; units A and C may accommodate fenced private yard areas and patios, subject to applicable requirements.
Key Highlights
- Triplex totaling 2,958 SF with two 2‑bedroom units and one 1‑bedroom unit
- One unit fully renovated, with additional interior and exterior upgrades
- Brand‑new AC installed in all 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
$43,439
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
4.04%
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%
$868,780
$868.8K
Cap Rate 7%
$620,557
$620.6K
Cap Rate 9%
$482,656
$482.7K
Market Conditions
NOI Build-Up for 2,958 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
$65.7K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.1K $20.98/SF
− OpEx
−$18.6K −$6.29/SF
NOI
$43.4K $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%
$868,780
Cap Rate 7%
$620,557
Cap Rate 9%
$482,656
Alternative Uses
Best Use
Multifamily LT 5
$620.6K
$543.0K – $724.0K
NOI $43,439 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$576.2K
$504.1K – $672.2K
NOI $40,331 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$743.9K
$650.9K – $867.9K
NOI $52,073 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
85
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer beach-area access, updated systems, impact protection, and dedicated parking in a non-HOA community.
Where is this triplex located?
The property is located at 1002 Shorewinds Drive Hutchinson Island, FL.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Triplex totaling 2,958 SF with two 2‑bedroom units and one 1‑bedroom unit; One unit fully renovated, with additional interior and exterior upgrades; Brand‑new AC installed in all units
