Building Details

Year Built 1981

Listing Agency: Illustrated Properties LLC / S s***@stuart-fl.com Show Phone

Listed By: Stephen Dutcher · License #393825 Show Phone

Source: Xome

Added: Sep 24, 2018 Changed: Aug 12 Last Checked: Aug 29 at 6:49AM

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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 Illustrated Properties LLC / S

Investment Insights

Based on property information with market context.

This top-floor office suite is approximately 780 square feet and is currently configured with one large private office overlooking the St. Lucie River, plus additional space for a reception area and another private office. Large windows support a panoramic view, and the suite includes a private bathroom and storage for files. A sliding opaque glass counter window separates the reception area. The primary office area can be partitioned into two offices, offering flexibility for different layout needs.

The building includes an elevator and provides open parking. The property is situated at the base of the Evans Crary Bridge at the intersection of East Ocean Blvd and S. River Road, facing west.

The suite is currently in law office use. The space includes a reception-focused layout with dedicated private rooms and a private restroom to support day-to-day client meetings and office administration.

Key Highlights

• Top‑floor office suite with approximately 780 sq. ft. of usable space overlooking the St. Lucie River
• Panoramic river views and west‑facing unit with a waterfront (intercoastal) setting
• Large private office plus reception area and another private office; the main office can be partitioned into two offices

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

$9,856

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

3.29%

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%

$197,120 $197.1K

Cap Rate 7%

$140,800 $140.8K

Cap Rate 9%

$109,511 $109.5K

Market Conditions

NOI Build-Up for 780 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

$16.8K $21.60/SF

− Vacancy

−$3.7K −$4.75/SF

EGI

$13.1K $16.85/SF

− OpEx

−$3.3K −$4.21/SF

NOI

$9.9K $12.64/SF

Area

Martin County, FL

Vacancy

22.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

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%

$197,120

Cap Rate 7%

$140,800

Cap Rate 9%

$109,511

Alternative Uses

Best Use

Office B

$140.8K

$123.2K – $164.3K (±1% cap)

NOI $9,856 @ 7.0% cap · market cap 3.29%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$204.9K

$179.3K – $239.1K (±1% cap)

NOI $14,344 @ 7.0% cap · market cap 4.78%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Crystal Decker -Your ... Real Estate Agency Matt Yorgey South ... Real Estate Agency Lori K. Girouard ... Physician Credit Roosters, LLC Financial Advisor Megan Morici REALTOR Real Estate Agency

Suggested Use

Top Pick Dental Office Building Supply Pharmacy Restaurant Kitchen & Bath Showroom Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

205

Businesses Nearby

Explore this area Business Placement

Demographics for 34996, FL

11,042

Population

8,684

Households

1.3

Avg Household Size

64

Median Age

46%

College-Educated

96%

High-School Grad

6.7 sq mi

ZIP Area

1,648

Density / Sq Mi

$82,898

Median Household Income

$38,365

Median Earnings

$1,334

Median Rent

$409,400

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Top-floor office suite with panoramic river views, private bathroom, and flexible office configuration.

Where is this office units located?

The property is located at 3601 Ocean Boulevard Sewalls Point, FL.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Top‑floor office suite with approximately 780 sq. ft. of usable space overlooking the St. Lucie River; Panoramic river views and west‑facing unit with a waterfront (intercoastal) setting; Large private office plus reception area and another private office; the main office can be partitioned into two offices