Retail Condo with Road
For Sale
$325,000
1038 SW Bayshore Boulevard, Port St Lucie, FL 34983
Established retail condominium positioned along a heavily traveled commercial corridor with direct boulevard frontage.
Property Size800 SF
Price / SF$406.25
Days on Market22
Property Features for 1038 SW Bayshore Boulevard
General Information
Standard status
Active
Size
800 SF
Additional Details
Traffic Count
22,000 vehicles/day
Building Details
Year Built
1998
Listing Agency:
RE/MAX Gold
(561) 339-1344
Listed By:
Eric Reikenis · License #3622571
Source:
Chenoregroup
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 8:45PM
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 RE/MAX Gold
Investment Insights
Based on property information with market context.
This 800-square-foot retail condominium was built in 1998 and is positioned along Bayshore Boulevard in Port St. Lucie. The property offers a compact commercial footprint suited to retail occupancy and benefits from direct exposure to the boulevard.
The corridor records an average of 22,000 daily trips, providing substantial passing traffic for an operating business. The surrounding retail market is reported at 0% vacancy, adding context for the property’s commercial setting.
The corridor records an average of 22,000 daily trips, providing substantial passing traffic for an operating business. The surrounding retail market is reported at 0% vacancy, adding context for the property’s commercial setting.
Key Highlights
- 800‑square‑foot retail condominium
- Built in 1998
- Located on Bayshore Boulevard in Port St. Lucie
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
$9,223
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
2.84%
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%
$184,460
$184.5K
Cap Rate 7%
$131,757
$131.8K
Cap Rate 9%
$102,478
$102.5K
Market Conditions
NOI Build-Up for 800 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
$14.4K $18.00/SF
− Vacancy
−$1.2K −$1.53/SF
EGI
$13.2K $16.47/SF
− OpEx
−$4.0K −$4.94/SF
NOI
$9.2K $11.53/SF
Area
St. Lucie County, FL
Vacancy
8.50%
Lease Rate
$18.00 /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%
$184,460
Cap Rate 7%
$131,757
Cap Rate 9%
$102,478
Alternative Uses
Best Use
Retail
$131.8K
$115.3K – $153.7K
NOI $9,223 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$201.2K
$176.0K – $234.7K
NOI $14,083 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 79%
Dining 13%
Electronics 8%
Enterprise Rent-A-Car
Shops & Services
5,062 visits/mo
0.4 miles
Chevron
Shops & Services
4,717 visits/mo
0.3 miles
Big Apple Pizza
Dining
1,609 visits/mo
0.5 miles
Metro by T-Mobile
Electronics
975 visits/mo
0.1 miles
Demographics for 34983, FL
43,654
Population
17,799
Households
2.5
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
14.9 sq mi
ZIP Area
2,930
Density / Sq Mi
$72,787
Median Household Income
$40,538
Median Earnings
$1,739
Median Rent
$293,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Established retail condominium positioned along a heavily traveled commercial corridor with direct boulevard frontage.
Where is this retail space located?
The property is located at 1038 SW Bayshore Boulevard Port St Lucie, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 800‑square‑foot retail condominium; Built in 1998; Located on Bayshore Boulevard in Port St. Lucie
