Free-Standing Restaurant
For Sale
$1,695,000
1103 21st Street, Vero Beach, FL 32960
COMMERCIAL - Vero Beach, FL
Property Size5,145 SF
Lot Size0.67 Acres
Price / SF$329.45
Days on Market618
Property Features for 1103 21st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1B
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Directions
Downtown Vero Beach, 5 block from the intracoastal.
Subdivision
6321 - City of Vero Beach (IR)
Standard status
Active
APN
333901000220020000010
Size
5,145 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
EAST SIDE SUBDIVISION PBS 4-12 LOT 1 & E 1/2 OF LOT 2 & ALL OF LOTS 4 & 5 & N 15 FT OF LOT 6 BLK 2
Tax Annual Amount
11771
Legal Description
EAST SIDE SUBDIVISION PBS 4-12 LOT 1 & E 1/2 OF LOT 2 & ALL OF LOTS 4 & 5 & N 15 FT OF LOT 6 BLK 2
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Listing Agency:
Compass Florida LLC
(561) 285-4283
Listed By:
Mark C Barone · License #3255921
(561) 235-6801
Added: Dec 6, 2024
Changed: Aug 4
Last Checked: Aug 16 at 1:06PM
MLS# R11042949
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.
Investment Insights
Based on property information with market context.
This for-sale free-standing restaurant building is presented as a fully leased investment. The property consists of 5,145 square feet on a 0.67-acre lot and is zoned C-1B. Public remarks indicate the current tenant has invested more than $1 million in renovations.
The listing is located at 1103 21st Street in Vero Beach, Florida (32960), in Indian River County. The seller also cites an 8.5% ROI in the public remarks, with additional information and a detailed rent roll available upon request.
The listing is located at 1103 21st Street in Vero Beach, Florida (32960), in Indian River County. The seller also cites an 8.5% ROI in the public remarks, with additional information and a detailed rent roll available upon request.
Key Highlights
- Year built 1930
- Natural gas available; public water and public sewer
- Free‑standing building is fully leased
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
$78,982
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
4.66%
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%
$1,579,640
$1.6M
Cap Rate 7%
$1,128,314
$1.1M
Cap Rate 9%
$877,578
$877.6K
Market Conditions
NOI Build-Up for 5,145 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
$114.2K $22.20/SF
− Vacancy
−$8.9K −$1.73/SF
EGI
$105.3K $20.47/SF
− OpEx
−$26.3K −$5.12/SF
NOI
$79.0K $15.35/SF
Area
Indian River County, FL
Vacancy
7.80%
Lease Rate
$22.20 /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%
$1,579,640
Cap Rate 7%
$1,128,314
Cap Rate 9%
$877,578
Alternative Uses
Best Use
Specialty Retail
$1.13M
$987.3K – $1.32M
NOI $78,982 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,397
Businesses Nearby
61k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 40%
Home Improvements & Furnishings 6%
McDonald's
Dining
26,873 visits/mo
0.4 miles
7-Eleven
Shops & Services
7,166 visits/mo
0.2 miles
Burger King
Dining
6,746 visits/mo
0.5 miles
PNC Bank
Shops & Services
6,335 visits/mo
0.2 miles
Chevron
Shops & Services
4,027 visits/mo
0.5 miles
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
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?
Conventional restaurant - Free-standing restaurant building is fully leased and offered for sale in C-1B zoning.
Where is this conventional restaurant located?
The property is located at 1103 21st Street Vero Beach, FL.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Year built 1930; Natural gas available; public water and public sewer; Free‑standing building is fully leased
