Freestanding Restaurant
For Sale
$1,695,000
1103 21st Street, Vero Beach, FL 32960
Commercial Sale, Vero Beach, FL
Property Size5,145 SF
Lot Size0.67 Acres
Price / SF$329.45
Days on Market667
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: Oct 1
Last Checked: Oct 4 at 11:06AM
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 5,145-square-foot freestanding restaurant property occupies 0.67 acres in Vero Beach. Constructed in 1930, the building is fully leased and configured for restaurant use. The property is zoned C-1B and includes public water, public sewer, and natural gas availability.
The address is 1103 21st Street, Vero Beach, FL 32960, in Indian River County. The offering includes a reported 8.5% ROI, while the existing restaurant tenant has completed more than $1 million in renovations. The property includes two bathrooms and is being offered for sale.
The address is 1103 21st Street, Vero Beach, FL 32960, in Indian River County. The offering includes a reported 8.5% ROI, while the existing restaurant tenant has completed more than $1 million in renovations. The property includes two bathrooms and is being offered for sale.
Key Highlights
- 5,145 square feet on 0.67 acres
- Fully leased freestanding restaurant property
- C‑1B zoning
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully leased property with C-1B zoning, public water and sewer, and natural gas availability.
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: 5,145 square feet on 0.67 acres; Fully leased freestanding restaurant property; C‑1B zoning
