Two-Unit Office
1140 Royal Palm Boulevard, Vero Beach, FL 32960
For Sale
$550,000
CommercialSale, Vero Beach, FL
Property Size2,400 SF
Lot Size0.27 Acres
Price / SF$229.17
Days on Market42
Property Features for 1140 Royal Palm Boulevard
General Information
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Zoning description
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Additional Details
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Taxes and HOA fees
Tax Description
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Building Details
Year built
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Flooring type
Building materials
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Buildings
Listing Agency:
Dale Sorensen Real Estate Inc.
(772) 231-4712
Listed By:
Christine M Hughes · License FL #0704916
(772) 532-8894
Added: Oct 2
Changed: Nov 12
Last Checked: Nov 12 at 8:06AM
MLS# 300317
Copyright © 2026 Realtors Association of Indian River County. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,400-square-foot office building contains two separate units on a 0.27-acre parcel. The east unit has been cleared while retaining its original floor plan and bathroom; the west unit has an unfinished custom build-out. Work that began without permits was halted, and the property is being sold as-is. A contractor will be needed to complete the work. The building was constructed in 1986 and has block and concrete construction, central electric heating and air conditioning, and a tile roof.
The property is approximately 3 miles from the beach and a three-minute drive from the downtown courthouse. It is identified as zoned for professional services; buyers should confirm permitted uses with the city. On-site parking accommodates 18 vehicles.
The property is approximately 3 miles from the beach and a three-minute drive from the downtown courthouse. It is identified as zoned for professional services; buyers should confirm permitted uses with the city. On-site parking accommodates 18 vehicles.
Key Highlights
- 2,400‑square‑foot office building with two separate units
- 0.27‑acre parcel with 18 parking spaces
- East unit retains its original floor plan and bathroom after interior demolition
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,682
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,640
$513.6K
Cap Rate 7%
$366,886
$366.9K
Cap Rate 9%
$285,356
$285.4K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$41.8K $17.40/SF
− Vacancy
−$7.5K −$3.13/SF
EGI
$34.2K $14.27/SF
− OpEx
−$8.6K −$3.57/SF
NOI
$25.7K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,640
Cap Rate 7%
$366,886
Cap Rate 9%
$285,356
Alternative Uses
Best Use
Office B
$366.9K
$321.0K – $428.0K
NOI $25,682 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$526.3K
$460.5K – $614.1K
NOI $36,843 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,132
Businesses Nearby
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Business Placement
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
$254,400
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Indian River County, FL
Properties on Market for Office buildings in Indian River County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Separate interior areas offer distinct office configurations, with both spaces requiring fit-out work.
Where is this office building located?
The property is located at 1140 Royal Palm Boulevard Vero Beach, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,400‑square‑foot office building with two separate units; 0.27‑acre parcel with 18 parking spaces; East unit retains its original floor plan and bathroom after interior demolition
