Renovated Multifamily Property in Fort
For Sale
$2,295,000
1150 Carlton Court, Hutchinson Island, FL 34949
Six-unit multifamily property, renovated, turnkey investment, short-term rental opportunity.
Property Size4,720 SF
Lot Size0.25 Acres
Price / SF$486.23
Days on Market133
Property Features for 1150 Carlton Court
General Information
Standard status
Active
Size
4,720 SF
Lot size
0.25 Acres
Property subtype
Residential Income / Multi Family
Taxes and HOA fees
Annual Taxes
$24,001
Amenities
Two
Laminate
No
LaundryCloset
WalkInClosets
Metal
Multi Family
Blinds
Patio
Building Details
Year Built
1963
Stories
2
Listing Agency:
LPT Realty, LLC
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Compass
Added: Apr 24
Changed: Sep 3
Last Checked: Jul 16 at 7:27AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
The property at 1150 Carlton Court is a six-unit multifamily property located in Fort Pierce, Florida. Constructed in 1963, the residential building totals approximately 5,272 square feet and is situated on a parcel of approximately 0.25 acres. The property has recently completed a comprehensive renovation program. The unit mix consists of four one-bedroom, one-bathroom units and two two-bedroom, one-bathroom units. All units are currently vacant, allowing for immediate lease-up at market rents. There are no restrictions on short-term rentals in this municipality.
Key Highlights
- Turnkey investment opportunity due to comprehensive recent renovations.
- All units are vacant, allowing for immediate lease‑up at market rents.
- No restrictions on Short‑Term Rentals (STR), offering flexible investment strategies.
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
$64,355
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
2.80%
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%
$1,287,100
$1.3M
Cap Rate 7%
$919,357
$919.4K
Cap Rate 9%
$715,056
$715.1K
Market Conditions
NOI Build-Up for 4,720 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
$122.9K $26.04/SF
− Vacancy
−$5.9K −$1.25/SF
EGI
$117.0K $24.79/SF
− OpEx
−$52.7K −$11.16/SF
NOI
$64.4K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,287,100
Cap Rate 7%
$919,357
Cap Rate 9%
$715,056
Alternative Uses
Best Use
Apartment 5plus
$919.4K
$804.4K – $1.07M
NOI $64,355 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $83,091 @ 7.0% cap · market cap 3.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property, renovated, turnkey investment, short-term rental opportunity.
Where is this apartment building located?
The property is located at 1150 Carlton Court Hutchinson Island, FL.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Turnkey investment opportunity due to comprehensive recent renovations.; All units are vacant, allowing for immediate lease‑up at market rents.; No restrictions on Short‑Term Rentals (STR), offering flexible investment strategies.
