Renovated 6-Unit Apartment
For Sale
$2,295,000
1150 Carlton Court, Hutchinson Island, FL 34949
ResidentialIncome, Hutchinson Island, FL
Property Size4,720 SF
Lot Size0.25 Acres
Price / SF$486.23
Days on Market53
Property Features for 1150 Carlton Court
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
,
Zoning description
Multiple
Parking
9
Parking features
Off Street
Window features
Blinds
Patio and Porch features
Patio
Interior features
WalkInClosets
Exterior features
Patio
Subdivision
Fort Pierce Bch
Lot features
Quarter To Half Acre Lot
Directions
Heading East on Seaway Drive, Turn Right on Carlton Ct, Property on Left.
Standard status
Active
APN
240150103230005
Size
4,720 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FT PIERCE BEACH S/D BLK 20 E 1/2 OF LOT 14 AND ALL LOT 15
Tax Annual Amount
24001
Legal Description
FT PIERCE BEACH S/D BLK 20 E 1/2 OF LOT 14 AND ALL LOT 15
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
new paver paths
rear patio w/BBQ pit
landscaping
Building Details
Year built
1963
Floors in Building
2
Flooring type
Laminate
Building materials
Block, Concrete
Roof type
Metal
Listing Agency:
Compass Florida LLC
(772) 492-7777
Listed By:
Jarrett T Bass · License #3584150
(772) 584-2318
Added: Jul 2
Changed: Aug 21
Last Checked: Aug 23 at 11:06AM
MLS# 298409
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.
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains four 1BR/1BA residences and two 2BR/1BA residences within 4,720 square feet. The building was constructed in 1963 and has been comprehensively renovated with impact-resistant windows and doors, digital locks, new ACs/mini-splits, water heaters, ductwork, Dolomite kitchen counters, stainless steel appliances, and Lifeproof flooring. Block and concrete construction, metal roofing, central heating, central air, public water, and off-street parking are also in place.
All units are currently vacant, creating a fully available configuration for leasing. Short-term rentals are allowed, and the property is within walking distance of the Inlet and waterfront dining. Exterior improvements include new paver paths, a rear patio with BBQ pit, and landscaping. The 0.25-acre site is located in Hutchinson Island, St. Lucie County, Florida.
All units are currently vacant, creating a fully available configuration for leasing. Short-term rentals are allowed, and the property is within walking distance of the Inlet and waterfront dining. Exterior improvements include new paver paths, a rear patio with BBQ pit, and landscaping. The 0.25-acre site is located in Hutchinson Island, St. Lucie County, Florida.
Key Highlights
- 6 units totaling 4,720 square feet
- Unit mix includes four 1BR/1BA and two 2BR/1BA residences
- 100% vacant for immediate market lease‑up
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
Lease Details
6
Residential units
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 - Four one-bedroom and two two-bedroom units are vacant and configured for immediate leasing or short-term rental use.
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: 6 units totaling 4,720 square feet; Unit mix includes four 1BR/1BA and two 2BR/1BA residences; 100% vacant for immediate market lease‑up
