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    Fort Pierce Multifamily Investment Opportunity Title is generated by Realmo AI

    1205 Seaway Drive, Fort Pierce, FL 34949

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    For Sale
    $950,000

    Four-unit multifamily property near downtown Fort Pierce and beaches.

    Type:Multifamily
    Property size:
    2,499 SF
    Price / SF:
    $380/SF
    Added:
    Nov 21, 2025
    Days on Market:
    174
    Last Refresh:
    Dec 3 at 6:08 am

    Property Features for 1205 Seaway Drive

    General Information

    Standard status
    Active
    Size
    2,499 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1956

    We can help!

    Listing Contact
    Carolyn M Snyder
    Carolyn M Snyder

    Listing agent Carolyn M Snyder License ##SL3328981

    Listing office NAI Southcoast

    Listing date Nov 21, 2025

    Source Naiglobal

    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 NAI Southcoast

    HighLights

    • Four‑unit property (three 1/1 units and one 2/1 unit) ideal for investors.
    • Prime location on Seaway Drive, the main access to downtown Fort Pierce and beaches.
    • Includes a pool, carport, and additional utility room.
    • Recent upgrades: Roof redone in 2022 and new kitchens in all units.
    • Walking distance to beaches, parks, restaurants, and shopping.
    • Located in Fort Pierce, near beaches and an award‑winning waterfront downtown.

    Overview

    This multifamily property features two concrete block buildings with a total of four units, situated on a corner lot along Seaway Drive, offering convenient access to historic downtown Fort Pierce and the beaches. The property comprises three 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit, along with an additional utility room, carport, and pool. Leases are annual. Two units are individually metered for water and electric, while the other two units share a meter; currently, the landlord covers all utilities. The roof was replaced in 2022, and all units have new kitchens, with some bathrooms having been remodeled. Located beachside in Fort Pierce, the property is near beaches, parks, restaurants, and shopping. Built in 1956, the property has a finished area of 2,499 square feet and sits on a 0.172-acre lot. The construction is concrete block stucco, and the HVAC system is central. The zoning is R-4A. The property's PID is 2401-601-0009-000-5, and the 2021 taxes were $7,258.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    River House Apartments Apartment Building SofWerkz Marketing & Advertising

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Pharmacy Skin Care Clinic Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Pierce
    County
    St. Lucie
    State
    Florida
    Longitude
    -80.3008087
    Latitude
    27.4662682

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    FAQs

    What type of property is this?
    Quadplex - Four-unit multifamily property near downtown Fort Pierce and beaches.
    Where is this quadplex located?
    The property is located at 1205 Seaway Drive Fort Pierce, FL.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Four‑unit property (three 1/1 units and one 2/1 unit) ideal for investors.; Prime location on Seaway Drive, the main access to downtown Fort Pierce and beaches.; Includes a pool, carport, and additional utility room.
    (773) 631-4248
    We can help!
    Listing Contact
    Carolyn M Snyder
    Carolyn M Snyder
    Real Estate License ID: #SL3328981
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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