Manufacturing Building in Downtown
For Sale
$999,999
Pending
1245 16th St, Vero Beach, FL 32960
Manufacturing building with air-conditioned shop space in downtown Vero Beach.
Property Size8,300 SF
Lot Size0.48 Acres
Days on Market172
Property Features for 1245 16th St
General Information
Standard status
Pending
Size
8,300 SF
Lot size
0.48 Acres
Property subtype
Industrial
Building Details
Year Built
1961
Listing Agency:
Lambert Commercial Real Estate Inc
(772) 532-1165
Listed By:
Kevin Lambert · License #BK3327845
(772) 532-1165
Source:
Elliman
Added: Mar 12
Changed: Jul 6
Last Checked: Jul 23 at 8:19AM
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 Lambert Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
This property presents a rare opportunity to purchase a manufacturing building located in downtown Vero Beach. A Phase II ESA has been completed, revealing no conditions warranting remediation. The north building features approximately 700 square feet of office/breakroom area, approximately 4,300 square feet of air-conditioned shop space, and 1,500 square feet of un-air-conditioned space, with a 12x12 rollup door and an 8x8 rollup door. The south building includes approximately 700 square feet of office space and an 1,100-square-foot work area with an 8x8 bay door. The building has 400 amp, 3-phase power and a 13.5-foot clear ceiling height, with 15 feet to the bottom of the roof deck.
Key Highlights
- Rare manufacturing building opportunity in downtown Vero Beach.
- Air‑conditioned shop space available in the North Building.
- 400 Amp, 3‑Phase Power ready for your equipment.
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
$49,571
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
4.96%
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%
$991,420
$991.4K
Cap Rate 7%
$708,157
$708.2K
Cap Rate 9%
$550,789
$550.8K
Market Conditions
NOI Build-Up for 8,300 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
$74.7K $9.00/SF
− Vacancy
−$3.9K −$0.47/SF
EGI
$70.8K $8.53/SF
− OpEx
−$21.2K −$2.56/SF
NOI
$49.6K $5.97/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$991,420
Cap Rate 7%
$708,157
Cap Rate 9%
$550,789
Alternative Uses
Best Use
Industrial
$708.2K
$619.6K – $826.2K
NOI $49,571 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.12M
NOI $127,416 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,094
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Manufacturing building with air-conditioned shop space in downtown Vero Beach.
Where is this manufacturing property located?
The property is located at 1245 16th St Vero Beach, FL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Rare manufacturing building opportunity in downtown Vero Beach.; Air‑conditioned shop space available in the North Building.; 400 Amp, 3‑Phase Power ready for your equipment.
