Multifamily Investment Opportunity in
For Sale
$515,000
2840 41st St, Vero Beach, FL 32967
Three homes on 1.5 acres, income potential, central location.
Property Size1,462 SF
Lot Size1.50 Acres
Price / SF$352.26
Days on Market107
Property Features for 2840 41st St
General Information
Standard status
Active
Size
1,462 SF
Lot size
1.50 Acres
Property subtype
Investment
Building Details
Year Built
1946
Listing Agency:
Keller Williams Realty of VB
(772) 321-1288
Listed By:
Tareek S Beasley · License #3412996
(772) 321-1288
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 8 at 12:58PM
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 Keller Williams Realty of VB
Investment Insights
Based on property information with market context.
This investment opportunity features three existing homes situated on a 1.5-acre lot zoned RM-10. Two of the homes are currently income-producing with tenants in place, while the third home is ready for remodeling. The main house spans 1,462 square feet and includes 3 bedrooms and 2 bathrooms in a split plan, a new roof, a spacious kitchen, a dining area, a living room, a laundry room, and a covered screened porch. The two occupied homes consist of a 546-square-foot unit with 2 bedrooms and 1 bathroom, and a 738-square-foot unit with 3 bedrooms and 1 bathroom. Located in central county with no HOA, the property is a 10-minute drive to local beaches and minutes from the Vero Beach Airport. Public water and sewer services are available.
Key Highlights
- 1.5 acre lot zoned RM‑10 offering investment opportunity with 3 existing homes.
- Two income‑producing homes with tenants in place provide immediate rental income.
- Main home features 1,462 sqft with 3 beds, 2 baths, split plan, new roof, and covered screened porch.
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
$15,583
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
3.03%
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%
$311,660
$311.7K
Cap Rate 7%
$222,614
$222.6K
Cap Rate 9%
$173,144
$173.1K
Market Conditions
NOI Build-Up for 1,462 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
$29.8K $20.40/SF
− Vacancy
−$1.5K −$1.02/SF
EGI
$28.3K $19.38/SF
− OpEx
−$12.8K −$8.72/SF
NOI
$15.6K $10.66/SF
Area
Indian River County, FL
Vacancy
5.00%
Lease Rate
$20.40 /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%
$311,660
Cap Rate 7%
$222,614
Cap Rate 9%
$173,144
Alternative Uses
Best Use
Apartment 5plus
$222.6K
$194.8K – $259.7K
NOI $15,583 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$320.6K
$280.6K – $374.1K
NOI $22,444 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 32967, FL
25,785
Population
12,358
Households
2.1
Avg Household Size
50
Median Age
35%
College-Educated
91%
High-School Grad
40.0 sq mi
ZIP Area
645
Density / Sq Mi
$73,875
Median Household Income
$38,156
Median Earnings
$1,425
Median Rent
$394,800
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?
Multifamily property - Three homes on 1.5 acres, income potential, central location.
Where is this multifamily property located?
The property is located at 2840 41st St Vero Beach, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 1.5 acre lot zoned RM‑10 offering investment opportunity with 3 existing homes.; Two income‑producing homes with tenants in place provide immediate rental income.; Main home features 1,462 sqft with 3 beds, 2 baths, split plan, new roof, and covered screened porch.
