Commercial Building on High-Traffic
For Sale
$559,000
602 W Midway Road, Fort Pierce, FL 34982
Commercial building with high-traffic road frontage, suitable for office/medical use.
Property Size1,884 SF
Days on Market139
Property Features for 602 W Midway Road
General Information
Standard status
Active
Size
1,884 SF
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$3,500
Building Details
Building Size
1,884 SF
Year Built
1960
Stories
1
Listing Agency:
Ultimate Realty Corp
Listed By:
Paulette Gallo
(772) 359-2686
Source:
Laerrealty
Added: Apr 24
Changed: Aug 23
Last Checked: Sep 8 at 4:06AM
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 Ultimate Realty Corp
Investment Insights
Based on property information with market context.
This property is located on a heavily trafficked road, situated just past the Winn Dixie Plaza. Zoned for commercial use, including office and medical purposes, the building presents an opportunity for remodeling or redevelopment. The roof is approximately 5 years old, and the air conditioning system is approximately 3 years old. The existing structure includes three rooms and one bathroom, along with a carport and storage area. The property offers road frontage on a busy thoroughfare.
Key Highlights
- Commercial zoning allows for office, medical, and more.
- Highly visible location on US 1 and Midway Road.
- Remodel or tear down to build your dream property.
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
$25,495
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
4.56%
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%
$509,900
$509.9K
Cap Rate 7%
$364,214
$364.2K
Cap Rate 9%
$283,278
$283.3K
Market Conditions
NOI Build-Up for 1,884 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
$47.5K $25.20/SF
− Vacancy
−$5.0K −$2.65/SF
EGI
$42.5K $22.55/SF
− OpEx
−$17.0K −$9.02/SF
NOI
$25.5K $13.53/SF
Area
St. Lucie County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$509,900
Cap Rate 7%
$364,214
Cap Rate 9%
$283,278
Alternative Uses
Best Use
Healthcare Medical
$364.2K
$318.7K – $424.9K
NOI $25,495 @ 7.0% cap · market cap 4.56%
Second Best
Office B
$340.1K
$297.6K – $396.8K
NOI $23,806 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$473.8K
$414.6K – $552.8K
NOI $33,166 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Office space - Commercial building with high-traffic road frontage, suitable for office/medical use.
Where is this office space located?
The property is located at 602 W Midway Road Fort Pierce, FL.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Commercial zoning allows for office, medical, and more.; Highly visible location on US 1 and Midway Road.; Remodel or tear down to build your dream property.
