Turnkey Triplex in Fort
For Sale
$499,000
Pending
204 N 17th N St, Fort Pierce, FL 34950
Renovated triplex with immediate rental income potential in Fort Pierce.
Property Size2,596 SF
Days on Market108
Property Features for 204 N 17th N St
General Information
Standard status
Pending
Size
2,596 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,359
Building Details
Building Size
2,596 SF
Year Built
1941
Stories
1
Units
3
Listing Agency:
Dalton Wade, Inc.
(561) 708-0679
Listed By:
Diego Pun Lay · License #3366247
(561) 708-0679
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 10:07AM
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 Dalton Wade, Inc.
Investment Insights
Based on property information with market context.
This triplex features three turnkey units, ideal for generating rental income with immediate move-in potential. Each unit has renovated interiors, including updated kitchens and bathrooms, stylish flooring, and fresh paint, ensuring low maintenance. Two units are equipped with a durable metal roof, while the third has a reliable shingle roof. Located in a growing area of Fort Pierce, the property is near local amenities, including shopping, parks, and beaches. The bike score is 57, indicating it is bikeable, and the walk score is 35, suggesting car dependence.
Key Highlights
- Three turnkey units: ready for immediate rental income.
- Renovated interiors: updated kitchens, bathrooms, flooring, and paint in all units.
- Durable roofing: combination of metal and shingle roofs for long‑term reliability.
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
$38,123
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
7.64%
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%
$762,460
$762.5K
Cap Rate 7%
$544,614
$544.6K
Cap Rate 9%
$423,589
$423.6K
Market Conditions
NOI Build-Up for 2,596 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
$57.6K $22.20/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$54.5K $20.98/SF
− OpEx
−$16.3K −$6.29/SF
NOI
$38.1K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /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%
$762,460
Cap Rate 7%
$544,614
Cap Rate 9%
$423,589
Alternative Uses
Best Use
Multifamily LT 5
$544.6K
$476.5K – $635.4K
NOI $38,123 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$505.6K
$442.4K – $589.9K
NOI $35,395 @ 7.0% cap · market cap 7.09%
Theoretical Best
Office A
$652.9K
$571.3K – $761.7K
NOI $45,700 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
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?
Triplex - Renovated triplex with immediate rental income potential in Fort Pierce.
Where is this triplex located?
The property is located at 204 N 17th N St Fort Pierce, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three turnkey units: ready for immediate rental income.; Renovated interiors: updated kitchens, bathrooms, flooring, and paint in all units.; Durable roofing: combination of metal and shingle roofs for long‑term reliability.
