Warehouse Property For
For Sale
$1,325,000
2590 Airport North Dr 3, Vero Beach, FL 32960
Warehouse property available for sale with access instructions from US-1 via Airport North Drive in Indian River County.
Property Size4,975 SF
Days on Market103
Property Features for 2590 Airport North Dr 3
General Information
Standard status
Active
Size
4,975 SF
Property subtype
Industrial
Building Details
Building Size
4,975 SF
Year Built
2025
Stories
1
Listing Agency:
Proctor Kennedy Properties LLC
(772) 494-3366
Listed By:
Kathryn Funnell Redner
(772) 494-3366
Source:
Elliman
Added: May 21
Changed: Aug 28
Last Checked: Aug 30 at 8:34PM
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 Proctor Kennedy Properties LLC
Investment Insights
Based on property information with market context.
This warehouse property is offered for sale at 2590 Airport North Drive 3. The available information supports the asset type as warehouse/other warehouse space, with the presentation focused on how to locate the property.
Directions are provided from US-1: head west on Airport North Drive, continue past the airport entrance, and 2590 Airport North Drive is on the right. The property is located in Indian River County, Florida.
Additional building specifics, such as configuration, condition, or amenities, are not included in the provided materials.
Directions are provided from US-1: head west on Airport North Drive, continue past the airport entrance, and 2590 Airport North Drive is on the right. The property is located in Indian River County, Florida.
Additional building specifics, such as configuration, condition, or amenities, are not included in the provided materials.
Key Highlights
- Warehouse property built in 2025
- Electric cooling
- Heating: none
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
$40,097
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%
$801,940
$801.9K
Cap Rate 7%
$572,814
$572.8K
Cap Rate 9%
$445,522
$445.5K
Market Conditions
NOI Build-Up for 4,975 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
$49.6K $9.96/SF
− Vacancy
−$2.4K −$0.48/SF
EGI
$47.2K $9.48/SF
− OpEx
−$7.1K −$1.42/SF
NOI
$40.1K $8.06/SF
Area
Indian River County, FL
Vacancy
4.80%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$801,940
Cap Rate 7%
$572,814
Cap Rate 9%
$445,522
Alternative Uses
Best Use
Warehouse
$572.8K
$501.2K – $668.3K
NOI $40,097 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.09M
$954.7K – $1.27M
NOI $76,373 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Balanced
Demand for This Use
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.
Similar Off Market Nearby
- Aero Treasure Coast Storage — 3000 Aviation Blvd, Vero Beach, FL 32960
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property available for sale with access instructions from US-1 via Airport North Drive in Indian River County.
Where is this warehouse located?
The property is located at 2590 Airport North Dr 3 Vero Beach, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Warehouse property built in 2025; Electric cooling; Heating: none
