Updated Duplex with Move-In Ready
For Sale
$399,000
1504 41st Avenue, Vero Beach, FL 32960
Updated duplex with a renovated 2BR tenant-occupied unit and a vacant 3BR unit, both with modernized living spaces.
Property Size1,910 SF
Price / SF$208.90
Days on Market126
Property Features for 1504 41st Avenue
General Information
Standard status
Active
Size
1,910 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RM-8
Taxes and HOA fees
Annual Taxes
$5,059
Building Details
Building Size
1,910 SF
Year Built
1972
Stories
1
Listing Agency:
LPT Realty, LLC
(772) 713-4204
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Laerrealty
Added: Apr 24
Changed: Aug 25
Last Checked: Aug 26 at 5:47AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This updated duplex includes two separate residences. Unit 1506 is a fully renovated 2BR/1BA with a month-to-month tenant in place, along with an enclosed Florida room and a fenced yard. Unit 1504 is vacant and move-in ready, offering a 3BR/2BA with a newly updated bathroom.
The property is set in a quiet setting next to a dead-end street and is described as convenient to shopping, restaurants, schools, and major routes. Outside improvements include a newer metal roof, separate utilities, a screened porch, a carport with a utility sink, and additional outdoor storage supported by a large shed and other storage areas.
The property is set in a quiet setting next to a dead-end street and is described as convenient to shopping, restaurants, schools, and major routes. Outside improvements include a newer metal roof, separate utilities, a screened porch, a carport with a utility sink, and additional outdoor storage supported by a large shed and other storage areas.
Key Highlights
- Updated duplex built in 1972 with two separate units: 1506 (2BR/1BA) and 1504 (3BR/2BA).
- 1506 unit is fully renovated and tenant‑occupied on a month‑to‑month basis.
- 1506 includes an enclosed Florida room, fenced yard, and separate utilities.
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
$22,054
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
5.53%
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%
$441,080
$441.1K
Cap Rate 7%
$315,057
$315.1K
Cap Rate 9%
$245,044
$245.0K
Market Conditions
NOI Build-Up for 1,910 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
$33.2K $17.40/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$31.5K $16.50/SF
− OpEx
−$9.5K −$4.95/SF
NOI
$22.1K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$441,080
Cap Rate 7%
$315,057
Cap Rate 9%
$245,044
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,054 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,359 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$418.9K
$366.5K – $488.7K
NOI $29,321 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
524
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 Multifamily 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?
Duplex - Updated duplex with a renovated 2BR tenant-occupied unit and a vacant 3BR unit, both with modernized living spaces.
Where is this duplex located?
The property is located at 1504 41st Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Updated duplex built in 1972 with two separate units: 1506 (2BR/1BA) and 1504 (3BR/2BA).; 1506 unit is fully renovated and tenant‑occupied on a month‑to‑month basis.; 1506 includes an enclosed Florida room, fenced yard, and separate utilities.
