Building Details

Year Built 1969

Listing Agency: FIP Realty Services, LLC

Listed By: Iris Shtilerman · License #3305141 Show Phone

Source: Compass

Added: Apr 23, 2024 Changed: Oct 8 Last Checked: Oct 7 at 2:42PM

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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 FIP Realty Services, LLC

Investment Insights

Based on property information with market context.

This two-story multifamily building offers 14 total units, each configured with two bedrooms and one bathroom. Each unit includes its own central A/C and separate electrical meters, supporting individual utility management. Additional on-site income comes from two separate washer and dryer areas currently in use. The property has a new roof, was freshly painted, and the interior was renovated in 2018.

The sale also includes a vacant lot with Parcel IDs 240461000090002 and 240461000100002.

The overall offering combines the existing rental units with included adjacent vacant land for development or expansion options, depending on buyer plans.

Key Highlights

• 2‑story building with 14 total units, each unit featuring 2 bedrooms and 1 bath
• Each unit has its own central A/C and separate electrical meters
• Interior renovated in 2018; new roof and freshly painted

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$162,960

Cap Rate

7.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,259,200 $3.3M

Cap Rate 7%

$2,328,000 $2.3M

Cap Rate 9%

$1,810,667 $1.8M

Market Conditions

NOI Build-Up for 11,952 SF

Gross rent

$311.2K $26.04/SF

− Vacancy

−$14.9K −$1.25/SF

EGI

$296.3K $24.79/SF

− OpEx

−$133.3K −$11.16/SF

NOI

$163.0K $13.63/SF

Area

St. Lucie County, FL

Vacancy

4.80%

Lease Rate

$26.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,259,200

Cap Rate 7%

$2,328,000

Cap Rate 9%

$1,810,667

Alternative Uses

Best Use

Apartment 5plus

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $162,960 @ 7.0% cap · market cap 7.41%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.01M

$2.63M – $3.51M (±1% cap)

NOI $210,403 @ 7.0% cap · market cap 9.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Meraki Cleaning Solutions (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Pharmacy HVAC Service Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

185

Businesses Nearby

Explore this area Business Placement

Demographics for 34947, FL

13,933

Population

4,691

Households

3

Avg Household Size

32

Median Age

19%

College-Educated

81%

High-School Grad

9.7 sq mi

ZIP Area

1,436

Density / Sq Mi

$44,985

Median Household Income

$31,968

Median Earnings

$1,125

Median Rent

$202,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-story building with 14 two-bedroom, one-bath units, each with central A/C and separate electrical meters.

Where is this apartment building located?

The property is located at 1610 North 25th Street Fort Pierce, FL.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 2‑story building with 14 total units, each unit featuring 2 bedrooms and 1 bath; Each unit has its own central A/C and separate electrical meters; Interior renovated in 2018; new roof and freshly painted