Air-Conditioned Flex Industrial
For Sale
$2,350,000
673 Us Hwy 1 Vero Beach, Vero Beach, FL 32962
Two air-conditioned buildings with precast concrete construction and impact glass, including office, showroom, and warehouse space.
Property Size14,656 SF
Price / SF$160.34
Days on Market45
Property Features for 673 Us Hwy 1 Vero Beach
General Information
Standard status
Active
Size
14,656 SF
Zoning
, CH
Lease Type
Modified Gross
Amenities
Air Conditioned
Impact Glass
Monument Sign
Plank Flooring
Conference Room
Private Office
Concrete,Vinyl
true
1
1/2 to 1 Acre Lot
Public
0.68
29620
Highway
14656
Building Details
Building Size
14,656 SF
Year Built
1972
Stories
1
Construction
Pre-Cast Concrete
Listing Agency:
The Real Estate Collection LLC
(407) 656-7814
Listed By:
Morgan Horsley · License #SL3533505
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 20 at 4:07AM
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 The Real Estate Collection LLC
Investment Insights
Based on property information with market context.
This secure concrete flex industrial property features two separate, air-conditioned buildings constructed with pre-cast concrete and all impact glass. The North Building includes a wide-open showroom and sales floor with plank flooring, one private office, an 18x12 conference room, and two restrooms.
The South Building is configured as warehouse space with three-stage storage, along with an attached showroom area and a dedicated delivery room. The South Building also includes one office and two restrooms.
The property includes a large 18-foot monument sign, supporting on-site visibility for showroom or distribution-style operations. The building configuration supports multiple practical uses such as showroom, distribution, research and development, or auto storage, depending on tenant needs.
The South Building is configured as warehouse space with three-stage storage, along with an attached showroom area and a dedicated delivery room. The South Building also includes one office and two restrooms.
The property includes a large 18-foot monument sign, supporting on-site visibility for showroom or distribution-style operations. The building configuration supports multiple practical uses such as showroom, distribution, research and development, or auto storage, depending on tenant needs.
Key Highlights
- Two air‑conditioned buildings built in 1972 with precast concrete construction and impact glass.
- Total building area: 14,656 SF across office, showroom, warehouse, storage, and delivery space.
- North building includes wide‑open showroom/sale floor, 1 private office, 18x12 conference room, and 2 restrooms.
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
$209,097
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
8.90%
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%
$4,181,940
$4.2M
Cap Rate 7%
$2,987,100
$3.0M
Cap Rate 9%
$2,323,300
$2.3M
Market Conditions
NOI Build-Up for 14,656 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
$343.0K $23.40/SF
− Vacancy
−$21.3K −$1.45/SF
EGI
$321.7K $21.95/SF
− OpEx
−$112.6K −$7.68/SF
NOI
$209.1K $14.27/SF
Area
Indian River County, FL
Vacancy
6.20%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
35.00%
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%
$4,181,940
Cap Rate 7%
$2,987,100
Cap Rate 9%
$2,323,300
Alternative Uses
Best Use
Flex RnD
$2.99M
$2.61M – $3.48M
NOI $209,097 @ 7.0% cap · market cap 8.90%
Second Best
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,122 @ 7.0% cap · market cap 5.03%
Theoretical Best
Specialty Retail
$3.21M
$2.81M – $3.75M
NOI $224,989 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,551
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32962, FL
26,011
Population
12,705
Households
2
Avg Household Size
49
Median Age
25%
College-Educated
90%
High-School Grad
12.5 sq mi
ZIP Area
2,081
Density / Sq Mi
$65,137
Median Household Income
$32,617
Median Earnings
$1,184
Median Rent
$247,700
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Two air-conditioned buildings with precast concrete construction and impact glass, including office, showroom, and warehouse space.
Where is this flex space located?
The property is located at 673 Us Hwy 1 Vero Beach Vero Beach, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Two air‑conditioned buildings built in 1972 with precast concrete construction and impact glass.; Total building area: 14,656 SF across office, showroom, warehouse, storage, and delivery space.; North building includes wide‑open showroom/sale floor, 1 private office, 18x12 conference room, and 2 restrooms.
