Remodeled Duplex Income
For Sale
$335,000
924 Skylark Drive, Fort Pierce, FL 34982
Concrete block duplex with remodeled interiors, central A/C, and separate electric and water meters for each unit.
Property Size1,652 SF
Price / SF$248.15
Days on Market47
Property Features for 924 Skylark Drive
General Information
Standard status
Active
Size
1,652 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
Medium Den
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,019
Building Details
Building Size
1,652 SF
Year Built
1972
Stories
1
Listing Agency:
Coldwell Banker Paradise
(772) 971-7424
Listed By:
Hoyt C Murphy · License #R11140964
(772) 971-7424
Source:
Laerrealty
Added: Jul 9
Changed: Aug 23
Last Checked: Jul 26 at 4:17PM
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 Coldwell Banker Paradise
Investment Insights
Based on property information with market context.
South Fort Pierce concrete block duplex featuring two units, each with 2 bedrooms and 1 bathroom. Both interiors have been remodeled, and the property offers central A/C throughout. The roof was replaced about three years ago, and the drainfield was replaced about two years ago. The duplex is served by city water and a septic system, with separate electric and water meters for each unit.
The property is currently occupied with both tenants on month-to-month terms, and it is generating $2,700 per month. Each unit’s current configuration supports continued rental use as a two-bedroom, one-bath layout.
For additional flexibility, there is noted potential to increase rents based on in-place operations.
The property is currently occupied with both tenants on month-to-month terms, and it is generating $2,700 per month. Each unit’s current configuration supports continued rental use as a two-bedroom, one-bath layout.
For additional flexibility, there is noted potential to increase rents based on in-place operations.
Key Highlights
- Concrete block duplex built in 1972 with 2‑bedroom, 1‑bath units
- Both units have remodeled interiors
- Central A/C
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
$19,825
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
5.92%
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%
$396,500
$396.5K
Cap Rate 7%
$283,214
$283.2K
Cap Rate 9%
$220,278
$220.3K
Market Conditions
NOI Build-Up for 1,350 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
$30.0K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$28.3K $20.98/SF
− OpEx
−$8.5K −$6.29/SF
NOI
$19.8K $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%
$396,500
Cap Rate 7%
$283,214
Cap Rate 9%
$220,278
Alternative Uses
Best Use
Multifamily LT 5
$283.2K
$247.8K – $330.4K
NOI $19,825 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$263.0K
$230.1K – $306.8K
NOI $18,407 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$339.5K
$297.1K – $396.1K
NOI $23,765 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
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?
Duplex - Concrete block duplex with remodeled interiors, central A/C, and separate electric and water meters for each unit.
Where is this duplex located?
The property is located at 924 Skylark Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Concrete block duplex built in 1972 with 2‑bedroom, 1‑bath units; Both units have remodeled interiors; Central A/C
