Distribution Warehouse with Drive-In
For Sale
Contact for pricing
3490 Oleander Avenue, Fort Pierce, FL 34982
Industrial building on a 1.09-acre site with drive-in ramp and six loading docks.
Property Size8,050 SF
Lot Size1.09 Acres
Price / SF$246.96
Days on Market507
Property Features for 3490 Oleander Avenue
General Information
Standard status
Active
Size
8,050 SF
Lot size
1.09 Acres
Property subtype
Industrial, Retail, Office
Zoning
Indust
Warehouse & Industrial
Dock-High Doors
6
Drive-In Doors
1
Additional Details
Highway Access
Yes
Building Details
Year Built
1965
Stories
2
Units
1
Listing Agency:
The Keyes Company
Listed By:
David Joseph · License #B26065679
(561) 405-4960
Source:
Crexi
Added: Apr 20, 2025
Changed: Aug 31
Last Checked: Sep 8 at 5:51AM
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 Keyes Company
Investment Insights
Based on property information with market context.
This industrial warehouse/distribution property sits on a 1.09-acre site and offers an 8,050-square-foot building configured with six loading docks and a drive-in ramp.
The property is located at 3490 Oleander Avenue in Fort Pierce, Florida. The surrounding area is described as heavy industrial, with proximity to major transportation routes including I-95 and the Florida Turnpike.
The property is in an IL zoning district, intended to provide for industrial and related uses with limited objectionable external effects, with acceptable manufacturing, warehousing, heavy commercial, and similar uses encouraged. Regional context referenced in the remarks includes continued industrial leasing activity and major logistics and industrial development in Fort Pierce and nearby areas.
The property is located at 3490 Oleander Avenue in Fort Pierce, Florida. The surrounding area is described as heavy industrial, with proximity to major transportation routes including I-95 and the Florida Turnpike.
The property is in an IL zoning district, intended to provide for industrial and related uses with limited objectionable external effects, with acceptable manufacturing, warehousing, heavy commercial, and similar uses encouraged. Regional context referenced in the remarks includes continued industrial leasing activity and major logistics and industrial development in Fort Pierce and nearby areas.
Key Highlights
- 1.09‑acre site with an 8,050 SF industrial building built in 1965
- Six loading docks plus a drive‑in ramp for loading and distribution operations
- Zoned IL (industrial and related uses with limited objectionable external effects)
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
$68,913
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
3.47%
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%
$1,378,260
$1.4M
Cap Rate 7%
$984,471
$984.5K
Cap Rate 9%
$765,700
$765.7K
Market Conditions
NOI Build-Up for 8,050 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
$100.5K $12.48/SF
− Vacancy
−$19.4K −$2.41/SF
EGI
$81.1K $10.07/SF
− OpEx
−$12.2K −$1.51/SF
NOI
$68.9K $8.56/SF
Area
St. Lucie County, FL
Vacancy
19.30%
Lease Rate
$12.48 /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%
$1,378,260
Cap Rate 7%
$984,471
Cap Rate 9%
$765,700
Alternative Uses
Best Use
Warehouse
$984.5K
$861.4K – $1.15M
NOI $68,913 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$810.7K
$709.4K – $945.9K
NOI $56,752 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,712 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Dock-high doors
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building on a 1.09-acre site with drive-in ramp and six loading docks.
Where is this warehouse located?
The property is located at 3490 Oleander Avenue Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: 1.09‑acre site with an 8,050 SF industrial building built in 1965; Six loading docks plus a drive‑in ramp for loading and distribution operations; Zoned IL (industrial and related uses with limited objectionable external effects)
