Concrete Block Distribution
For Sale
$1,595,000
602 S 5th St, Fort Pierce, FL 34950
Warehouse configuration includes office space and dock-high loading.
Property Size10,944 SF
Price / SF$145.74
Days on Market30
Property Features for 602 S 5th St
General Information
Standard status
Active
Size
10,944 SF
Building Details
Year Built
1959
Construction
concrete block
Listing Agency:
Florida Relocation Team, LLC
Listed By:
Gustavo Gutierrez · License #R11125861
(305) 532-7939
Source:
Chenoregroup
Added: Aug 14
Changed: Sep 12
Last Checked: Sep 12 at 1:26PM
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 Florida Relocation Team, LLC
Investment Insights
Based on property information with market context.
This 10,944-square-foot distribution facility combines warehouse space with offices in a solid concrete block building. A dock-high loading bay supports receiving and shipping functions. The property has served as a plumbing showroom and wholesale supply facility, followed by use as a regional wholesale distribution warehouse with offices.
Built in 1959, the facility is located at 602 S 5TH Street in Fort Pierce, Florida. Its existing warehouse, office, and loading components provide a defined commercial configuration for distribution-related operations.
Built in 1959, the facility is located at 602 S 5TH Street in Fort Pierce, Florida. Its existing warehouse, office, and loading components provide a defined commercial configuration for distribution-related operations.
Key Highlights
- 10,944‑square‑foot warehouse and distribution facility
- Solid concrete block construction
- Dock‑high loading bay
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
$93,688
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
5.87%
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%
$1,873,760
$1.9M
Cap Rate 7%
$1,338,400
$1.3M
Cap Rate 9%
$1,040,978
$1.0M
Market Conditions
NOI Build-Up for 10,944 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
$136.6K $12.48/SF
− Vacancy
−$26.4K −$2.41/SF
EGI
$110.2K $10.07/SF
− OpEx
−$16.5K −$1.51/SF
NOI
$93.7K $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%
$1,873,760
Cap Rate 7%
$1,338,400
Cap Rate 9%
$1,040,978
Alternative Uses
Best Use
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,688 @ 7.0% cap · market cap 5.87%
Second Best
Industrial
$1.10M
$964.4K – $1.29M
NOI $77,155 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,658 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Distribution center - Warehouse configuration includes office space and dock-high loading.
Where is this distribution center located?
The property is located at 602 S 5th St Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 10,944‑square‑foot warehouse and distribution facility; Solid concrete block construction; Dock‑high loading bay
