Duplex With Furnished
New
For Sale
$575,000
1400 Binney Drive, Fort Pierce, FL 34949
Two-unit property near the beach with one leased side and flexible occupancy options for the second.
Property Size2,107 SF
Price / SF$309.31
Days on Market3
Property Features for 1400 Binney Drive
General Information
Standard status
Active
Size
2,107 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
HI Medium
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,992
Building Details
Building Size
2,107 SF
Year Built
1950
Stories
1
Listing Agency:
Waterfront Properties & Club C
(561) 941-0340
Listed By:
Madison Wood · License #3541413
(561) 941-0340
Source:
Laerrealty
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 2:53AM
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 Waterfront Properties & Club C
Investment Insights
Based on property information with market context.
This 1,859-square-foot duplex, built in 1950, includes one leased unit and a furnished second unit. The existing lease runs through May 2027, while the other side can accommodate Airbnb, seasonal rental, long-term tenancy, or owner occupancy. The property sits on an almost quarter-acre lot with no HOA and space for a boat, RV, or potential pool.
Located two minutes from the beach and nearby restaurants, the property combines residential income use with proximity to coastal amenities. Major capital items include a roof installed in 2018 and A/C installed in 2022. HI Medium zoning is identified for the property.
Located two minutes from the beach and nearby restaurants, the property combines residential income use with proximity to coastal amenities. Major capital items include a roof installed in 2018 and A/C installed in 2022. HI Medium zoning is identified for the property.
Key Highlights
- 1,859 SF duplex on an almost quarter‑acre lot
- One unit leased through May 2027
- Furnished second unit supports Airbnb, seasonal rental, long‑term tenancy, or owner occupancy
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
$27,300
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
4.75%
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%
$546,000
$546.0K
Cap Rate 7%
$390,000
$390.0K
Cap Rate 9%
$303,333
$303.3K
Market Conditions
NOI Build-Up for 1,859 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
$41.3K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$39.0K $20.98/SF
− OpEx
−$11.7K −$6.29/SF
NOI
$27.3K $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%
$546,000
Cap Rate 7%
$390,000
Cap Rate 9%
$303,333
Alternative Uses
Best Use
Multifamily LT 5
$390.0K
$341.3K – $455.0K
NOI $27,300 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$362.1K
$316.8K – $422.5K
NOI $25,347 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$467.5K
$409.1K – $545.4K
NOI $32,726 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property near the beach with one leased side and flexible occupancy options for the second.
Where is this duplex located?
The property is located at 1400 Binney Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,859 SF duplex on an almost quarter‑acre lot; One unit leased through May 2027; Furnished second unit supports Airbnb, seasonal rental, long‑term tenancy, or owner occupancy
