Two-Unit Duplex with Storage
New
For Sale
$500,000
1404 Binney Drive, Fort Pierce, FL 34949
Two separate two-bedroom residences offer flexible living arrangements on a parcel without an HOA.
Property Size1,732 SF
Lot Size0.25 Acres
Price / SF$288.68
Days on Market4
Property Features for 1404 Binney Drive
General Information
Standard status
Active
Size
1,732 SF
Lot size
0.25 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
impact windows
storage sheds
Building Details
Year Built
1949
Listing Agency:
Serhant
(561) 203-2762
Listed By:
Serena Molinaro · License #3488740
(561) 475-8273
Source:
Lehmannflorida
Added: Oct 22
Changed: Oct 24
Last Checked: Oct 24 at 3:08PM
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 Serhant
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Investment Insights
Based on property information with market context.
This duplex contains two distinct living spaces, each with two bedrooms and one bathroom. The property totals 1,732 square feet and includes impact windows, two storage sheds, and room for boats, RVs, and trailers. Built in 1949, it sits on nearly one-quarter acre and has no HOA.
The property is on North Hutchinson Island, minutes from the beach and near Jetty Park, the Fort Pierce Inlet, marinas, fishing, and boating. Square Grouper Tiki Bar and Manatee Island are also nearby.
The property is on North Hutchinson Island, minutes from the beach and near Jetty Park, the Fort Pierce Inlet, marinas, fishing, and boating. Square Grouper Tiki Bar and Manatee Island are also nearby.
Key Highlights
- Two 2‑bedroom, 1‑bathroom living spaces
- 1,732 square feet on nearly 1/4 acre
- Impact windows and two storage sheds
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,435
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$508,700
$508.7K
Cap Rate 7%
$363,357
$363.4K
Cap Rate 9%
$282,611
$282.6K
Market Conditions
NOI Build-Up for 1,732 SF
Gross rent
$38.5K $22.20/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$36.3K $20.98/SF
− OpEx
−$10.9K −$6.29/SF
NOI
$25.4K $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 Rate 5%
$508,700
Cap Rate 7%
$363,357
Cap Rate 9%
$282,611
Alternative Uses
Best Use
Multifamily LT 5
$363.4K
$317.9K – $423.9K
NOI $25,435 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$337.4K
$295.2K – $393.6K
NOI $23,615 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$435.6K
$381.1K – $508.2K
NOI $30,490 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate two-bedroom residences offer flexible living arrangements on a parcel without an HOA.
Where is this duplex located?
The property is located at 1404 Binney Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom living spaces; 1,732 square feet on nearly 1/4 acre; Impact windows and two storage sheds
