Concrete Block Four-Unit Multifamily
For Sale
Contact for pricing
1464 41st Ave, Vero Beach, FL 32960
Two duplexes totaling four units, built of concrete block with separate utilities and recent roof and electrical panel upgrades.
Property Size3,878 SF
Price / SF$211.45
Days on Market151
Property Features for 1464 41st Ave
General Information
Standard status
Active
Size
3,878 SF
Class
B
Property subtype
Multifamily
Zoning
RM-8
Occupancy
25%
Investment Type
Stabilized
Building Details
Year Built
1972
Year Renovated
2025
Buildings
2
Stories
1
Units
4
Listing Agency:
LPT Realty
Listed By:
John DiGirolomo · License #SL3458838
(772) 713-4204
Source:
Crexi
Added: Apr 12
Changed: Sep 8
Last Checked: Sep 8 at 3:45AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This offering includes two duplex properties combined into a four-unit multifamily portfolio. Both structures feature concrete block construction with functional unit layouts and separate utilities. Recent capital improvements include a newer metal roof and updated electrical panels.
One unit is currently leased, while the remaining units are delivered vacant or available for lease-up, providing flexible occupancy options for an incoming owner.
The portfolio is positioned for straightforward income generation with a mix of in-place tenancy and units ready to be brought online. It is located in Vero Beach, Florida, with access to shopping, dining, schools, and major transportation corridors.
One unit is currently leased, while the remaining units are delivered vacant or available for lease-up, providing flexible occupancy options for an incoming owner.
The portfolio is positioned for straightforward income generation with a mix of in-place tenancy and units ready to be brought online. It is located in Vero Beach, Florida, with access to shopping, dining, schools, and major transportation corridors.
Key Highlights
- Two duplexes totaling four units in Vero Beach, FL, built of concrete block construction
- Separate utilities across the properties and functional unit layouts
- Recent capital improvements include a newer metal roof and updated electrical panels
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
$44,778
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
5.46%
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%
$895,560
$895.6K
Cap Rate 7%
$639,686
$639.7K
Cap Rate 9%
$497,533
$497.5K
Market Conditions
NOI Build-Up for 3,878 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
$67.5K $17.40/SF
− Vacancy
−$3.5K −$0.90/SF
EGI
$64.0K $16.50/SF
− OpEx
−$19.2K −$4.95/SF
NOI
$44.8K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$895,560
Cap Rate 7%
$639,686
Cap Rate 9%
$497,533
Alternative Uses
Best Use
Multifamily LT 5
$639.7K
$559.7K – $746.3K
NOI $44,778 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$590.5K
$516.7K – $688.9K
NOI $41,336 @ 7.0% cap · market cap 5.04%
Theoretical Best
Specialty Retail
$850.5K
$744.2K – $992.2K
NOI $59,532 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
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 - Two duplexes totaling four units, built of concrete block with separate utilities and recent roof and electrical panel upgrades.
Where is this duplex located?
The property is located at 1464 41st Ave Vero Beach, FL.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: Two duplexes totaling four units in Vero Beach, FL, built of concrete block construction; Separate utilities across the properties and functional unit layouts; Recent capital improvements include a newer metal roof and updated electrical panels
