Office Building with Available
For Sale
$725,000
148 Vista Royale Square, Vero Beach, FL 32962
Partially leased office property includes a separately configured area for occupancy.
Property Size4,236 SF
Price / SF$171.15
Days on Market284
Property Features for 148 Vista Royale Square
General Information
Standard status
Active
Size
4,236 SF
Property subtype
Office
Occupancy
70%
Additional Details
Highway Access
Yes
Amenities
wrap around porch
conference room
kitchen
Central Air, Electric
3
25500
City Road.
Building Details
Year Built
1989
Stories
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty of VB
(772) 321-1288
Listed By:
Tareek Beasley · License #3412996
(772) 321-1288
Source:
Xome
Added: Nov 21, 2025
Changed: Aug 31
Last Checked: Sep 1 at 5:13PM
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 Keller Williams Realty of VB
Investment Insights
Based on property information with market context.
This 4,236-square-foot office building, constructed in 1989, combines an occupied portion with a separately planned area available for use. The primary office layout contains seven offices, two bathrooms, a conference room, reception area, and kitchen. The available section adds a reception area, two offices, a full bathroom with shower, and a kitchen bar. Central air and electric service are present, and a newer metal roof was installed in 2021. A wraparound porch adds exterior space.
The property is positioned off US1 within the Vista Royale community, near beaches and a shopping plaza. Approximately 70% of the building is leased, while 30% is available in the separate floor plan. The existing occupancy and distinct office layouts provide a straightforward configuration for continued office use.
The property is positioned off US1 within the Vista Royale community, near beaches and a shopping plaza. Approximately 70% of the building is leased, while 30% is available in the separate floor plan. The existing occupancy and distinct office layouts provide a straightforward configuration for continued office use.
Key Highlights
- 4,236‑square‑foot office building constructed in 1989
- Approximately 70% leased with 30% available
- Main office includes 7 offices, 2 bathrooms, conference room, reception, and kitchen
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
$45,329
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
6.25%
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%
$906,580
$906.6K
Cap Rate 7%
$647,557
$647.6K
Cap Rate 9%
$503,656
$503.7K
Market Conditions
NOI Build-Up for 4,236 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
$73.7K $17.40/SF
− Vacancy
−$13.3K −$3.13/SF
EGI
$60.4K $14.27/SF
− OpEx
−$15.1K −$3.57/SF
NOI
$45.3K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$906,580
Cap Rate 7%
$647,557
Cap Rate 9%
$503,656
Alternative Uses
Best Use
Office B
$647.6K
$566.6K – $755.5K
NOI $45,329 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$929.0K
$812.9K – $1.08M
NOI $65,028 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
70%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 32962, FL
26,011
Population
12,705
Households
2
Avg Household Size
49
Median Age
25%
College-Educated
90%
High-School Grad
12.5 sq mi
ZIP Area
2,081
Density / Sq Mi
$65,137
Median Household Income
$32,617
Median Earnings
$1,184
Median Rent
$247,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Partially leased office property includes a separately configured area for occupancy.
Where is this office building located?
The property is located at 148 Vista Royale Square Vero Beach, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,236‑square‑foot office building constructed in 1989; Approximately 70% leased with 30% available; Main office includes 7 offices, 2 bathrooms, conference room, reception, and kitchen
