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    Updated Downtown Office Building Title is generated by Realmo AI

    1507 20th Street, Vero Beach, FL 32960

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    For Lease
    $28 SF/Yr $8,733/Mo (calc)

    COMMERCIAL - Vero Beach, FL

    Type:Office
    Property size:
    3,743 SF
    Added:
    May 28, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 2 at 3:06 pm

    Property Features for 1507 20th Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    DTW,
    Parking
    36
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    33390200001049000014.0
    Size
    3,743 SF

    Taxes and HOA fees

    Tax Description
    VERO BEACH,CITY OF ORIGINAL TOWN BLK 49 LOT 14 PBS 2-12

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    1928
    Floors in Building
    2
    Flooring type
    Carpet
    Building materials
    Frame
    Roof type
    Tile

    We can help!

    Listing Contact
    T.P. Kennedy

    Listing agent T.P. Kennedy License #3377487

    Listing office Alex MacWilliam, Inc. 2901 Ocean Dr, Vero Beach, FL

    Listing date May 28, 2026

    MLS# 297754

    Copyright © 2026 Realtors Association of Indian River County. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime 3,800+/- SF updated professional office building in downtown Vero Beach
    • Directly across from the Indian River Courthouse
    • Extra lot provides dedicated parking spaces
    • Multiple private offices plus a large conference room, with both upstairs and downstairs areas
    • Kitchenette and bathrooms included
    • Year built 1928; frame construction, tile roof; electric heat and central air

    Overview

    An updated professional office building offering approximately 3,800+/- square feet, configured with a large conference room and multiple private offices. The space includes both upstairs and downstairs areas, along with bathrooms and a kitchenette to support day-to-day operations. An additional lot provides dedicated parking spaces, adding convenience for staff and visitors.

    The property is located in the heart of downtown Vero Beach, directly across from the Indian River Courthouse. With a downtown setting in a vibrant and growing community, it offers a prominent location that can support a range of professional and service-oriented uses.

    This building is well suited for tenants seeking a courthouse-adjacent presence, including a law firm, real estate office, counseling, and insurance services. It can also work for certain retail operators looking for prime downtown space to lease. With its updated interiors, flexible layout across two levels, and dedicated parking, it presents a strong option for businesses planning to establish or expand in downtown.
    Property Profile Location Intelligence

    Current Use by Public Records

    Substance Awareness Center ... Medical Clinic Tobacco Free Partnership ... (Bike/Boat/Book/etc) Store New Direction Counseling Counselor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.4007373
    Latitude
    27.6383893

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    FAQs

    What type of property is this?
    Office building - Updated office space with conference rooms and dedicated parking across from the courthouse.
    Where is this office building located?
    The property is located at 1507 20th Street Vero Beach, FL.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: Prime 3,800+/- SF updated professional office building in downtown Vero Beach; Directly across from the Indian River Courthouse; Extra lot provides dedicated parking spaces
    (772) 473-2521
    We can help!
    Listing Contact
    T.P. Kennedy
    Real Estate License ID: 3377487
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1507 20th Street, Vero Beach, FL 32960
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