Mixed-Use Property with
For Sale
$5,900,000
1615 14th Avenue, Vero Beach, FL 32960
The complex combines residential apartments with retail, office, restaurant, and medical spaces.
Property Size36,545 SF
Price / SF$161.44
Days on Market589
Property Features for 1615 14th Avenue
General Information
Standard status
Active
Size
36,545 SF
Elevators
Yes
Property subtype
Retail
Site & Location
Road Access
Yes
Mixed-Use Components
residential, retail, office, restaurants, medical
Additional Details
Sprinkler System
Yes
Tenant in Place
Yes
Property Use
Office
Amenities
elevator
Building Details
Building Size
36,545 SF
Year Built
1989
Tenancy
Multi
Abandoned
No
Listing Agency:
Alex MacWilliam, Inc.
Listed By:
T.P. Kennedy · License #3377487
(772) 231-6509
Source:
Susiewilsonrealestate
Added: Mar 25, 2025
Changed: Oct 31
Last Checked: Oct 31 at 2:32PM
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 Alex MacWilliam, Inc.
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Investment Insights
Based on property information with market context.
This 36,545-square-foot mixed-use property contains 12 residential apartments alongside retail, office, restaurant, and medical spaces. The building dates to 1989 and includes an elevator and fire sprinklers. Its roof was replaced in 2023, with additional upgrades ongoing.
Located at 1615 14th Avenue in Vero Beach, Florida, the property has road frontage and on-site parking.
Located at 1615 14th Avenue in Vero Beach, Florida, the property has road frontage and on-site parking.
Key Highlights
- 12 residential apartments
- 36,545‑square‑foot mixed‑use complex
- Retail, office, restaurant, and medical spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$409,665
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,193,300
$8.2M
Cap Rate 7%
$5,852,357
$5.9M
Cap Rate 9%
$4,551,833
$4.6M
Market Conditions
NOI Build-Up for 36,545 SF
Gross rent
$732.4K $20.04/SF
− Vacancy
−$76.9K −$2.10/SF
EGI
$655.5K $17.94/SF
− OpEx
−$245.8K −$6.73/SF
NOI
$409.7K $11.21/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,193,300
Cap Rate 7%
$5,852,357
Cap Rate 9%
$4,551,833
Alternative Uses
Best Use
Mixed Use
$5.85M
$5.12M – $6.83M
NOI $409,665 @ 7.0% cap · market cap 6.94%
Second Best
Retail
$5.02M
$4.39M – $5.85M
NOI $351,106 @ 7.0% cap · market cap 5.95%
Theoretical Best
Specialty Retail
$8.01M
$7.01M – $9.35M
NOI $561,013 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 61%
Shops & Services 39%
Tractor Supply Co.
Home Improvements & Furnishings
13,246 visits/mo
0.4 miles
Mobil
Shops & Services
2,915 visits/mo
0.1 miles
Firestone Complete Auto Care
Shops & Services
2,241 visits/mo
0.3 miles
Tire Kingdom
Shops & Services
1,431 visits/mo
0.5 miles
Kwik Stop
Shops & Services
1,254 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The complex combines residential apartments with retail, office, restaurant, and medical spaces.
Where is this mixed-use property located?
The property is located at 1615 14th Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 12 residential apartments; 36,545‑square‑foot mixed‑use complex; Retail, office, restaurant, and medical spaces
