Residential Buildings Portfolio
1606 Highland Ave, Vero Beach, FL 32960
For Sale
Contact for pricing
Nine residential buildings totaling 9,616 SF with long-term lease.
Property Size9,616 SF
Price / SF$291.18
Days on Market275
Property Features for 1606 Highland Ave
General Information
Standard status
Size
Property subtype
Investment Type
Net Operating Income
Building Details
Buildings
Units
Listing Agency:
Lambert Commercial Real Estate Inc
Listed By:
Kevin Lambert · License FL BK3327845
(772) 532-1165
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
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 Lambert Commercial Real Estate Inc
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Investment Insights
Based on property information with market context.
This portfolio includes nine residential buildings totaling 9,616 square feet. The properties have been purchased and renovated within the past 5 years, with renovations varying by address but including full interior renovations, plumbing and electrical upgrades, and recent roof HVAC replacements. The current base rent is $207, 536.80. The lease structure is triple net (NNN) with 3% annual rental increases and two 1-year renewal options with 3% increases. The average lease expiration is February 2034, with 8 years remaining. Landlord responsibilities include the roof, structure, and common area maintenance, with all operating expenses billed back to the tenant, including amortized capital improvements or repairs. Tenant responsibilities include all interior repairs and maintenance, including HVAC. The properties are currently used as monitored sober living facilities. This is a sale-leaseback opportunity from a thriving health and wellness organization. Lease terms may be adjusted to better suit investor needs. The residential or commercial package may be purchased individually. The NOI is $207, 536.80 and the cap rate is 7.41%.
Key Highlights
- Sale‑Leaseback Opportunity from Thriving Health and Wellness Organization
- Triple Net (NNN) Lease Structure with 8 Years Remaining (Average Lease Expiration: February 2034)
- 7.41% CAP Rate with $207,536.80 NOI**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$130,128
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,602,560
$2.6M
Cap Rate 7%
$1,858,971
$1.9M
Cap Rate 9%
$1,445,867
$1.4M
Market Conditions
NOI Build-Up for 9,616 SF
Gross rent
$242.3K $25.20/SF
− Vacancy
−$25.4K −$2.65/SF
EGI
$216.9K $22.55/SF
− OpEx
−$86.8K −$9.02/SF
NOI
$130.1K $13.53/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,602,560
Cap Rate 7%
$1,858,971
Cap Rate 9%
$1,445,867
Alternative Uses
Best Use
Healthcare Medical
$1.86M
$1.63M – $2.17M
NOI $130,128 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$1.46M
$1.28M – $1.71M
NOI $102,497 @ 7.0% cap · market cap 3.66%
Theoretical Best
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,618 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,038
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Rehabilitation center - Nine residential buildings totaling 9,616 SF with long-term lease.
Where is this rehabilitation center located?
The property is located at 1606 Highland Ave Vero Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Sale‑Leaseback Opportunity from Thriving Health and Wellness Organization; Triple Net (NNN) Lease Structure with 8 Years Remaining (Average Lease Expiration: February 2034); 7.41% CAP Rate with $207,536.80 NOI**
