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    Residential Buildings Portfolio Sale-Leaseback Title is generated by Realmo AI

    1606 Highland Ave, Vero Beach, FL 32960

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    Nine residential buildings totaling 9,616 SF with long-term lease.

    Type:Multifamily
    Property size:
    9,616 SF
    Price / SF:
    $291/SF
    Added:
    Feb 9, 2026
    Days on Market:
    92
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 1606 Highland Ave

    General Information

    Standard status
    Active
    Size
    9,616 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Kevin Lambert
    Kevin Lambert

    Listing agent Kevin Lambert License #BK 3327845

    Listing office Lambert Commercial Real Estate Inc

    Listing date Feb 9, 2026

    Source Crexi

    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

    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
    • 3% Annual Rental Increases with Two, 1‑Year Renewal Options (3% Increases)
    • All Buildings Purchased and Renovated within the Past 5 Years Including Plumbing and Electrical Upgrades, and Recent Roof HVAC Replacements
    • Residential OR Commercial Package may be Purchased Individually

    Overview

    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%.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rehabilitation centers

    Suggested Use

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

    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
    -80.3976122
    Latitude
    27.6316498

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    FAQs

    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**
    (772) 778-2334 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Kevin Lambert
    Kevin Lambert
    Real Estate License ID: BK 3327845
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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.

    More about this property
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    1606 Highland Ave, Vero Beach, FL 32960
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