Vero Beach Mixed-Use
For Sale
$5,900,000
1615 14th Ave, Vero Beach, FL 32960
36,545 sq ft mixed-use complex in Vero Beach.
Property Size36,545 SF
Lot Size2.07 Acres
Price / SF$161.44
Days on Market166
Property Features for 1615 14th Ave
General Information
Standard status
Active
Size
36,545 SF
Lot size
2.07 Acres
Property subtype
Commercial
Building Details
Building Size
36,545 SF
Year Built
1989
Stories
2
Listing Agency:
Alex MacWilliam, Inc. Real Estate
(772) 473-2521
Listed By:
T.P. Kennedy · License #3377487
(772) 473-2521
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 22 at 7:14AM
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. Real Estate
Investment Insights
Based on property information with market context.
This 36,545 sq ft mixed-use commercial complex is located in Vero Beach. The property features 12 residential apartments, as well as retail, office, restaurant, and medical spaces. It is situated in a high-traffic area and includes road frontage, ample parking, an elevator, and fire sprinklers. The roof was replaced in 2023, and the property is undergoing ongoing upgrades.
Key Highlights
- Prime 36,545 sq ft mixed‑use commercial complex.
- Diverse tenant mix includes 12 residential apartments, retail, office, restaurants, and medical spaces.
- High‑traffic location in Vero Beach with excellent road frontage.
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
$409,665
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
6.94%
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%
$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
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
$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 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%
$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
Apartment 5plus
$5.56M
$4.87M – $6.49M
NOI $389,533 @ 7.0% cap · market cap 6.60%
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 36,545 sq ft mixed-use complex in Vero Beach.
Where is this mixed-use property located?
The property is located at 1615 14th Ave 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: Prime 36,545 sq ft mixed‑use commercial complex.; Diverse tenant mix includes 12 residential apartments, retail, office, restaurants, and medical spaces.; High‑traffic location in Vero Beach with excellent road frontage.
