Mixed-Use Building with 2023
For Sale
$5,900,000
1615 14th Avenue, Vero Beach, FL 32960
SINGLE_FAMILY - Vero Beach, FL
Property Size36,545 SF
Lot Size2.07 Acres
Price / SF$161.44
Days on Market513
Property Features for 1615 14th Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning
, C-1
Zoning description
Commercial
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Subdivision
Highland Park
Lot features
One To Three Acres
Directions
16th St. to 14th Ave.
Standard status
Active
APN
33390100047030000005.0
Lot size
2.07 Acres
Taxes and HOA fees
Tax Description
HIGHLAND PARK PLAT NO. 3 BLK 30 LOTS 5, 6, 7 & 8 PBI 2-4
Legal Description
HIGHLAND PARK PLAT NO. 3 BLK 30 LOTS 5, 6, 7 & 8 PBI 2-4
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
elevator
fire sprinklers
Building Details
Year built
1989
Floors in Building
2
Flooring type
Concrete, Carpet, Vinyl
Building materials
Block, Concrete
Roof type
Metal
Listing Agency:
Alex MacWilliam, Inc.
(772) 231-6509
Listed By:
T.P. Kennedy · License #3377487
(772) 473-2521
Added: Mar 25, 2025
Changed: Aug 2
Last Checked: Aug 19 at 10:06AM
MLS# 286774
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.
Investment Insights
Based on property information with market context.
This mixed-use commercial complex features 12 residential apartments alongside retail, office, restaurants, and medical spaces. The property totals 36,545 square feet on 2.07 acres and includes an elevator and accessibility features with an accessible elevator installed. Construction is block with concrete, and interior finishes include concrete, carpet, and vinyl floors. Heating and cooling are provided by central systems, and the building is served by public water and public sewer.
Built in 1989, the complex includes a 2023 roof and fire sprinklers, with ongoing upgrades referenced as part of the property maintenance. Additional operational features noted include ample parking and road frontage for convenient customer access in the Vero Beach area.
With a mix of residential and multiple commercial space types, the layout is designed to support day-to-day tenant activity within a single ownership structure.
Built in 1989, the complex includes a 2023 roof and fire sprinklers, with ongoing upgrades referenced as part of the property maintenance. Additional operational features noted include ample parking and road frontage for convenient customer access in the Vero Beach area.
With a mix of residential and multiple commercial space types, the layout is designed to support day-to-day tenant activity within a single ownership structure.
Key Highlights
- 36,545 sq ft mixed‑use complex on 2.07 acres
- 12 residential apartments plus retail, office, restaurants, and medical spaces
- Zoned C‑1
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
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,257
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 - Zoned C-1 and includes 12 residential apartments plus retail, office, restaurants, and medical space.
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: 36,545 sq ft mixed‑use complex on 2.07 acres; 12 residential apartments plus retail, office, restaurants, and medical spaces; Zoned C‑1
