Warehouse Complex with Office
For Sale
$2,500,000
16391601 Old Dixie Highway, Vero Beach, FL 32960
Two commercial properties combine warehouse, storage, and office areas in a flexible operating configuration.
Property Size11,722 SF
Price / SF$213.27
Days on Market9
Property Features for 16391601 Old Dixie Highway
General Information
Standard status
Active
Size
11,722 SF
Property subtype
Warehouse
Additional Details
Highway Access
Yes
Amenities
Window Air Conditioning, Electric
Corner Lot.
33313
Corner.
Building Details
Year Built
1961
Buildings
2
Stories
1
Listing Agency:
Proctor Kennedy Properties LLC
(772) 494-3366
Listed By:
Kathryn Funnell Redner
(772) 494-3366
Source:
Xome
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 4:55PM
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 Proctor Kennedy Properties LLC
Investment Insights
Based on property information with market context.
This warehouse offering includes two commercial properties at 1601 and 1639 Old Dixie Highway, with a listed combined size of 11,722 square feet. The buildings provide warehouse and storage areas along with multiple office spaces, supporting varied day-to-day commercial operations. Window air conditioning and electric service are identified among the interior features. Both properties were built in 1961.
The sites occupy a corner lot near US-1, Downtown Vero Beach, and the 17th Street corridor. Their shared location and combination of work areas create a practical setting for storage, inventory handling, equipment, and office functions. The offering is located in Vero Beach, Florida, with the listed address covering both Old Dixie Highway properties.
The sites occupy a corner lot near US-1, Downtown Vero Beach, and the 17th Street corridor. Their shared location and combination of work areas create a practical setting for storage, inventory handling, equipment, and office functions. The offering is located in Vero Beach, Florida, with the listed address covering both Old Dixie Highway properties.
Key Highlights
- Two commercial properties at 1601 and 1639 Old Dixie Highway
- 11,722 SF listed size
- Warehouse, storage, and multiple office areas
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
$167,238
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
6.69%
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%
$3,344,760
$3.3M
Cap Rate 7%
$2,389,114
$2.4M
Cap Rate 9%
$1,858,200
$1.9M
Market Conditions
NOI Build-Up for 11,722 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
$274.3K $23.40/SF
− Vacancy
−$17.0K −$1.45/SF
EGI
$257.3K $21.95/SF
− OpEx
−$90.1K −$7.68/SF
NOI
$167.2K $14.27/SF
Area
Indian River County, FL
Vacancy
6.20%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
35.00%
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%
$3,344,760
Cap Rate 7%
$2,389,114
Cap Rate 9%
$1,858,200
Alternative Uses
Best Use
Flex RnD
$2.39M
$2.09M – $2.79M
NOI $167,238 @ 7.0% cap · market cap 6.69%
Second Best
Office B
$1.79M
$1.57M – $2.09M
NOI $125,437 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $179,948 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Well-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two commercial properties combine warehouse, storage, and office areas in a flexible operating configuration.
Where is this warehouse located?
The property is located at 16391601 Old Dixie Highway Vero Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two commercial properties at 1601 and 1639 Old Dixie Highway; 11,722 SF listed size; Warehouse, storage, and multiple office areas
