Iconic Office Building in
For Sale
$2,199,000
1708 21st St, Vero Beach, FL 32960
Freestanding office building in downtown Vero Beach redevelopment district.
Property Size8,802 SF
Lot Size0.43 Acres
Price / SF$249.83
Days on Market127
Property Features for 1708 21st St
General Information
Standard status
Active
Size
8,802 SF
Lot size
0.43 Acres
Listing Agency:
Alex MacWilliam, Inc.
(772) 473-2521
Listed By:
T.P. Kennedy · License #3377487
(772) 473-2521
Source:
Exprealty
Added: Apr 20
Changed: Aug 23
Last Checked: Jul 23 at 4:02AM
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.
Investment Insights
Based on property information with market context.
This iconic, recognizable freestanding office building is positioned in downtown Vero Beach on a 0.43-acre corner lot within the redevelopment district near the courthouse and business corridor. The two-story property has ±8,802 square feet and is elevator-served. Currently single-tenant, it could be divided into 2–3 tenants. The building includes a ±600 square foot detached storage/garage, covered and uncovered parking, block and frame construction, a standing seam metal roof, and irrigation/well. The property offers strong visibility and a flexible layout, making it suitable for professional, legal, financial, medical, service, or boutique commercial use. The bike score is 43, indicating it is somewhat bikeable, and the walk score is 42, indicating it is car-dependent.
Key Highlights
- Prime downtown Vero Beach location in the redevelopment district, near the courthouse and business corridor.
- Freestanding, iconic, and highly visible office building on a 0.43‑acre corner lot.
- Elevator‑served, two‑story building with ±8,802 SF, divisible into 2‑3 tenant spaces.
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
$94,190
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
4.28%
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%
$1,883,800
$1.9M
Cap Rate 7%
$1,345,571
$1.3M
Cap Rate 9%
$1,046,556
$1.0M
Market Conditions
NOI Build-Up for 8,802 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
$153.2K $17.40/SF
− Vacancy
−$27.6K −$3.13/SF
EGI
$125.6K $14.27/SF
− OpEx
−$31.4K −$3.57/SF
NOI
$94.2K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,883,800
Cap Rate 7%
$1,345,571
Cap Rate 9%
$1,046,556
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,190 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $135,122 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,851
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding office building in downtown Vero Beach redevelopment district.
Where is this office building located?
The property is located at 1708 21st St Vero Beach, FL.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Prime downtown Vero Beach location in the redevelopment district, near the courthouse and business corridor.; Freestanding, iconic, and highly visible office building on a 0.43‑acre corner lot.; Elevator‑served, two‑story building with ±8,802 SF, divisible into 2‑3 tenant spaces.
