Two-Building Retail
For Sale
$595,000
1708 Old Dixie Hwy, Vero Beach, FL 32960
Extensively renovated retail property with impact glass windows across two separately metered buildings.
Property Size2,792 SF
Days on Market51
Property Features for 1708 Old Dixie Hwy
General Information
Standard status
Active
Size
2,792 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Amenities
Impact glass windows
metal roof
air conditioned 2nd building
multiple entry points
Building Details
Building Size
2,792 SF
Year Built
1962
Buildings
2
Stories
1
Listed By:
RJ Rennick
(772) 360-4349
Source:
Elliman
Added: Jul 30
Changed: Sep 9
Last Checked: Sep 18 at 10:37AM
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 RJ Rennick
Investment Insights
Based on property information with market context.
This retail space features two separately metered buildings with impact glass windows. The properties have been extensively renovated with recent updates including HVAC, flooring, bathrooms, and lighting fixtures, creating a refreshed interior throughout.
Both buildings have a recent metal roof. There are two entryways, with air conditioning in the second building on the east side. Multiple entry points support flexible customer access across the two structures.
The property is located at 1708 Old Dixie Hwy in Vero Beach, positioned along Old Dixie downtown just off Rte 60. It sits in the design and antiques row between 20th St and 16th St, within the Vero Beach Art District. Year built is 1962, and immediate possession is possible. BikeScore is 43 (Somewhat Bikeable) and WalkScore is 42 (Car-Dependent).
Both buildings have a recent metal roof. There are two entryways, with air conditioning in the second building on the east side. Multiple entry points support flexible customer access across the two structures.
The property is located at 1708 Old Dixie Hwy in Vero Beach, positioned along Old Dixie downtown just off Rte 60. It sits in the design and antiques row between 20th St and 16th St, within the Vero Beach Art District. Year built is 1962, and immediate possession is possible. BikeScore is 43 (Somewhat Bikeable) and WalkScore is 42 (Car-Dependent).
Key Highlights
- Two separately metered retail buildings with multiple entry points and two entryways
- Impact glass windows in an extensively renovated building interior
- Recent metal roof on both buildings
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
$26,824
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
4.51%
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%
$536,480
$536.5K
Cap Rate 7%
$383,200
$383.2K
Cap Rate 9%
$298,044
$298.0K
Market Conditions
NOI Build-Up for 2,792 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
$41.9K $15.00/SF
− Vacancy
−$3.6K −$1.28/SF
EGI
$38.3K $13.73/SF
− OpEx
−$11.5K −$4.12/SF
NOI
$26.8K $9.61/SF
Area
Indian River County, FL
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$536,480
Cap Rate 7%
$383,200
Cap Rate 9%
$298,044
Alternative Uses
Best Use
Retail
$383.2K
$335.3K – $447.1K
NOI $26,824 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$612.3K
$535.8K – $714.4K
NOI $42,861 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 61%
Shops & Services 39%
Tractor Supply Co.
Home Improvements & Furnishings
13,246 visits/mo
0.4 miles
Mobil
Shops & Services
2,915 visits/mo
0.1 miles
Firestone Complete Auto Care
Shops & Services
2,241 visits/mo
0.3 miles
Tire Kingdom
Shops & Services
1,431 visits/mo
0.5 miles
Kwik Stop
Shops & Services
1,254 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Extensively renovated retail property with impact glass windows across two separately metered buildings.
Where is this retail space located?
The property is located at 1708 Old Dixie Hwy Vero Beach, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two separately metered retail buildings with multiple entry points and two entryways; Impact glass windows in an extensively renovated building interior; Recent metal roof on both buildings
