Income Producing
For Sale
Contact for pricing
Pending
1806 22nd Avenue, Vero Beach, FL 32960
Duplex with two rented units, each offering two bedrooms and one bath, with recently updated, tile-finished interiors.
Property Size1,568 SF
Days on Market291
Property Features for 1806 22nd Avenue
General Information
Standard status
Pending
Size
1,568 SF
Property subtype
Multifamily
Zoning
RM-10/
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1968
Units
2
Listing Agency:
Compass Florida LLC
(772) 713-7318
Listed By:
Vernon Keene · License #3473389
Source:
Crexi
Added: Nov 2, 2025
Changed: Aug 10
Last Checked: Aug 9 at 12:41PM
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 Compass Florida LLC
Investment Insights
Based on property information with market context.
This duplex presents a straightforward income-producing setup with two separate residential units. Each unit includes two bedrooms and one full bathroom, with tile flooring throughout. The property has been recently updated, and it offers an outdoor backyard area with new landscaping, adding usable space beyond the interior living areas.
Located downtown in Vero Beach, the property is positioned close to shopping, supporting everyday convenience for tenants. The layout is designed to accommodate two households within one building, and both units are currently rented.
For buyers seeking a small residential income property, the current tenant occupancy and unit configuration can simplify near-term ownership considerations. With a consistent two-bedroom, one-bath design in each unit, the property offers an efficient footprint for residential leasing. The recently updated finishes and tile throughout are practical from a maintenance and presentation standpoint, while the backyard and landscaping provide an additional amenity that can help support tenant satisfaction. Please note that rental income terms are not provided here; prospective buyers should confirm all lease details and financials during due diligence.
Located downtown in Vero Beach, the property is positioned close to shopping, supporting everyday convenience for tenants. The layout is designed to accommodate two households within one building, and both units are currently rented.
For buyers seeking a small residential income property, the current tenant occupancy and unit configuration can simplify near-term ownership considerations. With a consistent two-bedroom, one-bath design in each unit, the property offers an efficient footprint for residential leasing. The recently updated finishes and tile throughout are practical from a maintenance and presentation standpoint, while the backyard and landscaping provide an additional amenity that can help support tenant satisfaction. Please note that rental income terms are not provided here; prospective buyers should confirm all lease details and financials during due diligence.
Key Highlights
- Duplex built in 1968 with two units, each offering 2 bedrooms and 1 bath
- Both units are currently rented
- Recently updated interiors with tile throughout
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
$18,105
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
4.83%
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%
$362,100
$362.1K
Cap Rate 7%
$258,643
$258.6K
Cap Rate 9%
$201,167
$201.2K
Market Conditions
NOI Build-Up for 1,568 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
$27.3K $17.40/SF
− Vacancy
−$1.4K −$0.90/SF
EGI
$25.9K $16.50/SF
− OpEx
−$7.8K −$4.95/SF
NOI
$18.1K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$362,100
Cap Rate 7%
$258,643
Cap Rate 9%
$201,167
Alternative Uses
Best Use
Multifamily LT 5
$258.6K
$226.3K – $301.8K
NOI $18,105 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$238.8K
$208.9K – $278.6K
NOI $16,713 @ 7.0% cap · market cap 4.46%
Theoretical Best
Specialty Retail
$343.9K
$300.9K – $401.2K
NOI $24,071 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,385
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?
Duplex - Duplex with two rented units, each offering two bedrooms and one bath, with recently updated, tile-finished interiors.
Where is this duplex located?
The property is located at 1806 22nd Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Duplex built in 1968 with two units, each offering 2 bedrooms and 1 bath; Both units are currently rented; Recently updated interiors with tile throughout
