Updated Duplex with Tile
For Sale
Under Contract
$375,000
1806 22nd Avenue, Vero Beach, FL 32960
Residential Income, Vero Beach, FL
Property Size1,568 SF
Lot Size0.17 Acres
Price / SF$239.16
Days on Market323
Property Features for 1806 22nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-10/
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
OSCEOLA PARK HOME SITES
Directions
hwy 60 east turn right on 22nd ave. home on the right
Standard status
Active Under Contract
APN
333902000160070000071
Size
1,568 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OSCEOLA PARK HOMESITES SUB BLK 7 W 1/2 OF LOT 7 PBS 3-58 & 59
Tax Annual Amount
3404
Legal Description
OSCEOLA PARK HOMESITES SUB BLK 7 W 1/2 OF LOT 7 PBS 3-58 & 59
Utilities
Cooling system
Window Unit(s), Wall/Window Unit(s), Ceiling Fan(s)
Building Details
Year built
1968
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
CBS, Concrete
Listing Agency:
Compass Florida LLC
(772) 492-7777
Listed By:
Vernon Keene · License #3473389
(772) 713-7318
Added: Oct 25, 2025
Changed: Sep 11
Last Checked: Sep 12 at 6:06PM
MLS# R11135460
Copyright © 2026 BeachesMLS. 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 duplex contains two residential units, each with two bedrooms and one bathroom. The 1,568-square-foot property was built in 1968 and has tile flooring throughout, concrete block and concrete construction, and wall or window cooling supplemented by ceiling fans. Both units are currently rented, providing an existing occupied configuration. The 0.17-acre site includes a backyard area and recently added landscaping. Located in downtown Vero Beach near shopping, the property is zoned RM-10/.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- 1,568 square feet on a 0.17‑acre lot
- Both units are currently rented
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
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Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-bedroom units with one bath each, tile flooring, and current occupancy in a downtown setting.
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: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; 1,568 square feet on a 0.17‑acre lot; Both units are currently rented
