36-Unit Apartment
For Sale
$5,500,000
1825 40th Ave, Vero Beach, FL 32960
Six concrete-block buildings offer an all two-bedroom apartment mix with shared laundry and property-wide security cameras.
Property Size26,520 SF
Lot Size1.26 Acres
Price / SF$207.30
Days on Market153
Property Features for 1825 40th Ave
General Information
Standard status
Active
Size
26,520 SF
Lot size
1.26 Acres
Property subtype
Multifamily
Occupancy
96%
Units
Unit Mix
36 x 2BR/1BA
Multifamily Units
36
Additional Details
Highway Access
Yes
Amenities
window-unit air conditioning
on-site laundry
security cameras
Concrete Block Construction With New Pitched Roofs And Fresh Exterior Paint In 2023
Security Cameras Installed Throughout The Property And On-Site Laundry Facilities With Three Washers And Dryers
36-Unit Community Across Six Buildings On 1.26 Acres In Central Vero Beach
All Two-Bedroom/One-Bathroom Units Averaging 737 Square Feet
Centrally Located Minutes From U.S. Highway 1, Downtown Vero Beach, And Major Employers
Building Details
Building Size
26,520 SF
Year Built
1969
Buildings
6
Units
36
Construction
concrete block
Listing Agency:
Fort Lauderdale Office
(954) 245-3400
Listed By:
River Rhoads · License #FL: SL3509795
(954) 245-3494
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 2:21AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Val Apartments is a 36-unit apartment community comprising six concrete-block buildings with 26,532 square feet across 1.26 acres. Each residence includes two bedrooms and one bathroom, with an average unit size of 737 square feet. The property was built in 1969, received exterior painting in 2023, and has pitched composite shingle roofs replaced within the past few years. Window-unit air conditioning serves the apartments, while three on-site washers and dryers support resident needs. Security cameras are installed throughout the premises.
The community is located at 1825 40th Avenue in Vero Beach, near U.S. Highway 1, Downtown Vero Beach, and the beachfront barrier island. Nearby retail, dining, and service destinations include Indian River Mall, Cleveland Clinic Indian River Hospital, and Vero Beach High School.
The community is located at 1825 40th Avenue in Vero Beach, near U.S. Highway 1, Downtown Vero Beach, and the beachfront barrier island. Nearby retail, dining, and service destinations include Indian River Mall, Cleveland Clinic Indian River Hospital, and Vero Beach High School.
Key Highlights
- 36‑unit apartment community on 1.26 acres
- Six concrete‑block buildings totaling 26,532 square feet
- All units are two‑bedroom/one‑bathroom apartments averaging 737 square feet
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
$282,805
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
5.14%
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%
$5,656,100
$5.7M
Cap Rate 7%
$4,040,071
$4.0M
Cap Rate 9%
$3,142,278
$3.1M
Market Conditions
NOI Build-Up for 26,532 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
$541.3K $20.40/SF
− Vacancy
−$27.1K −$1.02/SF
EGI
$514.2K $19.38/SF
− OpEx
−$231.4K −$8.72/SF
NOI
$282.8K $10.66/SF
Area
Indian River County, FL
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$5,656,100
Cap Rate 7%
$4,040,071
Cap Rate 9%
$3,142,278
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.54M – $4.71M
NOI $282,805 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.82M
$5.09M – $6.79M
NOI $407,301 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
543
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six concrete-block buildings offer an all two-bedroom apartment mix with shared laundry and property-wide security cameras.
Where is this apartment building located?
The property is located at 1825 40th Ave Vero Beach, FL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 36‑unit apartment community on 1.26 acres; Six concrete‑block buildings totaling 26,532 square feet; All units are two‑bedroom/one‑bathroom apartments averaging 737 square feet
