39-Unit Apartment Community with
1850 40TH Avenue, Vero Beach, FL 32960
For Sale
New
$5,900,000
Residential Income, VERO BEACH, FL
Property Size26,056 SF
Lot Size1.88 Acres
Price / SF$226.44
Days on Market3
Property Features for 1850 40TH Avenue
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Pool private
Subdivision
Directions
Standard status
APN
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
pool
central air conditioning
large private balconies
Building Details
Year built
Number of units
Building materials
Roof type
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Nov 5
Changed: Nov 6
Last Checked: Nov 7 at 12:06AM
MLS# TB8565164
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Plum Hollow Condos is a 39-unit apartment community on 1.88 acres in Vero Beach. Built in 1975 with concrete-block construction, the property contains 23 one-bedroom, one-bath apartments measuring 700 square feet each and 16 two-bedroom, two-bath apartments at 1,000 square feet each. Each residence has central air conditioning and a private balcony, and the community includes an on-site pool.
Electricity and water are separately metered, with tenants responsible for those utilities. The property has public water and public sewer, electric heating, and a membrane roof.
Electricity and water are separately metered, with tenants responsible for those utilities. The property has public water and public sewer, electric heating, and a membrane roof.
Key Highlights
- 39 apartments across 1.88 acres
- 23 one‑bedroom, one‑bath units at 700 square feet each
- 16 two‑bedroom, two‑bath units at 1,000 square feet each
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$277,731
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,554,620
$5.6M
Cap Rate 7%
$3,967,586
$4.0M
Cap Rate 9%
$3,085,900
$3.1M
Market Conditions
NOI Build-Up for 26,056 SF
Gross rent
$531.5K $20.40/SF
− Vacancy
−$26.6K −$1.02/SF
EGI
$505.0K $19.38/SF
− OpEx
−$227.2K −$8.72/SF
NOI
$277.7K $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 Rate 5%
$5,554,620
Cap Rate 7%
$3,967,586
Cap Rate 9%
$3,085,900
Alternative Uses
Best Use
Apartment 5plus
$3.97M
$3.47M – $4.63M
NOI $277,731 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.71M
$5.00M – $6.67M
NOI $399,993 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
39
Residential units
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Concrete-block construction, individually metered electric and water, and central air conditioning serve the apartments.
Where is this apartment building located?
The property is located at 1850 40TH Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 39 apartments across 1.88 acres; 23 one‑bedroom, one‑bath units at 700 square feet each; 16 two‑bedroom, two‑bath units at 1,000 square feet each
