39-Unit Apartment
1850 40TH, Vero Beach, FL 32960
For Sale
New
$5,900,000
Residents have access to an on-site pool, private balconies, and central air conditioning.
Property Size26,056 SF
Lot Size1.88 Acres
Days on Market2
Property Features for 1850 40TH
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
pool
private balconies
Building Details
Building Size
Year Built
Units
Construction
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Source:
Elliman
Added: Nov 8
Last Checked: Nov 8 at 2:46PM
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 Tito Urbano Perez
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 39-unit apartment property in Vero Beach, Florida, was built in 1975 with concrete block construction. Its mix includes 23 one-bedroom, one-bathroom residences measuring 700 square feet each and 16 two-bedroom, two-bathroom residences of 1,000 square feet each. All units have central air conditioning and private balconies. An on-site pool serves the community, which occupies approximately 1.875 acres.
Electricity and water are separately metered, with tenants responsible for those utilities.
Electricity and water are separately metered, with tenants responsible for those utilities.
Key Highlights
- 39 apartments across approximately 1.875 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
Lease Details
39
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
62
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
Frequently Asked Questions
What type of property is this?
Apartment building - Residents have access to an on-site pool, private balconies, and central air conditioning.
Where is this apartment building located?
The property is located at 1850 40TH 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 approximately 1.875 acres; 23 one‑bedroom, one‑bath units at 700 square feet each; 16 two‑bedroom, two‑bath units at 1,000 square feet each
