Versatile Mixed-Use Property in
For Sale
$449,000
1938 22nd Ave, Vero Beach, FL 32960
Mixed-use property with multiple possibilities near downtown Vero Beach.
Property Size1,566 SF
Lot Size0.21 Acres
Days on Market183
Property Features for 1938 22nd Ave
General Information
Standard status
Active
Size
1,566 SF
Lot size
0.21 Acres
Property subtype
Industrial
Building Details
Building Size
1,566 SF
Year Built
1957
Stories
1
Listed By:
Jose' Marrero
(772) 633-6312
Source:
Elliman
Added: Mar 11
Changed: Sep 6
Last Checked: Sep 8 at 6:49AM
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 Jose' Marrero
Investment Insights
Based on property information with market context.
This property, zoned POI, offers multiple potential uses, including office, residence, or a combination of both. Its location within the city limits provides convenient access to the Vero Beach downtown area, St Helens Church, and the shopping district. The property features two sections with front and back entrances. It includes three offices or bedrooms and three cubicles, with the cubicles having their own entrance. Situated just off Rt 60 (20th Street), the property also provides easy access to I95 Highway.
Key Highlights
- Prime location within Vero Beach city limits, walking distance to downtown and shopping.
- Flexible POI zoning allows for office, residential, or mixed use.
- Two sections with front and back entrances offer versatile layout options.
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
$16,758
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
3.73%
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%
$335,160
$335.2K
Cap Rate 7%
$239,400
$239.4K
Cap Rate 9%
$186,200
$186.2K
Market Conditions
NOI Build-Up for 1,566 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
$27.2K $17.40/SF
− Vacancy
−$4.9K −$3.13/SF
EGI
$22.3K $14.27/SF
− OpEx
−$5.6K −$3.57/SF
NOI
$16.8K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$335,160
Cap Rate 7%
$239,400
Cap Rate 9%
$186,200
Alternative Uses
Best Use
Office B
$239.4K
$209.5K – $279.3K
NOI $16,758 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$343.4K
$300.5K – $400.7K
NOI $24,040 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,528
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 Office 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?
Office units - Mixed-use property with multiple possibilities near downtown Vero Beach.
Where is this office units located?
The property is located at 1938 22nd Ave Vero Beach, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Prime location within Vero Beach city limits, walking distance to downtown and shopping.; Flexible POI zoning allows for office, residential, or mixed use.; Two sections with front and back entrances offer versatile layout options.
