Two-Unit Duplex with Terrazzo
For Sale
$400,000
1945 & 1949 24th Street, Vero Beach, FL 32960
Both residences are occupied and feature impact windows, laundry facilities, and off-street parking.
Property Size1,194 SF
Price / SF$335.01
Days on Market62
Property Features for 1945 & 1949 24th Street
General Information
Standard status
Active
Size
1,194 SF
Property subtype
Duplex
Additional Details
Gross Income
$30,720
Multifamily Units
2
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,402
Amenities
impact windows
off street parking
laundry facilities
sidewalks
terrazzo floors
Building Details
Building Size
1,194 SF
Year Built
1948
Listing Agency:
Dale Sorensen Real Estate Inc.
Listed By:
Tripp Hernandez
(772) 231-4712
Source:
Susiewilsonrealestate
Added: Sep 2
Changed: Oct 31
Last Checked: Oct 31 at 2:27PM
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 Dale Sorensen Real Estate Inc.
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Investment Insights
Based on property information with market context.
Built in 1948, this duplex contains two occupied residences. Interior features include terrazzo flooring, and the property has impact windows, laundry facilities, and off-street parking. Sidewalks are also present along the surrounding streets.
The property is on 24th Street in Vero Beach, a few blocks from downtown shops, restaurants, churches, and the library. Nearby homes date from the 1940s.
The property is on 24th Street in Vero Beach, a few blocks from downtown shops, restaurants, churches, and the library. Nearby homes date from the 1940s.
Key Highlights
- Two occupied residential units
- Built in 1948
- Impact windows and terrazzo flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,787
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$275,740
$275.7K
Cap Rate 7%
$196,957
$197.0K
Cap Rate 9%
$153,189
$153.2K
Market Conditions
NOI Build-Up for 1,194 SF
Gross rent
$20.8K $17.40/SF
− Vacancy
−$1.1K −$0.90/SF
EGI
$19.7K $16.50/SF
− OpEx
−$5.9K −$4.95/SF
NOI
$13.8K $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 Rate 5%
$275,740
Cap Rate 7%
$196,957
Cap Rate 9%
$153,189
Alternative Uses
Best Use
Multifamily LT 5
$197.0K
$172.3K – $229.8K
NOI $13,787 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$181.8K
$159.1K – $212.1K
NOI $12,727 @ 7.0% cap · market cap 3.18%
Theoretical Best
Specialty Retail
$261.8K
$229.1K – $305.5K
NOI $18,329 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied and feature impact windows, laundry facilities, and off-street parking.
Where is this duplex located?
The property is located at 1945 & 1949 24th Street Vero Beach, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two occupied residential units; Built in 1948; Impact windows and terrazzo flooring
