Renovated Duplex with Metal
For Sale
$389,900
2-928 Fra Mar Pl, Fort Pierce, FL 34982
Two-unit residential property with one updated home and a second unit currently occupied by tenants.
Property Size1,440 SF
Price / SF$270.76
Days on Market149
Property Features for 2-928 Fra Mar Pl
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,563
Listing Agency:
Paradise Homes Realty of the T
(772) 233-3531
Listed By:
Covasky Brutus · License #3458280
(772) 621-0762
Source:
Exprealty
Added: Apr 13
Changed: Sep 5
Last Checked: Sep 8 at 1:33PM
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 Paradise Homes Realty of the T
Investment Insights
Based on property information with market context.
This duplex contains 1,440 square feet across two residential units. The first unit offers three bedrooms and one bathroom, with renovation work including kitchen cabinets, countertops, lighting, appliances, and tile flooring. The exterior has been freshly painted, and the building is topped with a metal roof.
The second unit includes two bedrooms and one bathroom and is currently rented with tenants in place. The property supports both owner-occupancy and rental use, allowing an occupant to reside in one unit while the other generates rental income.
The second unit includes two bedrooms and one bathroom and is currently rented with tenants in place. The property supports both owner-occupancy and rental use, allowing an occupant to reside in one unit while the other generates rental income.
Key Highlights
- 1,440‑square‑foot duplex with two residential units
- Unit 1 has 3 bedrooms and 1 bathroom
- Unit 1 renovated with new cabinets, countertops, lighting, refrigerator, stove, and tile flooring
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
$21,147
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
5.42%
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%
$422,940
$422.9K
Cap Rate 7%
$302,100
$302.1K
Cap Rate 9%
$234,967
$235.0K
Market Conditions
NOI Build-Up for 1,440 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
$32.0K $22.20/SF
− Vacancy
−$1.8K −$1.22/SF
EGI
$30.2K $20.98/SF
− OpEx
−$9.1K −$6.29/SF
NOI
$21.1K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$422,940
Cap Rate 7%
$302,100
Cap Rate 9%
$234,967
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.3K – $352.5K
NOI $21,147 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$280.5K
$245.4K – $327.2K
NOI $19,634 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$362.1K
$316.9K – $422.5K
NOI $25,350 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one updated home and a second unit currently occupied by tenants.
Where is this duplex located?
The property is located at 2-928 Fra Mar Pl Fort Pierce, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 1,440‑square‑foot duplex with two residential units; Unit 1 has 3 bedrooms and 1 bathroom; Unit 1 renovated with new cabinets, countertops, lighting, refrigerator, stove, and tile flooring
