Renovated Flex Office Warehouse
For Sale
Contact for pricing
2007 Okeechobee Rd, Fort Pierce, FL 34950
Two single-story warehouse buildings with office space, city services, and major road frontage for flexible commercial use.
Property Size10,943 SF
Lot Size1.50 Acres
Price / SF$105.09
Days on Market104
Property Features for 2007 Okeechobee Rd
General Information
Standard status
Active
Size
10,943 SF
Lot size
1.50 Acres
Property subtype
Office, Industrial
Zoning
General Commercial
Lease Type
Modified Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Buildings
2
Stories
1
Tenancy
Multi
Listing Agency:
Charles A. Von Stein, Inc
Listed By:
Kirk Von Stein
(772) 778-4885
Source:
Crexi
Added: May 27
Changed: Sep 3
Last Checked: Sep 1 at 7:25AM
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 Charles A. Von Stein, Inc
Investment Insights
Based on property information with market context.
The Okeechobee Office Warehouse Complex is a single-story, recently renovated property comprising two buildings totaling 10,943 square feet on 1.50 acres. Building 2007 includes 3,399 square feet, while Building 2101 includes 7,594 square feet split into Unit 2101A and Unit 2101B. The complex has city water and sewer and is served by Florida Power and Light. Recent improvements include extensive interior and exterior updates such as new paint and signage.
The property provides access on both Georgia Avenue and Okeechobee Road, with 383 lineal feet of frontage on Okeechobee Road, identified as a major east-west thoroughfare in Fort Pierce. It is also described as being located near Indian River State College and the Fiske Boulevard I-95 intersection.
Zoned General Commercial, the buildings can support a range of tenant or owner-operator needs where a warehouse environment paired with office space is useful. With two separate structures and a split configuration within Building 2101, the layout offers flexibility for different operating setups within the same complex.
The property provides access on both Georgia Avenue and Okeechobee Road, with 383 lineal feet of frontage on Okeechobee Road, identified as a major east-west thoroughfare in Fort Pierce. It is also described as being located near Indian River State College and the Fiske Boulevard I-95 intersection.
Zoned General Commercial, the buildings can support a range of tenant or owner-operator needs where a warehouse environment paired with office space is useful. With two separate structures and a split configuration within Building 2101, the layout offers flexibility for different operating setups within the same complex.
Key Highlights
- 10,943 SF office/warehouse complex across two single‑story buildings on 1.50 acres
- Building 2007 offers 3,399 SF; Building 2101 offers 7,594 SF split into Unit 2101A and Unit 2101B
- General Commercial zoning with access from both Georgia Avenue and Okeechobee Road
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
$93,679
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
8.15%
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%
$1,873,580
$1.9M
Cap Rate 7%
$1,338,271
$1.3M
Cap Rate 9%
$1,040,878
$1.0M
Market Conditions
NOI Build-Up for 10,943 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
$136.6K $12.48/SF
− Vacancy
−$26.4K −$2.41/SF
EGI
$110.2K $10.07/SF
− OpEx
−$16.5K −$1.51/SF
NOI
$93.7K $8.56/SF
Area
St. Lucie County, FL
Vacancy
19.30%
Lease Rate
$12.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,873,580
Cap Rate 7%
$1,338,271
Cap Rate 9%
$1,040,878
Alternative Uses
Best Use
Flex RnD
$1.52M
$1.33M – $1.77M
NOI $106,114 @ 7.0% cap · market cap 9.23%
Second Best
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,679 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,641 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two single-story warehouse buildings with office space, city services, and major road frontage for flexible commercial use.
Where is this flex space located?
The property is located at 2007 Okeechobee Rd Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 10,943 SF office/warehouse complex across two single‑story buildings on 1.50 acres; Building 2007 offers 3,399 SF; Building 2101 offers 7,594 SF split into Unit 2101A and Unit 2101B; General Commercial zoning with access from both Georgia Avenue and Okeechobee Road
