Updated Duplex with Newer
For Sale
$299,900
Pending
2105 Delaware Avenue, Fort Pierce, FL 34950
Two-unit residential property with refreshed kitchens, updated systems, and separate layouts totaling a practical residential configuration.
Property Size1,550 SF
Days on Market15
Property Features for 2105 Delaware Avenue
General Information
Standard status
Pending
Size
1,550 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1972
Construction
CBS
Listing Agency:
Approved Realty Solutions, Inc
(305) 342-2378
Listed By:
Patrick Jones · License #R11165434
(305) 342-2378
Source:
Lehmannflorida
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 12:03PM
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 Approved Realty Solutions, Inc
Investment Insights
Based on property information with market context.
This CBS duplex contains two residential units with approximately 1,550 square feet under air. Both units have updated kitchens, while Unit A includes a partial bathroom renovation. Unit B has refreshed bathroom fixtures, new appliances including a refrigerator, and interior paint. Original tile flooring has been professionally re-grouted, and interior fixtures have been updated throughout the property.
Major system improvements include a newer roof installed in 2024, central A/C systems replaced approximately 2 years ago, and a new tankless water heater. Built in 1972, the property is located at 2105 Delaware Avenue in Fort Pierce, Florida.
Major system improvements include a newer roof installed in 2024, central A/C systems replaced approximately 2 years ago, and a new tankless water heater. Built in 1972, the property is located at 2105 Delaware Avenue in Fort Pierce, Florida.
Key Highlights
- Two‑unit CBS duplex with approximately 1,550 total sq. ft. under AC
- Newer roof installed in 2024
- Central A/C systems replaced approximately 2 years ago
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
$22,762
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
7.59%
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%
$455,240
$455.2K
Cap Rate 7%
$325,171
$325.2K
Cap Rate 9%
$252,911
$252.9K
Market Conditions
NOI Build-Up for 1,550 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
$34.4K $22.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$32.5K $20.98/SF
− OpEx
−$9.8K −$6.29/SF
NOI
$22.8K $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%
$455,240
Cap Rate 7%
$325,171
Cap Rate 9%
$252,911
Alternative Uses
Best Use
Multifamily LT 5
$325.2K
$284.5K – $379.4K
NOI $22,762 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$301.9K
$264.2K – $352.2K
NOI $21,134 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$389.8K
$341.1K – $454.8K
NOI $27,286 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
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 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 refreshed kitchens, updated systems, and separate layouts totaling a practical residential configuration.
Where is this duplex located?
The property is located at 2105 Delaware Avenue Fort Pierce, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit CBS duplex with approximately 1,550 total sq. ft. under AC; Newer roof installed in 2024; Central A/C systems replaced approximately 2 years ago
