Fort Pierce Multi-Unit Investment
For Sale
$825,000
2206 Delaware Ave, Fort Pierce, FL 34950
Five units on a corner lot with redevelopment potential.
Property Size3,042 SF
Lot Size0.52 Acres
Days on Market163
Property Features for 2206 Delaware Ave
General Information
Standard status
Active
Size
3,042 SF
Lot size
0.52 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$10,011
Building Details
Building Size
3,042 SF
Year Built
1970
Stories
2
Units
2
Listing Agency:
HIGHLIGHT REALTY
(202) 604-2746
Listed By:
Gustavo Adolfo Cepeda Jr · License #3322766
(202) 604-2746
Source:
Elliman
Added: Mar 23
Changed: Aug 13
Last Checked: Aug 30 at 9:31PM
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 HIGHLIGHT REALTY
Investment Insights
Based on property information with market context.
This property presents an investment opportunity in Fort Pierce, featuring five units comprising three single-family homes and one duplex. Situated on a corner half-acre lot, the property offers long-term potential and flexible use options. The units are currently rented on a month-to-month basis, providing immediate income with the possibility to adjust or reposition as needed. Each unit includes a washer and dryer. The property benefits from a location on Delaware Avenue, offering visibility and access to major roads, services, and ongoing redevelopment.
Key Highlights
- Rare multi‑unit asset with immediate rental income.
- Multi‑unit property (3 single family homes and 1 duplex).
- Large corner half‑acre lot offering long‑term potential and flexible use 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
$44,673
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
5.41%
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%
$893,460
$893.5K
Cap Rate 7%
$638,186
$638.2K
Cap Rate 9%
$496,367
$496.4K
Market Conditions
NOI Build-Up for 3,042 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
$67.5K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$63.8K $20.98/SF
− OpEx
−$19.1K −$6.29/SF
NOI
$44.7K $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%
$893,460
Cap Rate 7%
$638,186
Cap Rate 9%
$496,367
Alternative Uses
Best Use
Multifamily LT 5
$638.2K
$558.4K – $744.6K
NOI $44,673 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$592.5K
$518.5K – $691.3K
NOI $41,476 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$765.0K
$669.4K – $892.5K
NOI $53,551 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
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?
Multifamily property - Five units on a corner lot with redevelopment potential.
Where is this multifamily property located?
The property is located at 2206 Delaware Ave Fort Pierce, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Rare multi‑unit asset with immediate rental income.; Multi‑unit property (3 single family homes and 1 duplex).; Large corner half‑acre lot offering long‑term potential and flexible use options.
