Five-Unit Apartment
For Sale
$825,000
2206 Delaware Avenue, Fort Pierce, FL 34950
Residential Income, Fort Pierce, FL
Property Size3,042 SF
Lot Size0.52 Acres
Price / SF$271.20
Days on Market175
Property Features for 2206 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Res
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Pets allowed
No, Yes
Exterior features
Storage
Subdivision
West end
Standard status
Active
APN
240970700260009
Size
3,042 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST END ADDN BLK A LOTS 26, 27 AND 28-LESS S 5 FT
Tax Annual Amount
10011
Legal Description
WEST END ADDN BLK A LOTS 26, 27 AND 28-LESS S 5 FT
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump, Window Unit(s), Wall/Window Unit(s), Ductless
Water source
Public
Amenities
washer and dryer
Building Details
Year built
1970
Floors in Building
2
Number of units
2
Flooring type
Laminate, Wood, Tile
Building materials
Block, CBS, Frame, Wood Frame
Roof type
Shingle
Additional Structures
Storage, Outbuilding
Listing Agency:
Highlight Realty Corp
(561) 641-6787
Listed By:
Gustavo Adolfo Cepeda Jr · License #3322766
(202) 604-2746
Added: Mar 18
Changed: Sep 4
Last Checked: Sep 8 at 12:06PM
MLS# B26003915
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit residential income property consists of 3 single-family homes and 1 duplex on a 0.52-acre corner parcel. The improvements total 3,042 square feet and include storage, washer and dryer equipment, shingle roofing, and a mix of block, CBS, frame, and wood-frame construction. Interior finishes include laminate, tile, and wood flooring, with heating provided by heat pumps and cooling through wall or window units, ductless systems, and heat pumps.
The property is located at 2206 Delaware Avenue in Fort Pierce, Florida, within St. Lucie County. It carries Res zoning and is served by public water and public sewer. All units are rented on a month-to-month basis, providing an existing occupancy arrangement for the five-unit configuration.
The property is located at 2206 Delaware Avenue in Fort Pierce, Florida, within St. Lucie County. It carries Res zoning and is served by public water and public sewer. All units are rented on a month-to-month basis, providing an existing occupancy arrangement for the five-unit configuration.
Key Highlights
- 5 units: 3 single‑family homes and 1 duplex
- 0.52‑acre corner parcel at 2206 Delaware Avenue
- 3,042 square feet of total property size
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
$41,476
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
5.03%
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%
$829,520
$829.5K
Cap Rate 7%
$592,514
$592.5K
Cap Rate 9%
$460,844
$460.8K
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
$79.2K $26.04/SF
− Vacancy
−$3.8K −$1.25/SF
EGI
$75.4K $24.79/SF
− OpEx
−$33.9K −$11.16/SF
NOI
$41.5K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$829,520
Cap Rate 7%
$592,514
Cap Rate 9%
$460,844
Alternative Uses
Best Use
Apartment 5plus
$592.5K
$518.5K – $691.3K
NOI $41,476 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
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
Lease Details
5
Residential units
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Corner parcel combines three homes with a duplex and month-to-month occupancy.
Where is this apartment building located?
The property is located at 2206 Delaware Avenue 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: 5 units: 3 single‑family homes and 1 duplex; 0.52‑acre corner parcel at 2206 Delaware Avenue; 3,042 square feet of total property size
