Duplex with New
For Sale
$420,000
221 Balboa Street, Fort Pierce, FL 34949
Residential Income, Fort Pierce, FL
Property Size2,812 SF
Lot Size0.17 Acres
Price / SF$149.36
Days on Market8
Property Features for 221 Balboa Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HI Medium
Bedrooms
5
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 3
Pets allowed
Yes, No
Directions
Seaway Drive to Carlton, corner of Carlton & Balboa
Subdivision
7010
Special listing conditions
Probate Listing
Standard status
Active
APN
240160100270007
Size
2,812 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
REVISED PLAT OF BLKS 17, 21 AND 22 OF FT PIERCE BEACH S/D BLK 21 LOT 20
Tax Annual Amount
6388
Legal Description
REVISED PLAT OF BLKS 17, 21 AND 22 OF FT PIERCE BEACH S/D BLK 21 LOT 20
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
storm shutters
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Concrete Block - With Stucco
Roof type
Metal
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Jonathan Carroll · License #3302123
(772) 633-1852
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 23 at 3:06AM
MLS# B26076870
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 2,812-square-foot duplex sits on a 0.17-acre parcel and was built in 1972. The property has concrete-block construction with stucco, tile flooring, central heating, and central air conditioning. A metal roof and storm shutters are also in place.
The residence includes five bedrooms and four bathrooms, with public water and public sewer serving the property. Water is available, and the zoning is identified as HI Medium. Its Fort Pierce location places the property near beaches, shopping, dining, and local amenities.
The residence includes five bedrooms and four bathrooms, with public water and public sewer serving the property. Water is available, and the zoning is identified as HI Medium. Its Fort Pierce location places the property near beaches, shopping, dining, and local amenities.
Key Highlights
- Duplex with 2,812 square feet of property area
- New roof with storm shutters
- Five bedrooms and four bathrooms
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
$38,340
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
9.13%
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%
$766,800
$766.8K
Cap Rate 7%
$547,714
$547.7K
Cap Rate 9%
$426,000
$426.0K
Market Conditions
NOI Build-Up for 2,812 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
$73.2K $26.04/SF
− Vacancy
−$3.5K −$1.25/SF
EGI
$69.7K $24.79/SF
− OpEx
−$31.4K −$11.16/SF
NOI
$38.3K $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%
$766,800
Cap Rate 7%
$547,714
Cap Rate 9%
$426,000
Alternative Uses
Best Use
Multifamily LT 5
$589.9K
$516.2K – $688.3K
NOI $41,295 @ 7.0% cap · market cap 9.83%
Second Best
Apartment 5plus
$547.7K
$479.3K – $639.0K
NOI $38,340 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$707.2K
$618.8K – $825.0K
NOI $49,502 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Concrete-block duplex with tile flooring, central systems, and public water and sewer service.
Where is this duplex located?
The property is located at 221 Balboa Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Duplex with 2,812 square feet of property area; New roof with storm shutters; Five bedrooms and four bathrooms
