Concrete-Block Duplex with
For Sale
$399,000
2340 16th Avenue, Vero Beach, FL 32960
ResidentialIncome, Vero Beach, FL
Property Size1,456 SF
Lot Size0.29 Acres
Price / SF$274.04
Days on Market17
Property Features for 2340 16th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
,
Zoning description
Residential
Parking
2
Parking features
Assigned, Off Street, On Street
Patio and Porch features
Porch
Exterior features
Porch
Subdivision
Vero Beach City Of
Lot features
Less Than Quarter Acre
Elementary school district
Indian River County Schools
Middle school district
Indian River County Schools
High school district
Indian River County Schools
Directions
23rd st. to 16th ave.
Standard status
Active
APN
33390200001020000011.0
Size
1,456 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MAP OF THE TOWN OF INDIAN RIVER PBS 2-12 BLK 20 LOTS 11-12
Tax Annual Amount
5066
Legal Description
MAP OF THE TOWN OF INDIAN RIVER PBS 2-12 BLK 20 LOTS 11-12
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
updated kitchens
central air conditioning
in-unit washer and dryer
screened rear porch
private patio
rear parking
Building Details
Year built
1952
Floors in Building
1
Flooring type
Laminate, Carpet
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
Alex MacWilliam, Inc.
(772) 231-6509
Listed By:
T.P. Kennedy · License #3377487
(772) 473-2521
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 29 at 3:06PM
MLS# 299318
Copyright © 2026 Realtors Association of Indian River County. 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 1952 concrete-block duplex contains 1,456 square feet across two apartments, each measuring approximately 728 square feet. Both units offer two bedrooms, one bathroom, updated kitchens, central air conditioning, in-unit washers and dryers, screened rear porches, and private patios. Laminate and carpet flooring, shingle roofing, and public water and sewer serve the property.
The 0.29-acre site is in a non-flood zone near downtown Vero Beach and the library. Rear parking is available through the alley, with assigned, off-street, and on-street parking features identified. The property is located in Indian River County, Florida.
The 0.29-acre site is in a non-flood zone near downtown Vero Beach and the library. Rear parking is available through the alley, with assigned, off-street, and on-street parking features identified. The property is located in Indian River County, Florida.
Key Highlights
- Two‑apartment duplex with 1,456 square feet of total building area
- Each apartment is approximately 728 square feet with 2 bedrooms and 1 bathroom
- Updated kitchens, central air conditioning, and in‑unit washer and dryer in each apartment
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
$16,812
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
4.21%
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%
$336,240
$336.2K
Cap Rate 7%
$240,171
$240.2K
Cap Rate 9%
$186,800
$186.8K
Market Conditions
NOI Build-Up for 1,456 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
$25.3K $17.40/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$24.0K $16.50/SF
− OpEx
−$7.2K −$4.95/SF
NOI
$16.8K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$336,240
Cap Rate 7%
$240,171
Cap Rate 9%
$186,800
Alternative Uses
Best Use
Multifamily LT 5
$240.2K
$210.2K – $280.2K
NOI $16,812 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$221.7K
$194.0K – $258.7K
NOI $15,520 @ 7.0% cap · market cap 3.89%
Theoretical Best
Specialty Retail
$319.3K
$279.4K – $372.5K
NOI $22,351 @ 7.0% cap · market cap 5.60%
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
1,702
Businesses Nearby
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
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 updated apartments include private outdoor areas, central air, and in-unit laundry.
Where is this duplex located?
The property is located at 2340 16th Avenue Vero Beach, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑apartment duplex with 1,456 square feet of total building area; Each apartment is approximately 728 square feet with 2 bedrooms and 1 bathroom; Updated kitchens, central air conditioning, and in‑unit washer and dryer in each apartment
