Multifamily Investment Opportunity in
For Sale
$515,000
2840 41st Street Vero, Vero Beach, FL 32967
Three homes on 1.5 acres, income potential, central location.
Property Size1,462 SF
Lot Size1.50 Acres
Price / SF$352.26
Days on Market230
Property Features for 2840 41st Street Vero
General Information
Standard status
Active
Size
1,462 SF
Lot size
1.50 Acres
Property subtype
Multi-Family
Amenities
Central
Patio, Porch, Shingle
Building Details
Year Built
1946
Stories
1
Listing Agency:
Keller Williams Realty of Vero Beach
Listed By:
Tareek Beasley · License #FL
(772) 321-1288
Source:
Kw
Added: Mar 1
Changed: Oct 16
Last Checked: Oct 16 at 6:47AM
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 Keller Williams Realty of Vero Beach
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Investment Insights
Based on property information with market context.
This investment opportunity features three existing homes situated on a 1.5-acre lot zoned RM-10. Two of the homes are currently income-producing with tenants in place, while the third home is ready for remodeling. The main house spans 1,462 square feet and includes 3 bedrooms and 2 bathrooms in a split plan, a new roof, a spacious kitchen, a dining area, a living room, a laundry room, and a covered screened porch. The two occupied homes consist of a 546-square-foot unit with 2 bedrooms and 1 bathroom, and a 738-square-foot unit with 3 bedrooms and 1 bathroom. Located in central county with no HOA, the property is a 10-minute drive to local beaches and minutes from the Vero Beach Airport. Public water and sewer services are available.
Key Highlights
- 1.5 acre lot zoned RM‑10 offering investment opportunity with 3 existing homes.
- Two income‑producing homes with tenants in place provide immediate rental income.
- Main home features 1,462 sqft with 3 beds, 2 baths, split plan, new roof, and covered screened porch.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,583
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,660
$311.7K
Cap Rate 7%
$222,614
$222.6K
Cap Rate 9%
$173,144
$173.1K
Market Conditions
NOI Build-Up for 1,462 SF
Gross rent
$29.8K $20.40/SF
− Vacancy
−$1.5K −$1.02/SF
EGI
$28.3K $19.38/SF
− OpEx
−$12.8K −$8.72/SF
NOI
$15.6K $10.66/SF
Area
Indian River County, FL
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,660
Cap Rate 7%
$222,614
Cap Rate 9%
$173,144
Alternative Uses
Best Use
Apartment 5plus
$222.6K
$194.8K – $259.7K
NOI $15,583 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$320.6K
$280.6K – $374.1K
NOI $22,444 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 32967, FL
25,785
Population
12,358
Households
2.1
Avg Household Size
50
Median Age
35%
College-Educated
91%
High-School Grad
40.0 sq mi
ZIP Area
645
Density / Sq Mi
$73,875
Median Household Income
$38,156
Median Earnings
$1,425
Median Rent
$394,800
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Three homes on 1.5 acres, income potential, central location.
Where is this multifamily property located?
The property is located at 2840 41st Street Vero Vero Beach, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 1.5 acre lot zoned RM‑10 offering investment opportunity with 3 existing homes.; Two income‑producing homes with tenants in place provide immediate rental income.; Main home features 1,462 sqft with 3 beds, 2 baths, split plan, new roof, and covered screened porch.
