Multifamily Investment Opportunity in
2840 41st St Vero Beach, FL 32967
For Sale
$515,000
Three homes on 1.5 acres, income potential, central location.
Property Size1,462 SF
Lot Size1.50 Acres
Price / SF$352.26
Days on Market97
Property Features for 2840 41st St
General Information
Standard status
Active
Size
1,462 SF
Lot size
1.50 Acres
Property subtype
Investment
Building Details
Year Built
1946
Listing Agency:
Keller Williams Realty of Vero Beach
(772) 321-1288
Listed By:
Tareek S Beasley · License #3412996
(772) 321-1288
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 29 at 12:07PM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.8k | $20.40 |
| − Vacancy | −$1.5k | −$1.02 |
| EGI | $28.3k | $19.38 |
| − OpEx | −$12.8k | −$8.72 |
| NOI | $15.6k | $10.66 |
1,462 SF · lease $20.40/SF/yr · vacancy 5.00% · expense 45.00%
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.
Property Analytics
Property Profile
Location Intelligence
Current Use
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 St 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.
