Aviation Hangar with Private
For Sale
$1,325,000
3-2590 Airport North Dr, Vero Beach, FL 32960
End-of-runway hangar unit with private bathrooms, about 1,000 SF of office, and separately metered utilities.
Property Size4,975 SF
Price / SF$266.33
Days on Market116
Property Features for 3-2590 Airport North Dr
General Information
Standard status
Active
Size
4,975 SF
Additional Details
Utilities to Site
Yes
Listing Agency:
Proctor Kennedy Properties LLC
(772) 494-3366
Listed By:
Kathryn Funnell Redner
(772) 494-3366
Source:
Exprealty
Added: May 8
Changed: Aug 20
Last Checked: Aug 30 at 7:04PM
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 Proctor Kennedy Properties LLC
Investment Insights
Based on property information with market context.
This aviation hangar offering at Vero Beach Regional Airport includes a newly constructed hangar unit with approximately 4,975 SF of hangar space and about 1,000 SF of office space. The unit features private bathrooms and separately metered utilities, supporting standalone operational use. Public remarks also note FAA-compliant use capability and potential SASO use.
The property is positioned at the end of the runway, designed to provide efficient access and enhanced privacy compared with typical airpark layouts. It is described as a secure location with hurricane-resistant construction.
As part of Hangar 11, the offering comprises one of three newly constructed premium units within the hangar facility.
The property is positioned at the end of the runway, designed to provide efficient access and enhanced privacy compared with typical airpark layouts. It is described as a secure location with hurricane-resistant construction.
As part of Hangar 11, the offering comprises one of three newly constructed premium units within the hangar facility.
Key Highlights
- Hangar 11 at Vero Beach Regional Airport with approximately 4,975 SF hangar space
- Includes about 1,000 SF of office space plus private bathrooms
- Separately metered utilities for the unit
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
$53,237
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
4.02%
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%
$1,064,740
$1.1M
Cap Rate 7%
$760,529
$760.5K
Cap Rate 9%
$591,522
$591.5K
Market Conditions
NOI Build-Up for 4,975 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
$86.6K $17.40/SF
− Vacancy
−$15.6K −$3.13/SF
EGI
$71.0K $14.27/SF
− OpEx
−$17.7K −$3.57/SF
NOI
$53.2K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,064,740
Cap Rate 7%
$760,529
Cap Rate 9%
$591,522
Alternative Uses
Best Use
Office B
$760.5K
$665.5K – $887.3K
NOI $53,237 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.09M
$954.7K – $1.27M
NOI $76,373 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,014
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Aviation real estate - End-of-runway hangar unit with private bathrooms, about 1,000 SF of office, and separately metered utilities.
Where is this aviation real estate located?
The property is located at 3-2590 Airport North Dr Vero Beach, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Hangar 11 at Vero Beach Regional Airport with approximately 4,975 SF hangar space; Includes about 1,000 SF of office space plus private bathrooms; Separately metered utilities for the unit
