Three-Unit Triplex
For Sale
$455,000
301 Preston Court, Fort Pierce, FL 34950
Residential Income, Fort Pierce, FL
Property Size2,361 SF
Lot Size0.32 Acres
Price / SF$192.71
Days on Market99
Property Features for 301 Preston Court
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Medium Den
Bedrooms
4
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 1
Patio and Porch features
Patio, Porch
Pets allowed
Yes, No
Exterior features
Storage
Subdivision
HOME PLACE SUBDIVISION
Lot features
Corner Lot
Standard status
Active
APN
240980800070000
Size
2,361 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOME PLACE S/D BLK 2 LOTS 1 AND 2
Tax Annual Amount
5795
Legal Description
HOME PLACE S/D BLK 2 LOTS 1 AND 2
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Number of units
4
Flooring type
Terrazzo
Building materials
Concrete
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
Rays Real Estate Services, Inc
(772) 460-1601
Listed By:
Philippe J Alexander · License #3031254
(772) 370-4639
Added: Jun 9
Changed: Sep 13
Last Checked: Sep 15 at 3:06AM
MLS# B26039050
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 triplex contains three units within 2,361 square feet on a 0.32-acre parcel. Constructed in 1955, the property has concrete construction, terrazzo flooring, storage space, and both patio and porch features. Cooling is provided by window or wall/window units, with wall-furnace heating.
The property is located at 301 Preston Court in Fort Pierce, Florida, within St. Lucie County. Public water and public sewer serve the site, while cable service is available. The property is described as having long-term established tenants and three income-producing units.
The property is located at 301 Preston Court in Fort Pierce, Florida, within St. Lucie County. Public water and public sewer serve the site, while cable service is available. The property is described as having long-term established tenants and three income-producing units.
Key Highlights
- Three‑unit property with 2,361 square feet of building area
- 0.32‑acre parcel at 301 Preston Court, Fort Pierce, FL 34950
- Built in 1955 with concrete construction and terrazzo flooring
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
$34,672
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
7.62%
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%
$693,440
$693.4K
Cap Rate 7%
$495,314
$495.3K
Cap Rate 9%
$385,244
$385.2K
Market Conditions
NOI Build-Up for 2,361 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
$52.4K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$49.5K $20.98/SF
− OpEx
−$14.9K −$6.29/SF
NOI
$34.7K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /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%
$693,440
Cap Rate 7%
$495,314
Cap Rate 9%
$385,244
Alternative Uses
Best Use
Multifamily LT 5
$495.3K
$433.4K – $577.9K
NOI $34,672 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$459.9K
$402.4K – $536.5K
NOI $32,191 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$593.8K
$519.5K – $692.7K
NOI $41,563 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
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?
Triplex - Concrete construction with storage, patio, porch, public water, and public sewer serving a three-unit residential income property.
Where is this triplex located?
The property is located at 301 Preston Court Fort Pierce, FL.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Three‑unit property with 2,361 square feet of building area; 0.32‑acre parcel at 301 Preston Court, Fort Pierce, FL 34950; Built in 1955 with concrete construction and terrazzo flooring
