Triplex Near Beach
For Sale
$1,100,000
321 S Ocean Dr, Fort Pierce, FL 34949
Three residential units offer varied layouts, a kitchenette, ample parking, concrete block construction, and high-impact glass.
Property Size2,448 SF
Price / SF$449.35
Days on Market30
Property Features for 321 S Ocean Dr
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA, 1 x studio 1/1
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$20,023
Building Details
Buildings
1
Construction
Concrete Block
Listing Agency:
Alex MacWilliam, Inc.
(772) 713-5214
Listed By:
Bill Baysura · License #3127176
(772) 713-5214
Source:
Exprealty
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 6:27AM
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 Alex MacWilliam, Inc.
Investment Insights
Based on property information with market context.
This 2,448-square-foot triplex contains three residential units with distinct configurations. The second-floor residence includes 3 bedrooms and 2 baths, while the first floor provides a 2-bedroom/1-bath unit and a studio with a 1/1 layout and kitchenette. Concrete block construction and high-impact glass are installed throughout, with ample parking serving the building.
Beach access is directly across from the property and is owned and maintained by the City of Ft. Pierce. The building is located at 321 S Ocean Dr in Fort Pierce, Florida, approximately .25 mile from the Ft. Pierce Inlet. The second-floor unit has ocean views, adding a water-oriented feature to the residential mix. Owner financing is available.
Beach access is directly across from the property and is owned and maintained by the City of Ft. Pierce. The building is located at 321 S Ocean Dr in Fort Pierce, Florida, approximately .25 mile from the Ft. Pierce Inlet. The second-floor unit has ocean views, adding a water-oriented feature to the residential mix. Owner financing is available.
Key Highlights
- Three‑unit building totaling 2,448 square feet
- Unit mix includes 3 bedroom/2 bath, 2‑bedroom/1‑bath, and studio 1/1 layouts
- Second‑floor unit offers ocean views
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
$35,950
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
3.27%
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%
$719,000
$719.0K
Cap Rate 7%
$513,571
$513.6K
Cap Rate 9%
$399,444
$399.4K
Market Conditions
NOI Build-Up for 2,448 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
$54.3K $22.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$51.4K $20.98/SF
− OpEx
−$15.4K −$6.29/SF
NOI
$35.9K $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%
$719,000
Cap Rate 7%
$513,571
Cap Rate 9%
$399,444
Alternative Uses
Best Use
Multifamily LT 5
$513.6K
$449.4K – $599.2K
NOI $35,950 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$476.8K
$417.2K – $556.3K
NOI $33,377 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$615.6K
$538.7K – $718.3K
NOI $43,095 @ 7.0% cap · market cap 3.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
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?
Triplex - Three residential units offer varied layouts, a kitchenette, ample parking, concrete block construction, and high-impact glass.
Where is this triplex located?
The property is located at 321 S Ocean Dr Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three‑unit building totaling 2,448 square feet; Unit mix includes 3 bedroom/2 bath, 2‑bedroom/1‑bath, and studio 1/1 layouts; Second‑floor unit offers ocean views
