Beachfront Triplex with Ocean
For Sale
Under Contract
$1,100,000
321 S Ocean Drive, Fort Pierce, FL 34949
ResidentialIncome, Fort Pierce, FL
Property Size2,448 SF
Price / SF$449.35
Days on Market48
Property Features for 321 S Ocean Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
,
Zoning description
Multiple
Parking
5
Parking features
Assigned
Window features
Blinds
Patio and Porch features
Porch
Interior features
ClosetCabinetry, KitchenIsland
Exterior features
Porch
Subdivision
Fort Pierce Bch
Lot features
Less Than Quarter Acre
View
Ocean
Elementary school district
St Lucie County Schools
Middle school district
St Lucie County Schools
High school district
St Lucie County Schools
Directions
Seaway Drive to A1A South/ Ocean Drive, Building is 800 ft on the right side of the road
Standard status
Active Under Contract
APN
240150101030007
Size
2,448 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FT PIERCE BEACH S/D BLK 7 LOT 7
Tax Annual Amount
20023
Legal Description
FT PIERCE BEACH S/D BLK 7 LOT 7
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Metal
Listing Agency:
Alex MacWilliam, Inc.
(772) 231-6509
Listed By:
Bill Baysura · License #3127176
(772) 713-5214
Added: Aug 1
Changed: Sep 5
Last Checked: Sep 17 at 5:06AM
MLS# 299018
Copyright © 2026 Realtors Association of Indian River County. 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 2,448-square-foot triplex, built in 1983, contains three distinct residences. The second-floor apartment offers three bedrooms, two bathrooms, and ocean views. On the first floor, the property includes a two-bedroom, one-bath unit and a studio with a kitchenette. Interior features include tile flooring, central heating and central air, closet cabinetry, and a kitchen island.
The building sits directly across from beach access maintained by the City of Fort Pierce and is within 0.25 mile of the Fort Pierce Inlet. Construction includes concrete block with stucco finishes, while high-impact glass is installed throughout. The property also provides assigned parking, a porch, public water, public sewer, and a metal roof.
The building sits directly across from beach access maintained by the City of Fort Pierce and is within 0.25 mile of the Fort Pierce Inlet. Construction includes concrete block with stucco finishes, while high-impact glass is installed throughout. The property also provides assigned parking, a porch, public water, public sewer, and a metal roof.
Key Highlights
- 2,448 SF triplex built in 1983
- Unit mix includes 3BR/2BA, 2BR/1BA, and studio 1/1 with kitchenette
- Directly across from City of Fort Pierce‑maintained beach access
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
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Open Analytics
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
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 - Three-unit income property with varied layouts, assigned parking, and beach access across from the building.
Where is this triplex located?
The property is located at 321 S Ocean Drive 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: 2,448 SF triplex built in 1983; Unit mix includes 3BR/2BA, 2BR/1BA, and studio 1/1 with kitchenette; Directly across from City of Fort Pierce‑maintained beach access
