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    Updated Live-Work Office Home Title is generated by Realmo AI

    3509 Ocean Drive, Vero Beach, FL 32963

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    For Sale
    $979,000

    SINGLE_FAMILY - Vero Beach, FL

    Type:Office
    Added:
    May 28, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 3509 Ocean Drive

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    ,
    Parking
    1
    Security features
    Security
    Exterior features
    SprinklerIrrigation, StormSecurityShutters
    Standard status
    Active
    APN
    32403200041003000005.0

    Taxes and HOA fees

    Tax Description
    VERO COLONY OFFICE PARK CONDO BLDG 3 UNIT 5 OR BK 1235 PG 1209

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1998
    Floors in Building
    2
    Flooring type
    Tile
    Building materials
    Block, Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    T.P. Kennedy

    Listing agent T.P. Kennedy License #3377487

    Listing office Alex MacWilliam, Inc. 2901 Ocean Dr, Vero Beach, FL

    Listing date May 28, 2026

    MLS# 297816

    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.

    HighLights

    • 2BR/2BA property built in 1998 with 10‑foot ceilings and tile flooring
    • Metal roof with block and concrete construction
    • Public utilities: public water and public sewer
    • Electric heating and ceiling fan cooling throughout
    • Storm security shutters and sprinkler irrigation on exterior

    Overview

    This impeccably updated 2-bedroom, 2-bath property is designed to function as a turnkey live-work environment or professional office. The interior is filled with natural light and features 10-foot ceilings, tile flooring, and coastal-inspired finishes. The layout includes spacious bedrooms and baths, along with generous closet space, providing a practical residential-style flow that can also support day-to-day office use.

    The property is positioned on Ocean Drive in Vero Beach, in an area surrounded by boutiques, restaurants, and established local businesses. That setting is intended to deliver convenient access to neighborhood services and a flexible use environment within a well-traveled commercial corridor.

    For tenants, buyers, or operators looking for a small, immediately usable setting, the combination of turnkey interior improvements, multiple private rooms, and high ceilings can be helpful for a variety of work-from-home or client-facing configurations. The flexibility described in the listing also supports consideration as an owner-occupied office, a live-work setup, or a luxury coastal residence, depending on how the space is ultimately used.
    Property Profile Location Intelligence

    Current Use by Public Records

    Live-work space

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.3576817
    Latitude
    27.6553618

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    FAQs

    What type of property is this?
    Live-work space - Turnkey 2BR/2BA live-work or professional office space with natural light and 10-foot ceilings.
    Where is this live-work space located?
    The property is located at 3509 Ocean Drive Vero Beach, FL.
    What is the asking price?
    The asking price for this property is $979,000.
    What are key features of this property?
    This property features: 2BR/2BA property built in 1998 with 10‑foot ceilings and tile flooring; Metal roof with block and concrete construction; Public utilities: public water and public sewer
    (772) 473-2521
    We can help!
    Listing Contact
    T.P. Kennedy
    Real Estate License ID: 3377487
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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