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    Updated 2BR/2BA Residence Title is generated by Realmo AI

    3509 Ocean Drive, Vero Beach, FL 32963

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    For Sale
    $979,000

    MULTI_FAMILY - Vero Beach, FL

    Property size:
    1,089 SF
    Price / SF:
    $898/SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 5:06 pm

    Property Features for 3509 Ocean Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    ,
    Parking
    1
    Parking features
    Off Street, Assigned
    Interior features
    HighCeilings, KitchenIsland, SplitBedrooms, WalkInClosets
    Standard status
    Active
    APN
    32403200041003000005.0
    Size
    1,089 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    VERO COLONY OFFICE PARK CONDO BLDG 3 UNIT 5 OR BK 1235 PG 1209
    Tax Annual Amount
    6466

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    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# 297812 Listing URL

    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 residence directly across from the beach on Ocean Drive
    • 10 ft ceilings and tile flooring throughout
    • Kitchen with quartz countertops and peninsula seating in an open‑concept layout
    • Interior features include high ceilings, kitchen island, split bedrooms, and walk‑in closets
    • Central heating and central air conditioning
    • Built in 1998 with a metal roof; public water and public sewer

    Overview

    This impeccably updated, turnkey 2-bedroom, 2-bath residence is designed for comfortable coastal living. The interior is filled with natural light and features 10-foot ceilings, generous bedrooms and bathrooms, spacious closets, and tile flooring throughout. Coastal-inspired finishes carry through the home’s living areas, creating a cohesive, move-in-ready environment.

    Situated directly across from the beach on Ocean Drive in Vero Beach, the property places everyday conveniences within easy reach. The surrounding area includes boutiques, restaurants, and local businesses, supporting a lifestyle that works for both time at home and time out and about.

    The layout and finish level make this property a flexible option for a range of uses, including a full-time residence or seasonal retreat. It is also positioned to serve investment needs or an office opportunity, depending on how the space is best utilized. With its open-concept kitchen featuring quartz countertops and peninsula seating, the home supports both daily living and practical hosting, while the updated, turnkey condition reduces immediate burden for the next occupant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income properties

    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
    -80.357632
    Latitude
    27.655377

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    FAQs

    What type of property is this?
    Residential income property - Turnkey 10-foot-ceiling home across from the beach with an open-concept kitchen and tile flooring.
    Where is this residential income property 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 residence directly across from the beach on Ocean Drive; 10 ft ceilings and tile flooring throughout; Kitchen with quartz countertops and peninsula seating in an open‑concept layout
    (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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