Freestanding Office
For Sale
Contact for pricing
3651 Virginia Avenue, Fort Pierce, FL 34981
Adaptable commercial facility with classrooms, private offices, and a kitchen adjoining a dining area.
Property Size8,420 SF
Lot Size0.69 Acres
Price / SF$183.14
Days on Market83
Property Features for 3651 Virginia Avenue
General Information
Standard status
Active
Size
8,420 SF
Total Parking Spaces
16
Lot size
0.69 Acres
Property subtype
Retail, Business for Sale, Office, Special Purpose
Zoning
Comm Genra
Building Details
Year Built
2006
Buildings
1
Building Size
8,420 SF
Listing Agency:
Linda A. Gary Real Estate
(561) 663-3600
Listed By:
michelle wittenstein · License #3598461
Source:
Crexi
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 1:20AM
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 Linda A. Gary Real Estate
Investment Insights
Based on property information with market context.
Built in 2006, this freestanding office property offers a practical layout for professional, educational, and health-service functions. The interior includes classrooms, private offices, a kitchen, and a dining hall, providing varied spaces within a single commercial facility. The property occupies approximately 0.69 acres along Virginia Avenue in Fort Pierce and carries CG General Commercial zoning.
The site is minutes from HCA Hospital, Indian River State College, and Treasure Coast International Airport. Its location and existing configuration support a range of commercial applications identified for the property, including office, retail, educational, and health services uses.
The site is minutes from HCA Hospital, Indian River State College, and Treasure Coast International Airport. Its location and existing configuration support a range of commercial applications identified for the property, including office, retail, educational, and health services uses.
Key Highlights
- Freestanding office building constructed in 2006
- Approximately 0.69 acres along Virginia Avenue in Fort Pierce
- CG General Commercial zoning
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
$125,242
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
7.39%
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%
$2,504,840
$2.5M
Cap Rate 7%
$1,789,171
$1.8M
Cap Rate 9%
$1,391,578
$1.4M
Market Conditions
NOI Build-Up for 9,255 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
$233.2K $25.20/SF
− Vacancy
−$24.5K −$2.65/SF
EGI
$208.7K $22.55/SF
− OpEx
−$83.5K −$9.02/SF
NOI
$125.2K $13.53/SF
Area
St. Lucie County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$2,504,840
Cap Rate 7%
$1,789,171
Cap Rate 9%
$1,391,578
Alternative Uses
Best Use
Healthcare Medical
$1.79M
$1.57M – $2.09M
NOI $125,242 @ 7.0% cap · market cap 7.39%
Second Best
Office B
$1.67M
$1.46M – $1.95M
NOI $116,946 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,925 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Explore this area
Business Placement
Demographics for 34981, FL
4,494
Population
2,069
Households
2.2
Avg Household Size
40
Median Age
29%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
416
Density / Sq Mi
$64,052
Median Household Income
$37,188
Median Earnings
$1,402
Median Rent
$369,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Adaptable commercial facility with classrooms, private offices, and a kitchen adjoining a dining area.
Where is this office building located?
The property is located at 3651 Virginia Avenue Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Freestanding office building constructed in 2006; Approximately 0.69 acres along Virginia Avenue in Fort Pierce; CG General Commercial zoning
