Multi-Tenant Investment
For Sale
Contact for pricing
3802 Oleander Avenue, Fort Pierce, FL 34982
Multi-tenant industrial and office buildings on .92 acres.
Property Size5,520 SF
Lot Size0.92 Acres
Price / SF$235.33
Days on Market1110
Property Features for 3802 Oleander Avenue
General Information
Standard status
Active
Size
5,520 SF
Lot size
0.92 Acres
Property subtype
Special Purpose
Zoning
IL
Building Details
Year Built
1973
Listing Agency:
American Realty of PSL LLC
(772) 905-8694
Listed By:
Daniel Castaneda · License #3421869
Source:
Crexi
Added: Jul 29, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:03AM
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 American Realty of PSL LLC
Investment Insights
Based on property information with market context.
This multi-tenant investment opportunity features an industrial warehouse building with 5 bays, totaling 4020 square feet, constructed in 1985. Additionally, there is a separate office building comprising 1620 square feet. Four of the bays are drywalled, insulated, and cooled by two 5-ton A/C units, currently utilized as an auditorium. The fifth bay and the separate office building, along with a fenced-in area, are currently occupied by a Veterinary Medical Center. The property is situated on 0.92 acres with a fully paved parking lot on Oleander Avenue.
Key Highlights
- Multi‑tenant investment opportunity with industrial warehouse and separate office building.
- Total of 5,640 sq ft (4,020 sq ft warehouse + 1,620 sq ft office).
- Four warehouse bays are drywalled, insulated, and cooled with two 5‑ton A/C units.
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
$74,699
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
5.75%
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%
$1,493,980
$1.5M
Cap Rate 7%
$1,067,129
$1.1M
Cap Rate 9%
$829,989
$830.0K
Market Conditions
NOI Build-Up for 5,520 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
$139.1K $25.20/SF
− Vacancy
−$14.6K −$2.65/SF
EGI
$124.5K $22.55/SF
− OpEx
−$49.8K −$9.02/SF
NOI
$74.7K $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%
$1,493,980
Cap Rate 7%
$1,067,129
Cap Rate 9%
$829,989
Alternative Uses
Best Use
Healthcare Medical
$1.07M
$933.7K – $1.24M
NOI $74,699 @ 7.0% cap · market cap 5.75%
Second Best
Mixed Use
$1.06M
$931.5K – $1.24M
NOI $74,520 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,174 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant industrial and office buildings on .92 acres.
Where is this mixed-use property located?
The property is located at 3802 Oleander Avenue Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Multi‑tenant investment opportunity with industrial warehouse and separate office building.; Total of 5,640 sq ft (4,020 sq ft warehouse + 1,620 sq ft office).; Four warehouse bays are drywalled, insulated, and cooled with two 5‑ton A/C units.
