Multifamily Property with
New
For Sale
$600,000
4004 N US HIGHWAY 1, Fort Pierce, FL 34946
Commercially zoned property with four apartments, boat or RV storage, warehouse storage, and billboard income.
Property Size3,261 SF
Price / SF$267.38
Days on Market3
Property Features for 4004 N US HIGHWAY 1
General Information
Standard status
Active
Size
3,261 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
Commercial
Net Operating Income
$37,601
Taxes and HOA fees
Annual Taxes
$5,339
Building Details
Building Size
3,261 SF
Year Built
1970
Stories
1
Listing Agency:
Dale Sorensen Real Estate Inc.
Listed By:
James Goldsmith · License #672330
(772) 473-6418
Source:
Laerrealty
Added: Sep 21
Last Checked: Sep 22 at 1:42PM
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 Dale Sorensen Real Estate Inc.
Investment Insights
Based on property information with market context.
This multifamily property is currently configured with four apartments alongside boat or RV storage and warehouse storage. Billboard income adds another established revenue component to the property’s existing use mix.
The property carries Commercial zoning and fronts US Highway 1 with 109 feet of frontage. It is positioned approximately 2 miles south of Vero Beach, providing direct exposure along the highway corridor while supporting its current multifamily and storage uses.
The property carries Commercial zoning and fronts US Highway 1 with 109 feet of frontage. It is positioned approximately 2 miles south of Vero Beach, providing direct exposure along the highway corridor while supporting its current multifamily and storage uses.
Key Highlights
- Four apartments included in the current multifamily use
- Boat or RV storage provides an additional income source
- Warehouse storage included on the property
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
$30,596
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
5.10%
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%
$611,920
$611.9K
Cap Rate 7%
$437,086
$437.1K
Cap Rate 9%
$339,956
$340.0K
Market Conditions
NOI Build-Up for 2,244 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
$58.4K $26.04/SF
− Vacancy
−$2.8K −$1.25/SF
EGI
$55.6K $24.79/SF
− OpEx
−$25.0K −$11.16/SF
NOI
$30.6K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$611,920
Cap Rate 7%
$437,086
Cap Rate 9%
$339,956
Alternative Uses
Best Use
Apartment 5plus
$437.1K
$382.5K – $509.9K
NOI $30,596 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.3K
$493.8K – $658.4K
NOI $39,503 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 34946, FL
6,793
Population
3,435
Households
2
Avg Household Size
42
Median Age
14%
College-Educated
72%
High-School Grad
15.2 sq mi
ZIP Area
447
Density / Sq Mi
$40,488
Median Household Income
$27,591
Median Earnings
$1,000
Median Rent
$128,100
Median Home Value
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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?
Multifamily property - Commercially zoned property with four apartments, boat or RV storage, warehouse storage, and billboard income.
Where is this multifamily property located?
The property is located at 4004 N US HIGHWAY 1 Fort Pierce, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four apartments included in the current multifamily use; Boat or RV storage provides an additional income source; Warehouse storage included on the property
