Turnkey 2-Unit Multifamily
For Sale
Contact for pricing
413 Hernando Street, Fort Pierce, FL 34949
Two-unit turnkey multifamily with impact windows, 2021 metal roof, and furnished setups suited for short-term use.
Property Size2,981 SF
Price / SF$285.11
Days on Market107
Property Features for 413 Hernando Street
General Information
Standard status
Active
Size
2,981 SF
Total Parking Spaces
2
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1991
Tenancy
Multi
Listing Agency:
Masters Realty Associates
Listed By:
Jake Moriarty · License #3221922
Source:
Crexi
Added: Apr 23
Changed: Jul 10
Last Checked: Aug 6 at 10:42AM
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 Masters Realty Associates
Investment Insights
Based on property information with market context.
This turnkey two-unit multifamily duplex offers a flexible live-and-rent layout with fully furnished accommodations. Unit 1 is an upstairs 2BR/2BA with an island kitchen featuring granite counters, stainless steel appliances, and a gas range. Unit 2 is a private 1BR/1BA retreat. The property features impact windows, a 2021 metal roof, and covered outdoor space including a balcony or patio, along with laundry and two garage spaces.
Located on Hutchinson Island at 413 Hernando Street in Fort Pierce, the home is about two blocks from the beach and within walking distance of dining, nightlife, and boating.
Designed for short-term or dual-living use, the configuration supports separate spaces for guests or occupants while still maintaining the conveniences of a single property. The home has been successfully operated as an Airbnb for nearly three years, and financials are available for review. Additional exterior space includes tropical landscaping and room that could support a pool, and there is potential to add a third unit based on the existing garage setup.
Located on Hutchinson Island at 413 Hernando Street in Fort Pierce, the home is about two blocks from the beach and within walking distance of dining, nightlife, and boating.
Designed for short-term or dual-living use, the configuration supports separate spaces for guests or occupants while still maintaining the conveniences of a single property. The home has been successfully operated as an Airbnb for nearly three years, and financials are available for review. Additional exterior space includes tropical landscaping and room that could support a pool, and there is potential to add a third unit based on the existing garage setup.
Key Highlights
- Turnkey 2‑unit multifamily built in 1991, furnished for short‑term use
- Unit 1 (upstairs): 2BR/2BA with island kitchen featuring granite counters, SS appliances, and gas range
- Unit 2: private 1BR/1BA retreat
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
$43,777
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
5.15%
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%
$875,540
$875.5K
Cap Rate 7%
$625,386
$625.4K
Cap Rate 9%
$486,411
$486.4K
Market Conditions
NOI Build-Up for 2,981 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
$66.2K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.5K $20.98/SF
− OpEx
−$18.8K −$6.29/SF
NOI
$43.8K $14.69/SF
Area
St. Lucie County, FL
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$875,540
Cap Rate 7%
$625,386
Cap Rate 9%
$486,411
Alternative Uses
Best Use
Multifamily LT 5
$625.4K
$547.2K – $729.6K
NOI $43,777 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$580.6K
$508.1K – $677.4K
NOI $40,645 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$749.7K
$656.0K – $874.6K
NOI $52,478 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit turnkey multifamily with impact windows, 2021 metal roof, and furnished setups suited for short-term use.
Where is this duplex located?
The property is located at 413 Hernando Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Turnkey 2‑unit multifamily built in 1991, furnished for short‑term use; Unit 1 (upstairs): 2BR/2BA with island kitchen featuring granite counters, SS appliances, and gas range; Unit 2: private 1BR/1BA retreat
