Furnished Duplex with Ocean
For Sale
$770,000
413 Hernando Street, Fort Pierce, FL 34949
Residential Income, Fort Pierce, FL
Property Size1,590 SF
Lot Size0.19 Acres
Price / SF$484.28
Days on Market158
Property Features for 413 Hernando Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HI Medium
Bedrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 3
Window features
Blinds, Storm Window(s)
Patio and Porch features
Patio
Pets allowed
Yes, No
Exterior features
Balcony, Garden, Outdoor Shower
Subdivision
PALM HAVEN SUBDIVISION
Lot features
Fruit Tree(s), Landscaped
View
Water, Ocean
Directions
From A1A, west on Avalon, left on Hernando.
Standard status
Active
APN
240150200690009
Size
1,590 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PALM HAVEN S/D-UNIT 1- BLK 6 LOT16
Tax Annual Amount
13003
Legal Description
PALM HAVEN S/D-UNIT 1- BLK 6 LOT16
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
covered balcony or patio
laundry
Building Details
Year built
1991
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Block, CBS, Concrete, Stucco, Wood Frame
Roof type
Metal
Listing Agency:
Masters Realty Associates
Listed By:
John P Moriarty III · License #3221922
(772) 233-8200
Added: Apr 17
Changed: Sep 17
Last Checked: Sep 21 at 11:06PM
MLS# B26017105
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,590-square-foot duplex contains two furnished residences with separate layouts. The upper unit includes two bedrooms, two bathrooms, an island kitchen with granite countertops, stainless steel appliances, a gas range, and ocean views. The lower residence provides one bedroom and one bathroom. Tile flooring, central air, electric heating, impact windows, and a metal roof installed in 2021 are among the property improvements.
The property sits on a 0.19-acre lot on Hutchinson Island, two blocks from the beach and near dining, nightlife, and boating. A covered balcony, patio, outdoor shower, tropical landscaping, and room for a pool support outdoor use. Two garage spaces, laundry facilities, public water, and public sewer are included. The duplex has operated as an Airbnb for nearly three years, with financials available, and is zoned HI Medium.
The property sits on a 0.19-acre lot on Hutchinson Island, two blocks from the beach and near dining, nightlife, and boating. A covered balcony, patio, outdoor shower, tropical landscaping, and room for a pool support outdoor use. Two garage spaces, laundry facilities, public water, and public sewer are included. The duplex has operated as an Airbnb for nearly three years, with financials available, and is zoned HI Medium.
Key Highlights
- Duplex totals 1,590 square feet on a 0.19‑acre lot
- Upper residence offers 2BR/2BA, granite kitchen counters, stainless steel appliances, and ocean views
- Lower unit includes 1BR/1BA
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
$23,350
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
3.03%
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%
$467,000
$467.0K
Cap Rate 7%
$333,571
$333.6K
Cap Rate 9%
$259,444
$259.4K
Market Conditions
NOI Build-Up for 1,590 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
$35.3K $22.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$33.4K $20.98/SF
− OpEx
−$10.0K −$6.29/SF
NOI
$23.3K $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%
$467,000
Cap Rate 7%
$333,571
Cap Rate 9%
$259,444
Alternative Uses
Best Use
Multifamily LT 5
$333.6K
$291.9K – $389.2K
NOI $23,350 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$309.7K
$271.0K – $361.3K
NOI $21,679 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$399.9K
$349.9K – $466.5K
NOI $27,990 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
146
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two independent residences offer upgraded interiors, garage parking, and covered outdoor areas near the beach.
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 $770,000.
What are key features of this property?
This property features: Duplex totals 1,590 square feet on a 0.19‑acre lot; Upper residence offers 2BR/2BA, granite kitchen counters, stainless steel appliances, and ocean views; Lower unit includes 1BR/1BA
