Two-Unit Warehouse
New
For Sale
$975,000
4248 SE COMMERCE Avenue, Stuart, FL 34997
Two adjoining units offer warehouse space suited to storage, workshop, or other commercial applications.
Property Size2,440 SF
Price / SF$399.59
Days on Market5
Property Features for 4248 SE COMMERCE Avenue
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Commercial
Amenities
Acres: 0.63, Square Feet: 27367, Features: 1/2 To Less Than 3/4 Acre Lot, Less Than 1 Acre
Roof: Metal, Metal Roof
Sewer: At Site, Public Sewer, Other, Public Sanitation, Sewer
Parcel Number: 523841204000010203, Tax Annual Amount: $3,178, Tax Legal Description: MANATEE 18 WAREHOUSE CONDO UNIT 102, Tax Year: 2025
Cooling: Central Air
Heating: Electric
Special Listing Conditions: Sale, Standard Status: Active
Features: Off Site
Construction Materials: Other, Stories: 2, Year Built: 1984, Year Built Details: Resale, Building Area Total: 2440, Structure Type: Commercial
County Or Parish: Martin County
Leasable Area Units: Square Feet
Electric On Property YN: t, Electric: Other Electric, Utilities: Electricity Connected, Sewer Connected, Water Connected, Electricity Available, Sewer Available, Water Available
Water Source: Public
Features: No Fire Protection, No Security
Building Details
Year Built
1984
Listing Agency:
Keller Williams Realty of PSL
(772) 236-5700
Listed By:
Dustin Wright · License #3386002
(772) 985-9636
Source:
Riserealty
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 2 at 11:43PM
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 Keller Williams Realty of PSL
Investment Insights
Based on property information with market context.
Located at 4246-4248 SE Commerce Ave in Stuart, this offering combines two contiguous commercial condominium warehouse units for a total of approximately 2,440 SF. Each unit contains approximately 1,220 SF, and the property was built in 1984.
The units are part of the Manatee 18 Warehouse Condominium community and are offered together. Their warehouse configuration supports storage, workshop, and other commercial applications.
The units are part of the Manatee 18 Warehouse Condominium community and are offered together. Their warehouse configuration supports storage, workshop, and other commercial applications.
Key Highlights
- Two contiguous warehouse condominium units offered together
- Approximately 2,440 SF total, with approximately 1,220 SF per unit
- Built in 1984
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
$39,470
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
4.05%
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%
$789,400
$789.4K
Cap Rate 7%
$563,857
$563.9K
Cap Rate 9%
$438,556
$438.6K
Market Conditions
NOI Build-Up for 2,440 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
$49.2K $20.16/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$46.4K $19.03/SF
− OpEx
−$7.0K −$2.85/SF
NOI
$39.5K $16.18/SF
Area
Martin County, FL
Vacancy
5.60%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
15.00%
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%
$789,400
Cap Rate 7%
$563,857
Cap Rate 9%
$438,556
Alternative Uses
Best Use
Warehouse
$563.9K
$493.4K – $657.8K
NOI $39,470 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$641.0K
$560.9K – $747.9K
NOI $44,871 @ 7.0% cap · market cap 4.60%
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
893
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34997, FL
44,000
Population
22,192
Households
2
Avg Household Size
52
Median Age
30%
College-Educated
92%
High-School Grad
90.7 sq mi
ZIP Area
485
Density / Sq Mi
$75,705
Median Household Income
$37,381
Median Earnings
$1,520
Median Rent
$335,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Two adjoining units offer warehouse space suited to storage, workshop, or other commercial applications.
Where is this warehouse located?
The property is located at 4248 SE COMMERCE Avenue Stuart, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Two contiguous warehouse condominium units offered together; Approximately 2,440 SF total, with approximately 1,220 SF per unit; Built in 1984
