Two-Unit Warehouse
New
For Sale
$975,000
4248 SE COMMERCE Avenue, Stuart, FL
Commercial Sale, Stuart, FL
Property Size2,440 SF
Lot Size0.63 Acres
Price / SF$399.59
Days on Market2
Property Features for 4248 SE COMMERCE Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M-1 Industrial
Parking features
Offsite
Subdivision
6070 - Stuart - South of Indian St
Standard status
Active
APN
523841204000010203
Size
2,440 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MANATEE 18 WAREHOUSE CONDO UNIT 102
Tax Annual Amount
3178
Legal Description
MANATEE 18 WAREHOUSE CONDO UNIT 102
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1984
Floors in Building
2
Roof type
Metal
Listing Agency:
Keller Williams Realty of PSL
(772) 236-5700
Listed By:
Dustin Wright · License #3386002
(772) 985-9636
Added: Sep 30
Last Checked: Oct 1 at 9:06PM
MLS# B26082269
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.
Two warehouse condominium units are offered together, with a combined area of 2,440 square feet and approximately 1,220 square feet in each unit. Built in 1984, the property has a metal roof, central air, and electric heating. The configuration provides a combined workspace while retaining the separation of individual condominium units.
Located in Stuart, the property is within the Manatee 18 Warehouse Condominium community. Water is available, with public water service and public sewer.
Located in Stuart, the property is within the Manatee 18 Warehouse Condominium community. Water is available, with public water service and public sewer.
Key Highlights
- Two contiguous warehouse condominium units totaling 2,440 square feet
- Approximately 1,220 square feet 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
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Business Placement
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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 - Paired units offer a flexible industrial layout for storage, workshop, or 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 totaling 2,440 square feet; Approximately 1,220 square feet per unit; Built in 1984
