Renovated Three-Bedroom
For Sale
$390,000
508 N 23RD Street, Fort Pierce, FL 34950
Two updated residential units offer matching three-bedroom, one-bath layouts in Fort Pierce.
Property Size1,550 SF
Price / SF$251.61
Days on Market8
Property Features for 508 N 23RD Street
General Information
Standard status
Active
Size
1,550 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Medium Den
Taxes and HOA fees
Annual Taxes
$6,609
Building Details
Building Size
1,550 SF
Year Built
1970
Stories
1
Listing Agency:
United Realty Group Inc.
(305) 906-0818
Listed By:
Terrence Brown Jr · License #B26038790
(305) 906-0818
Source:
Laerrealty
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 8 at 4:15AM
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 United Realty Group Inc.
Investment Insights
Based on property information with market context.
Located at 508 N 23RD Street in Fort Pierce, this duplex contains 1,550 square feet and was built in 1970. Each of the two units includes three bedrooms and one bathroom, creating matching residential layouts within the property.
Renovation work includes updated kitchens, windows, and flooring, along with other modern improvements. The property is identified with Medium Den zoning and is situated in ZIP code 34950.
Renovation work includes updated kitchens, windows, and flooring, along with other modern improvements. The property is identified with Medium Den zoning and is situated in ZIP code 34950.
Key Highlights
- Two‑unit duplex with 1,550 square feet
- Each unit has 3 bedrooms and 1 bathroom
- Renovated kitchens, windows, and flooring
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
$22,762
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
5.84%
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%
$455,240
$455.2K
Cap Rate 7%
$325,171
$325.2K
Cap Rate 9%
$252,911
$252.9K
Market Conditions
NOI Build-Up for 1,550 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
$34.4K $22.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$32.5K $20.98/SF
− OpEx
−$9.8K −$6.29/SF
NOI
$22.8K $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%
$455,240
Cap Rate 7%
$325,171
Cap Rate 9%
$252,911
Alternative Uses
Best Use
Multifamily LT 5
$325.2K
$284.5K – $379.4K
NOI $22,762 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$301.9K
$264.2K – $352.2K
NOI $21,134 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$389.8K
$341.1K – $454.8K
NOI $27,286 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
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 updated residential units offer matching three-bedroom, one-bath layouts in Fort Pierce.
Where is this duplex located?
The property is located at 508 N 23RD Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,550 square feet; Each unit has 3 bedrooms and 1 bathroom; Renovated kitchens, windows, and flooring
