Renovated
For Sale
$400,000
508 N 23rd Street, Fort Pierce, FL 34950
Residential Income, Fort Pierce, FL
Property Size1,550 SF
Price / SF$258.06
Days on Market224
Property Features for 508 N 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MEDIUM DEN
Bedrooms
6
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 6
Subdivision
Alamanda Vista Sub
Directions
Continue on Orange Ave to Fort Pierce, Turn left onto N 25th St, Turn right onto Ave D, Turn left at the 2nd cross street onto N 23rd St.
Standard status
Active
APN
24096020124000
Size
1,550 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ALAMANDA VISTA S/D BLK E LOT 9 AND W 5 FT OF VAC ALLEY ADJ ON E (OR 3929-1600)
Tax Annual Amount
6609
Legal Description
ALAMANDA VISTA S/D BLK E LOT 9 AND W 5 FT OF VAC ALLEY ADJ ON E (OR 3929-1600)
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, CBS
Roof type
Composition, Shingle
Listing Agency:
United Realty Group Inc.
(954) 450-2000
Listed By:
Terrence Brown Jr · License #3605684
(305) 906-0818
Added: Jan 28
Changed: Sep 8
Last Checked: Sep 9 at 3:06PM
MLS# F10548351
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 duplex contains 1,550 square feet arranged as two residential units, each with 3 bedrooms and 1 bathroom. Improvements include updated kitchens, windows, and flooring, with tile throughout. Central heating and central air serve the property, while block/CBS construction, a shingle composition roof, and public sewer provide the core building systems.
Built in 1970, the property is located at 508 N 23rd Street in Fort Pierce, Florida. The zoning designation is MEDIUM DEN. Each unit offers the same bedroom and bathroom configuration, creating a consistent layout across the duplex.
Built in 1970, the property is located at 508 N 23rd Street in Fort Pierce, Florida. The zoning designation is MEDIUM DEN. Each unit offers the same bedroom and bathroom configuration, creating a consistent layout across the duplex.
Key Highlights
- Two‑unit duplex with 1,550 square feet
- Each unit includes 3 bedrooms and 1 bath
- Updated 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
5.69%
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 5.69%
Second Best
Apartment 5plus
$301.9K
$264.2K – $352.2K
NOI $21,134 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$389.8K
$341.1K – $454.8K
NOI $27,286 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
508
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature matching three-bedroom, one-bath layouts with updated kitchens, tile flooring, and central HVAC.
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 $400,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,550 square feet; Each unit includes 3 bedrooms and 1 bath; Updated kitchens, windows, and flooring
