Fully Renovated Duplex with Central
For Sale
$390,000
508 N 23RD Street, Fort Pierce, FL 34950
MULTI_FAMILY - Fort Pierce, FL
Property Size1,550 SF
Lot Size0.15 Acres
Price / SF$251.61
Days on Market14
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 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 3
Pets allowed
Yes, No
Subdivision
ALAMANDA VISTA SUBDIVISION
Standard status
Active
APN
240960201240004
Size
1,550 SF
Lot size
0.15 Acres
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
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
CBS, Stucco
Roof type
Shingle
Listing Agency:
United Realty Group Inc.
(954) 450-2000
Listed By:
Terrence Brown Jr · License #3605684
(305) 906-0818
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 13 at 2:06AM
MLS# B26058633
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 fully renovated duplex offers two separate units, each with three bedrooms and one bath. The interior updates include an updated kitchen, windows, and flooring, with central heating and central air conditioning throughout. The property is built with CBS and stucco, features tile flooring, and has a shingle roof. The home was built in 1970.
Located at 508 N 23RD Street in Fort Pierce, the property sits on a 0.15-acre lot and is served by public water and public sewer. With central utilities and a finished, modernized interior, it is positioned for residential rental or owner-occupancy scenarios that benefit from having two distinct units under one roof.
Located at 508 N 23RD Street in Fort Pierce, the property sits on a 0.15-acre lot and is served by public water and public sewer. With central utilities and a finished, modernized interior, it is positioned for residential rental or owner-occupancy scenarios that benefit from having two distinct units under one roof.
Key Highlights
- Fully renovated duplex offering two separate units
- Each unit includes three bedrooms and one bath
- 0.15‑acre lot
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
Property Profile
Current Use
Lease Details
2
Residential units
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 - Fully renovated duplex with three-bedroom, one-bath units, central HVAC, and public water and sewer service.
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: Fully renovated duplex offering two separate units; Each unit includes three bedrooms and one bath; 0.15‑acre lot
