CBS Duplex with Impact
For Sale
$340,000
515 Palm Avenue, Fort Pierce, FL 34982
Residential Income, Fort Pierce, FL
Property Size1,650 SF
Lot Size0.18 Acres
Price / SF$206.06
Days on Market121
Property Features for 515 Palm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Medium Den
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Pets allowed
Yes, No
Exterior features
Barbecue
Subdivision
MARAVILLA GARDENS SUBDIVISION UNIT 1
Standard status
Active
APN
242260202150000
Size
1,650 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MARAVILLA GARDENS S/D-UNIT 1- W 60 FT OF E 610 FT OF LOT 45 (OR 3289-2579)
Tax Annual Amount
3645
Legal Description
MARAVILLA GARDENS S/D-UNIT 1- W 60 FT OF E 610 FT OF LOT 45 (OR 3289-2579)
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s), Ceiling Fan(s)
Water source
Public
Amenities
Impact windows
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Flooring type
Tile, Wood
Building materials
Block, CBS, Stucco
Roof type
Flat
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Ethan McAuliffe PA · License #3348418
(772) 359-0300
Added: May 11
Changed: Sep 8
Last Checked: Sep 8 at 6:06PM
MLS# B26027087
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 1,650-square-foot duplex contains two matching residential units, each arranged with two bedrooms and one bathroom. Built in 1969, the property uses block and CBS construction with stucco, wood and tile flooring, flat roofing, and impact windows throughout. Cooling includes window or wall/window units along with ceiling fans.
The 0.18-acre property is located at 515 Palm Avenue in Fort Pierce, with access to US 1 and downtown Fort Pierce. Public water and public sewer serve the property. Both units are occupied, providing existing monthly rental income, and the zoning is identified as Medium Den.
The 0.18-acre property is located at 515 Palm Avenue in Fort Pierce, with access to US 1 and downtown Fort Pierce. Public water and public sewer serve the property. Both units are occupied, providing existing monthly rental income, and the zoning is identified as Medium Den.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per side
- 1,650 square feet on a 0.18‑acre lot
- Impact windows installed throughout
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
$24,231
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
7.13%
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%
$484,620
$484.6K
Cap Rate 7%
$346,157
$346.2K
Cap Rate 9%
$269,233
$269.2K
Market Conditions
NOI Build-Up for 1,650 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
$36.6K $22.20/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$34.6K $20.98/SF
− OpEx
−$10.4K −$6.29/SF
NOI
$24.2K $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%
$484,620
Cap Rate 7%
$346,157
Cap Rate 9%
$269,233
Alternative Uses
Best Use
Multifamily LT 5
$346.2K
$302.9K – $403.9K
NOI $24,231 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$321.4K
$281.2K – $375.0K
NOI $22,497 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$415.0K
$363.1K – $484.1K
NOI $29,047 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature matching two-bedroom, one-bath layouts with tenants in place.
Where is this duplex located?
The property is located at 515 Palm Avenue Fort Pierce, FL.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per side; 1,650 square feet on a 0.18‑acre lot; Impact windows installed throughout
