CBS Duplex With Impact
For Sale
Contact for pricing
515 Palm Avenue #A&b, Fort Pierce, FL 34982
Two 2BR/1BA residences with tenants in place, designed for straightforward access to US 1 and downtown Fort Pierce.
Property Size2,190 SF
Price / SF$155.25
Days on Market92
Property Features for 515 Palm Avenue #A&b
General Information
Standard status
Active
Size
2,190 SF
Property subtype
Multifamily
Zoning
Medium Den
Net Operating Income
$20,800
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1969
Units
2
Tenancy
Multi
Listing Agency:
EXP Realty LLC
(772) 359-0300
Listed By:
Ethan McAuliffe PA · License #FL BK3348418
Source:
Crexi
Added: May 11
Changed: Aug 9
Last Checked: Aug 9 at 11:27AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This CBS duplex features two matching units, each configured as 2 bedrooms and 1 bathroom. Both sides include impact windows throughout, offering protection and durability as part of the building’s exterior and fenestration improvements. With tenants already in place, the property is positioned for immediate operational continuity for an owner-occupant or an investor.
Located at 515 Palm Avenue #A&B in Fort Pierce, the duplex offers easy access to US 1 and downtown Fort Pierce. The current tenant profile includes monthly rents and is described as below market, which may be a consideration for buyers evaluating in-place income and future rent positioning.
For tenants or buyers seeking a simple duplex setup, the property provides two separate 2/1 layouts under one ownership structure. Since the units are occupied, prospective owners can review current leasing terms and manage ongoing tenancy from day one, while the impact window package can be a practical quality-of-life feature for residents and property management.
Located at 515 Palm Avenue #A&B in Fort Pierce, the duplex offers easy access to US 1 and downtown Fort Pierce. The current tenant profile includes monthly rents and is described as below market, which may be a consideration for buyers evaluating in-place income and future rent positioning.
For tenants or buyers seeking a simple duplex setup, the property provides two separate 2/1 layouts under one ownership structure. Since the units are occupied, prospective owners can review current leasing terms and manage ongoing tenancy from day one, while the impact window package can be a practical quality-of-life feature for residents and property management.
Key Highlights
- 1969 CBS duplex with two 2BR/1BA residences
- Tenants are in place on both sides
- Impact windows 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
$29,860
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
8.78%
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%
$597,200
$597.2K
Cap Rate 7%
$426,571
$426.6K
Cap Rate 9%
$331,778
$331.8K
Market Conditions
NOI Build-Up for 2,190 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
$57.0K $26.04/SF
− Vacancy
−$2.7K −$1.25/SF
EGI
$54.3K $24.79/SF
− OpEx
−$24.4K −$11.16/SF
NOI
$29.9K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$597,200
Cap Rate 7%
$426,571
Cap Rate 9%
$331,778
Alternative Uses
Best Use
Multifamily LT 5
$459.4K
$402.0K – $536.0K
NOI $32,161 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$426.6K
$373.3K – $497.7K
NOI $29,860 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,553 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two 2BR/1BA residences with tenants in place, designed for straightforward access to US 1 and downtown Fort Pierce.
Where is this duplex located?
The property is located at 515 Palm Avenue #A&b 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: 1969 CBS duplex with two 2BR/1BA residences; Tenants are in place on both sides; Impact windows throughout
