31-Door Multifamily
For Sale
Contact for pricing
516 Means Ct, Fort Pierce, FL 34950
Income-producing multifamily assets span Okeechobee and Fort Pierce with varied residential unit configurations.
Property Size22,911 SF
Price / SF$202.96
Days on Market218
Property Features for 516 Means Ct
General Information
Standard status
Active
Size
22,911 SF
Class
C
Property subtype
Multifamily
Zoning
Res/Multi
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$327,475
Units
Unit Mix
17 x 2BR, 11 x 3BR, 1 x 1BR, 1 x 4BR, 1 x 6BR
Multifamily Units
31
Building Details
Buildings
12
Stories
1
Units
31
Listing Agency:
Gentile Property Group, LLC
Listed By:
Nicholas Gentile · License #BK3290273
(772) 353-6632
Source:
Crexi
Added: Jan 27
Changed: Sep 1
Last Checked: Sep 1 at 2:24AM
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 Gentile Property Group, LLC
Investment Insights
Based on property information with market context.
This multifamily portfolio includes 12 income-producing properties totaling 31 doors and 22,911 square feet across Okeechobee and Fort Pierce, Florida. The residential collection carries Res/Multi zoning and offers a range of unit sizes within the portfolio.
The unit mix consists of 17 two-bedroom units and 11 three-bedroom units, supplemented by one 1BR, one 4BR, and one 6BR unit. Properties are located at addresses including 810 NW 12 St, 604 N 14th St, 3108 Ave S, 3112 Ave S, 3412 Sloan Rd, 311 Decordre Ct, 516 Means Ct, 518 Means Ct, 1411 Havana Ave, 900 S 15 St, 902 S 15 St, and 1536 Lawnwood.
The unit mix consists of 17 two-bedroom units and 11 three-bedroom units, supplemented by one 1BR, one 4BR, and one 6BR unit. Properties are located at addresses including 810 NW 12 St, 604 N 14th St, 3108 Ave S, 3112 Ave S, 3412 Sloan Rd, 311 Decordre Ct, 516 Means Ct, 518 Means Ct, 1411 Havana Ave, 900 S 15 St, 902 S 15 St, and 1536 Lawnwood.
Key Highlights
- 12 income‑producing properties totaling 31 doors
- 22,911 square feet across the portfolio
- 17 two‑bedroom units and 11 three‑bedroom units
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
$312,381
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
6.72%
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%
$6,247,620
$6.2M
Cap Rate 7%
$4,462,586
$4.5M
Cap Rate 9%
$3,470,900
$3.5M
Market Conditions
NOI Build-Up for 22,911 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
$596.6K $26.04/SF
− Vacancy
−$28.6K −$1.25/SF
EGI
$568.0K $24.79/SF
− OpEx
−$255.6K −$11.16/SF
NOI
$312.4K $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%
$6,247,620
Cap Rate 7%
$4,462,586
Cap Rate 9%
$3,470,900
Alternative Uses
Best Use
Apartment 5plus
$4.46M
$3.90M – $5.21M
NOI $312,381 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.76M
$5.04M – $6.72M
NOI $403,325 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
853
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?
Multifamily property - Income-producing multifamily assets span Okeechobee and Fort Pierce with varied residential unit configurations.
Where is this multifamily property located?
The property is located at 516 Means Ct Fort Pierce, FL.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 12 income‑producing properties totaling 31 doors; 22,911 square feet across the portfolio; 17 two‑bedroom units and 11 three‑bedroom units
