Commercial Building on High-Traffic
For Sale
$559,000
602 W Midway Road, Fort Pierce, FL 34982
Commercial building with high-traffic road frontage, suitable for office/medical use.
Property Size1,884 SF
Days on Market188
Property Features for 602 W Midway Road
General Information
Standard status
Active
Size
1,884 SF
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$3,500
Building Details
Building Size
1,884 SF
Year Built
1960
Stories
1
Listing Agency:
Ultimate Realty Corp
Listed By:
Paulette Gallo
(772) 359-2686
Source:
Laerrealty
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 28 at 5:09AM
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 Ultimate Realty Corp
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property is located on a heavily trafficked road, situated just past the Winn Dixie Plaza. Zoned for commercial use, including office and medical purposes, the building presents an opportunity for remodeling or redevelopment. The roof is approximately 5 years old, and the air conditioning system is approximately 3 years old. The existing structure includes three rooms and one bathroom, along with a carport and storage area. The property offers road frontage on a busy thoroughfare.
Key Highlights
- Commercial zoning allows for office, medical, and more.
- Highly visible location on US 1 and Midway Road.
- Remodel or tear down to build your dream property.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,495
Cap Rate
4.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,900
$509.9K
Cap Rate 7%
$364,214
$364.2K
Cap Rate 9%
$283,278
$283.3K
Market Conditions
NOI Build-Up for 1,884 SF
Gross rent
$47.5K $25.20/SF
− Vacancy
−$5.0K −$2.65/SF
EGI
$42.5K $22.55/SF
− OpEx
−$17.0K −$9.02/SF
NOI
$25.5K $13.53/SF
Area
St. Lucie County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,900
Cap Rate 7%
$364,214
Cap Rate 9%
$283,278
Alternative Uses
Best Use
Healthcare Medical
$364.2K
$318.7K – $424.9K
NOI $25,495 @ 7.0% cap · market cap 4.56%
Second Best
Office B
$340.1K
$297.6K – $396.8K
NOI $23,806 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$473.8K
$414.6K – $552.8K
NOI $33,166 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office space - Commercial building with high-traffic road frontage, suitable for office/medical use.
Where is this office space located?
The property is located at 602 W Midway Road Fort Pierce, FL.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Commercial zoning allows for office, medical, and more.; Highly visible location on US 1 and Midway Road.; Remodel or tear down to build your dream property.
