48-Unit Apartment
New
For Sale
$9,000,000
604 SW 35th St, Palm City, FL 34990
Private well and septic systems serve this residential community without municipal water or sewer service.
Property Size44,668 SF
Days on Market5
Property Features for 604 SW 35th St
General Information
Standard status
Active
Size
44,668 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
48-Unit Multifamily Community Situated On 3.62 Acres
New Metal Roof With Hurricane Impact Windows And Doors Throughout
Concrete Block Construction With Central A/C Throughout
All Units Separately Metered for Water & Electricity
Convenient Access To Downtown Stuart, I-95, Florida's Turnpike, And Major Employment Centers
Building Details
Building Size
44,668 SF
Units
48
Listing Agency:
Fort Lauderdale Office
Listed By:
River Rhoads · License #License(s): FL: SL3509795
(954) 245-3494
Source:
Marcusmillichap
Added: Sep 30
Last Checked: Oct 2 at 4:58PM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This 48-unit apartment property in Palm City was built in 1985 and contains 37,200 gross square feet on 3.62 acres. Concrete block construction, central air conditioning, a new metal roof, and hurricane-impact windows and doors are among its physical features. Water and sewer service are provided by a private well and septic system.
The property is near SW Martin Highway, Florida’s Turnpike, and Interstate 95. Downtown Stuart, beaches, shopping, dining, healthcare facilities, and employment centers in Palm City and Stuart are also identified as nearby destinations.
The property is near SW Martin Highway, Florida’s Turnpike, and Interstate 95. Downtown Stuart, beaches, shopping, dining, healthcare facilities, and employment centers in Palm City and Stuart are also identified as nearby destinations.
Key Highlights
- 48 residential units on a 3.62‑acre site
- 37,200 gross square feet; built in 1985
- New metal roof and hurricane‑impact windows and doors
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
$545,196
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
6.06%
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%
$10,903,920
$10.9M
Cap Rate 7%
$7,788,514
$7.8M
Cap Rate 9%
$6,057,733
$6.1M
Market Conditions
NOI Build-Up for 44,668 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
$1.06M $23.76/SF
− Vacancy
−$70.0K −$1.57/SF
EGI
$991.3K $22.19/SF
− OpEx
−$446.1K −$9.99/SF
NOI
$545.2K $12.21/SF
Area
Martin County, FL
Vacancy
6.60%
Lease Rate
$23.76 /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%
$10,903,920
Cap Rate 7%
$7,788,514
Cap Rate 9%
$6,057,733
Alternative Uses
Best Use
Apartment 5plus
$7.79M
$6.81M – $9.09M
NOI $545,196 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$11.73M
$10.27M – $13.69M
NOI $821,431 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 34990, FL
31,160
Population
13,641
Households
2.3
Avg Household Size
51
Median Age
49%
College-Educated
97%
High-School Grad
103.0 sq mi
ZIP Area
303
Density / Sq Mi
$120,407
Median Household Income
$56,905
Median Earnings
$1,958
Median Rent
$558,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Private well and septic systems serve this residential community without municipal water or sewer service.
Where is this apartment building located?
The property is located at 604 SW 35th St Palm City, FL.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 48 residential units on a 3.62‑acre site; 37,200 gross square feet; built in 1985; New metal roof and hurricane‑impact windows and doors
