Corner Duplex with Redevelopment
For Sale
Contact for pricing
611 S 21st Street, Fort Pierce, FL 34950
Two separately metered, tenant-occupied units sit on a corner, double lot zoned for up to a 4-plex.
Property Size1,980 SF
Price / SF$186.87
Days on Market195
Property Features for 611 S 21st Street
General Information
Standard status
Active
Size
1,980 SF
Property subtype
Multifamily
Zoning
R4
Occupancy
100%
Net Operating Income
$31,000
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1951
Units
2
Tenancy
Multi
Listing Agency:
Dalton Wade Inc
(772) 228-2111
Listed By:
Brauner Urena · License #3283871
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Jun 20 at 5:56AM
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 Dalton Wade Inc
Investment Insights
Based on property information with market context.
This income-producing duplex sits on a corner, double lot and includes two separately metered residential units. Unit A is a 3-bedroom, 2-bath layout currently rented at $1,300 per month. Unit B is a recently updated 2-bedroom, 1-bath unit also rented at $1,300 per month, providing current rental income. The property is configured as a duplex today while remaining positioned for future density.
The oversized parcel is zoned for up to a 4-plex, creating flexibility for expansion or redevelopment beyond the existing two units. The asset’s corner location and double-lot footprint support a range of ownership strategies where a buyer may plan phased improvements or an alternative unit configuration, subject to applicable approvals.
For buyers seeking a residential income property, the current tenant occupancy and separate metering can simplify operations and support straightforward management. For investors or owner-operators interested in adding units, the zoning designation for up to a 4-plex offers a practical pathway to pursue additional development on-site. Overall, this is a duplex with both immediate income and zoning-based redevelopment options.
The oversized parcel is zoned for up to a 4-plex, creating flexibility for expansion or redevelopment beyond the existing two units. The asset’s corner location and double-lot footprint support a range of ownership strategies where a buyer may plan phased improvements or an alternative unit configuration, subject to applicable approvals.
For buyers seeking a residential income property, the current tenant occupancy and separate metering can simplify operations and support straightforward management. For investors or owner-operators interested in adding units, the zoning designation for up to a 4-plex offers a practical pathway to pursue additional development on-site. Overall, this is a duplex with both immediate income and zoning-based redevelopment options.
Key Highlights
- Duplex built in 1951 with two separately metered, tenant‑occupied units
- Corner double lot zoned for up to a 4‑plex, allowing potential expansion or redevelopment
- Unit A: 3‑bedroom, 2‑bath rented at $1,300/month
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
$29,077
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
7.86%
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%
$581,540
$581.5K
Cap Rate 7%
$415,386
$415.4K
Cap Rate 9%
$323,078
$323.1K
Market Conditions
NOI Build-Up for 1,980 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
$44.0K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$41.5K $20.98/SF
− OpEx
−$12.5K −$6.29/SF
NOI
$29.1K $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%
$581,540
Cap Rate 7%
$415,386
Cap Rate 9%
$323,078
Alternative Uses
Best Use
Multifamily LT 5
$415.4K
$363.5K – $484.6K
NOI $29,077 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$385.7K
$337.5K – $449.9K
NOI $26,996 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$497.9K
$435.7K – $580.9K
NOI $34,856 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
717
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?
Duplex - Two separately metered, tenant-occupied units sit on a corner, double lot zoned for up to a 4-plex.
Where is this duplex located?
The property is located at 611 S 21st Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Duplex built in 1951 with two separately metered, tenant‑occupied units; Corner double lot zoned for up to a 4‑plex, allowing potential expansion or redevelopment; Unit A: 3‑bedroom, 2‑bath rented at $1,300/month
