Adjacent Fourplex Portfolio
642 & 646 Eldorado Street Fort Pierce, FL 34949
642 & 646 Eldorado Street, Fort Pierce, FL, 34949
$2,400,000
For Sale
$2,400,000
Two adjacent fully occupied fourplex buildings offering eight 2BR/1.5BA units with separate electric meters.
Property Size8,008 SF
Price / SF$299.70
Days on Market75
Property Features for 642 & 646 Eldorado Street
General Information
- Standard status
- Active
- Size
- 8,008 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1984
Listing Agency
LPT Realty, LLC
(772) 713-4204
Listed by
John DiGirolomo · License #3458838
(772) 713-4204
Source
Xome
Added: May 5 Checked: Jul 17 at 4:48 am
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This offering consists of two adjacent fourplex buildings totaling eight units. Each apartment is described as a large 2-bedroom, 1.5-bath layout, with separate electric meters and impact windows. The property is reported as fully occupied, and units have been noted as recently renovated. Construction is frame and stucco, supporting a straightforward, repeatable residential income configuration across both buildings.
The buildings are located near the Intracoastal and within the broader coastal lifestyle area that includes beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The remarks also cite nearby redevelopment activity, including a planned surf park and continued Port of Fort Pierce expansion.
For buyers looking to acquire a concentrated residential income portfolio rather than a single multifamily asset, this structure provides eight total units housed in two neighboring fourplexes. The combination of full occupancy, separate electric metering, and renovation updates may appeal to operators seeking a manageable property footprint with consistent unit features across both buildings, based on the information provided. Current gross annual income is stated as approximately $157,800 in the listing materials.
The buildings are located near the Intracoastal and within the broader coastal lifestyle area that includes beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The remarks also cite nearby redevelopment activity, including a planned surf park and continued Port of Fort Pierce expansion.
For buyers looking to acquire a concentrated residential income portfolio rather than a single multifamily asset, this structure provides eight total units housed in two neighboring fourplexes. The combination of full occupancy, separate electric metering, and renovation updates may appeal to operators seeking a manageable property footprint with consistent unit features across both buildings, based on the information provided. Current gross annual income is stated as approximately $157,800 in the listing materials.
Key Highlights
- Two adjacent fully occupied fourplex buildings totaling 8 units (2BR/1.5BA each)
- Units average approximately 1,001 SF and have separate electric meters
- Impact windows and recent renovations in the units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $177.8k | $22.20 |
| − Vacancy | −$9.8k | −$1.22 |
| EGI | $168.0k | $20.98 |
| − OpEx | −$50.4k | −$6.29 |
| NOI | $117.6k | $14.69 |
8,008 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.68M
$1.47M – $1.96M
NOI $117,600 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,185 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,973 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Two adjacent fully occupied fourplex buildings offering eight 2BR/1.5BA units with separate electric meters.
Where is this quadplex located?
The property is located at 642 & 646 Eldorado Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two adjacent fully occupied fourplex buildings totaling 8 units (2BR/1.5BA each); Units average approximately 1,001 SF and have separate electric meters; Impact windows and recent renovations in the units
