Two-Building Quadplex
For Sale
$1,150,000
642 Eldorado Street, Fort Pierce, FL 34949
Fully occupied residential income property with renovated two-bedroom units and separate electric metering.
Property Size4,004 SF
Days on Market90
Property Features for 642 Eldorado Street
General Information
Standard status
Active
Size
4,004 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Additional Details
Gross Income
$157,800
Taxes and HOA fees
Annual Taxes
$21,797
Amenities
separate electric meters
impact windows
Building Details
Building Size
4,004 SF
Year Built
1984
Buildings
2
Construction
Frame and stucco
Listing Agency:
LPT Realty, LLC
(772) 713-4204
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Meyerlucas
Added: May 12
Changed: Aug 8
Last Checked: Aug 8 at 9:06AM
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 multifamily offering includes two adjacent frame-and-stucco buildings with eight total units. Each residence is configured with two bedrooms and one-and-a-half baths, averages approximately 1,001 SF, and benefits from impact windows, separate electric meters, and recent renovations. Built in 1984, the property is fully occupied and has an established rental history.
The asset is located in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The surrounding area also includes planned redevelopment tied to a future surf park and the ongoing Port of Fort Pierce expansion.
The asset is located in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The surrounding area also includes planned redevelopment tied to a future surf park and the ongoing Port of Fort Pierce expansion.
Key Highlights
- Two adjacent quadplex buildings with 8 total units
- Eight 2BR/1.5BA residences averaging approximately 1,001 SF
- Fully occupied multifamily property with established rental history
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
$58,800
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
5.11%
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%
$1,176,000
$1.2M
Cap Rate 7%
$840,000
$840.0K
Cap Rate 9%
$653,333
$653.3K
Market Conditions
NOI Build-Up for 4,004 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
$88.9K $22.20/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$84.0K $20.98/SF
− OpEx
−$25.2K −$6.29/SF
NOI
$58.8K $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%
$1,176,000
Cap Rate 7%
$840,000
Cap Rate 9%
$653,333
Alternative Uses
Best Use
Multifamily LT 5
$840.0K
$735.0K – $980.0K
NOI $58,800 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$779.9K
$682.4K – $909.9K
NOI $54,593 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.01M
$881.1K – $1.17M
NOI $70,486 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Explore this area
Business Placement
Demographics for 34949, FL
8,027
Population
8,033
Households
1
Avg Household Size
65
Median Age
47%
College-Educated
96%
High-School Grad
9.4 sq mi
ZIP Area
854
Density / Sq Mi
$92,188
Median Household Income
$37,219
Median Earnings
$1,484
Median Rent
$427,500
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?
Quadplex - Fully occupied residential income property with renovated two-bedroom units and separate electric metering.
Where is this quadplex located?
The property is located at 642 Eldorado Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two adjacent quadplex buildings with 8 total units; Eight 2BR/1.5BA residences averaging approximately 1,001 SF; Fully occupied multifamily property with established rental history
