Adjacent Quadplex
For Sale
$2,300,000
642646 Eldorado Street, Fort Pierce, FL 34949
Fully occupied multifamily buildings contain renovated two-bedroom units with separate electric meters and on-site parking.
Property Size8,008 SF
Price / SF$287.21
Days on Market117
Property Features for 642646 Eldorado Street
General Information
Standard status
Active
Size
8,008 SF
Property subtype
General Commercial
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
$43,595
Amenities
separate electric meters
impact windows
3
16 Parking Spaces.
Building Details
Year Built
1984
Buildings
2
Construction
frame and stucco
Listing Agency:
LPT Realty, LLC
(772) 713-4204
Listed By:
John DiGirolomo · License #3458838
(772) 713-4204
Source:
Xome
Added: May 8
Changed: Aug 31
Last Checked: Aug 31 at 12:53PM
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 neighboring fourplex buildings with 8 total units and 8,008 square feet of building area. Each residence is configured as a 2BR/1.5BA unit, with average unit size of approximately 1,001 SF. Recent renovations, impact windows, separate electric meters, and frame-and-stucco construction add practical operating features. The property was built in 1984 and is fully occupied.
The buildings are situated in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The site also has 16 parking spaces. Nearby activity includes the planned surf park and ongoing Port of Fort Pierce expansion.
The buildings are situated in Fort Pierce near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment. The site also has 16 parking spaces. Nearby activity includes the planned surf park and ongoing Port of Fort Pierce expansion.
Key Highlights
- Two adjacent fourplex buildings with 8 total 2BR/1.5BA units
- 8,008 SF of building area; average unit size is approximately 1,001 SF
- Fully occupied multifamily property
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
$117,600
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%
$2,352,000
$2.4M
Cap Rate 7%
$1,680,000
$1.7M
Cap Rate 9%
$1,306,667
$1.3M
Market Conditions
NOI Build-Up for 8,008 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
$177.8K $22.20/SF
− Vacancy
−$9.8K −$1.22/SF
EGI
$168.0K $20.98/SF
− OpEx
−$50.4K −$6.29/SF
NOI
$117.6K $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%
$2,352,000
Cap Rate 7%
$1,680,000
Cap Rate 9%
$1,306,667
Alternative Uses
Best Use
Multifamily LT 5
$1.68M
$1.47M – $1.96M
NOI $117,600 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,185 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,973 @ 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
152
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 multifamily buildings contain renovated two-bedroom units with separate electric meters and on-site parking.
Where is this quadplex located?
The property is located at 642646 Eldorado Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two adjacent fourplex buildings with 8 total 2BR/1.5BA units; 8,008 SF of building area; average unit size is approximately 1,001 SF; Fully occupied multifamily property
