Eldorado Street Multifamily
For Sale
$1,085,000
646 Eldorado Street, Fort Pierce, FL 34949
Two fourplex buildings near Intracoastal Waterway in Fort Pierce, Florida.
Property Size4,740 SF
Price / SF$270.98
Days on Market162
Property Features for 646 Eldorado Street
General Information
Standard status
Active
Size
4,740 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
HI Medium
Net Operating Income
$49,920
Taxes and HOA fees
Annual Taxes
$21,169
Amenities
Central Air
Central
Building Details
Building Size
4,740 SF
Year Built
1984
Stories
2
Listing Agency:
LPT Realty
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Evrealestate
Added: May 12
Changed: Oct 13
Last Checked: Oct 19 at 5:26AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Eldorado Street Multifamily Portfolio comprises two adjacent fourplex buildings at 642 and 646 Eldorado Street in Fort Pierce, Florida. The property features large-format 2-bedroom, 1.5-bath units, each averaging approximately 1,001 square feet. The current average rents are approximately $1,687.50 per unit, supporting a projected gross annual income of approximately $81,000. The property is located near the Intracoastal Waterway, beaches, marinas, dining, and entertainment. The location benefits from strong local rental demand driven by population growth, lifestyle migration, and expanding tourism throughout Fort Pierce. The surrounding area is experiencing significant redevelopment activity. The buildings feature frame and stucco construction with impact windows and recent renovations. Separate utility metering for each unit supports operational efficiency and expense control. The property is currently utilized as traditional long-term rentals, but may offer future flexibility for furnished or short-term rental operations, where permitted. The total property size is 4,004 square feet.
Key Highlights
- Strong in‑place cash flow with projected gross annual income of approximately $81,000.
- Located in a supply‑constrained coastal market with continued rental upside.
- Large‑format 2‑bedroom, 1.5‑bath units averaging approximately 1,001 square feet.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,800
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
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
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 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 5.42%
Second Best
Apartment 5plus
$779.9K
$682.4K – $909.9K
NOI $54,593 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$1.01M
$881.1K – $1.17M
NOI $70,486 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two fourplex buildings near Intracoastal Waterway in Fort Pierce, Florida.
Where is this quadplex located?
The property is located at 646 Eldorado Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,085,000.
What are key features of this property?
This property features: Strong in‑place cash flow with projected gross annual income of approximately $81,000.; Located in a supply‑constrained coastal market with continued rental upside.; Large‑format 2‑bedroom, 1.5‑bath units averaging approximately 1,001 square feet.
