Eldorado Street Multifamily
646 ELDORADO ST Fort Pierce, FL 34949
646 ELDORADO ST, Fort Pierce, FL, 34949
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For Sale
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Two fourplex buildings near Intracoastal Waterway in Fort Pierce, Florida.
Property Size4,004 SF
Price / SF$299.70
Days on Market73
Property Features for 646 ELDORADO ST
General Information
- Standard status
- Active
- Size
- 4,004 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1984
Listing agency
LPT Realty
Listed by
John DiGirolomo · License #SL3458838
Source
Crexi
Added: May 11 Updated: Jul 10 at 1:37PM Checked: Jul 20 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
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.
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 | $88.9k | $22.20 |
| − Vacancy | −$4.9k | −$1.22 |
| EGI | $84.0k | $20.98 |
| − OpEx | −$25.2k | −$6.29 |
| NOI | $58.8k | $14.69 |
4,004 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$840.0K
$735.0K – $980.0K
NOI $58,800 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$779.9K
$682.4K – $909.9K
NOI $54,593 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.01M
$881.1K – $1.17M
NOI $70,486 @ 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 fourplex buildings near Intracoastal Waterway in Fort Pierce, Florida.
Where is this quadplex located?
The property is located at 646 ELDORADO ST Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,200,000.
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.
