Fourplex Buildings with Separate Electric
For Sale
$1,150,000
646 Eldorado Street, Fort Pierce, FL 34949
MULTI_FAMILY - Fort Pierce, FL
Property Size4,004 SF
Lot Size0.26 Acres
Price / SF$287.21
Days on Market93
Property Features for 646 Eldorado Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
HI Medium
Bedrooms
8
Full bathrooms
4
Half bathrooms
4
Rooms
Bedroom 5, Bedroom 7, Bedroom 8, Bathroom 7, Bathroom 4, Bedroom 2, Bathroom 2, Bathroom 5, Bedroom 4, Bedroom 3, Bathroom 8, Bathroom 3, Bathroom 6, Bedroom 1, Bedroom 6, Bathroom 1
Pets allowed
Yes, No
Subdivision
OCEAN VIEW SUBDIVISION REPLAT HOLLEY & MORGAN
Standard status
Active
APN
240150300540004
Size
4,004 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN`S S/D BLK 6 PART OF LOTS 11, 12 AND 13 MPDAF: FROM SW COR BLK 6 RUN N 17 DEG 53 MIN 23SEC W AL
Tax Annual Amount
21170
Legal Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN`S S/D BLK 6 PART OF LOTS 11, 12 AND 13 MPDAF: FROM SW COR BLK 6 RUN N 17 DEG 53 MIN 23SEC W AL
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1984
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
Frame, Stucco
Roof type
Shingle
Listing Agency:
LPT Realty, LLC
(877) 366-2213
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Added: May 11
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# B26027261
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Two adjacent fourplex buildings totaling eight units (2BR/1.5BA) offer a fully occupied multifamily portfolio. The units average approximately 1,001 SF and include separate electric meters, impact windows, and recent renovations. The buildings are constructed with frame and stucco, with tile flooring, shingle roofs, and central heating and central air conditioning.
The property sits on a 0.26-acre lot in Fort Pierce, zoned HI Medium. Public water and public sewer services are provided. The buildings were built in 1984.
The portfolio’s unit and systems upgrades—including separate metering, impact windows, and renovation work—support day-to-day resident comfort while offering operational flexibility through lease optimization.
The property sits on a 0.26-acre lot in Fort Pierce, zoned HI Medium. Public water and public sewer services are provided. The buildings were built in 1984.
The portfolio’s unit and systems upgrades—including separate metering, impact windows, and renovation work—support day-to-day resident comfort while offering operational flexibility through lease optimization.
Key Highlights
- Two adjacent fourplex buildings totaling eight 2BR/1.5BA units, fully occupied
- Separate electric meters for individual units plus impact windows
- Recent renovations; frame and stucco construction with shingle roof
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
Property Profile
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 - Two adjacent fourplex buildings totaling eight 2BR units, fully occupied, with separate electric meters and impact windows.
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 $1,150,000.
What are key features of this property?
This property features: Two adjacent fourplex buildings totaling eight 2BR/1.5BA units, fully occupied; Separate electric meters for individual units plus impact windows; Recent renovations; frame and stucco construction with shingle roof
