Updated Furnished
For Sale
$679,000
Pending
657 Cleveland Ave, Stuart, FL 34994
Renovated residences offer furnished interiors, shared laundry, individual storage, and a fenced property with recreational vehicle space.
Property Size1,417 SF
Days on Market29
Property Features for 657 Cleveland Ave
General Information
Standard status
Pending
Size
1,417 SF
Property subtype
Residential Income
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$10,928
Amenities
shared laundry room
individual storage units
low-maintenance landscaping
7 foot fence
Listing Agency:
Illustrated Properties LLC / S
(772) 215-3184
Listed By:
Lisa Adams · License #665288
(772) 215-3184
Source:
Exprealty
Added: Jul 11
Changed: Aug 8
Last Checked: Aug 8 at 3:05AM
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 Illustrated Properties LLC / S
Investment Insights
Based on property information with market context.
Located at 657 Cleveland Ave in Stuart, this renovated triplex is arranged as two one-bedroom, one-bath residences and one two-bedroom, one-bath residence. All three units are furnished, and the property includes a shared laundry room, individual storage for each residence, and low-maintenance landscaping. A 7 foot fence encloses the site, with room for boats, RVs, golf carts, and other recreational vehicles.
The property is zoned for Residential, Multifamily, or Office space, supporting several potential occupancy and use configurations. It sits just blocks from the Stuart Boat Launch and Shepard's Park, with Downtown Stuart a short drive to the east. The surrounding area offers waterfront dining, boutique shopping, and live entertainment.
The property is zoned for Residential, Multifamily, or Office space, supporting several potential occupancy and use configurations. It sits just blocks from the Stuart Boat Launch and Shepard's Park, with Downtown Stuart a short drive to the east. The surrounding area offers waterfront dining, boutique shopping, and live entertainment.
Key Highlights
- Triplex with two 1/1 units and one 2/1 unit
- All residences renovated and fully furnished
- Zoned for Residential, Multifamily, or Office space
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
$20,809
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
3.06%
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%
$416,180
$416.2K
Cap Rate 7%
$297,271
$297.3K
Cap Rate 9%
$231,211
$231.2K
Market Conditions
NOI Build-Up for 1,417 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
$31.5K $22.20/SF
− Vacancy
−$1.7K −$1.22/SF
EGI
$29.7K $20.98/SF
− OpEx
−$8.9K −$6.29/SF
NOI
$20.8K $14.69/SF
Area
Martin 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%
$416,180
Cap Rate 7%
$297,271
Cap Rate 9%
$231,211
Alternative Uses
Best Use
Multifamily LT 5
$297.3K
$260.1K – $346.8K
NOI $20,809 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$247.1K
$216.2K – $288.3K
NOI $17,295 @ 7.0% cap · market cap 2.55%
Theoretical Best
Retail
$372.3K
$325.7K – $434.3K
NOI $26,058 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 34994, FL
17,843
Population
10,086
Households
1.8
Avg Household Size
51
Median Age
36%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
2,663
Density / Sq Mi
$62,895
Median Household Income
$33,547
Median Earnings
$1,558
Median Rent
$248,900
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?
Triplex - Renovated residences offer furnished interiors, shared laundry, individual storage, and a fenced property with recreational vehicle space.
Where is this triplex located?
The property is located at 657 Cleveland Ave Stuart, FL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Triplex with two 1/1 units and one 2/1 unit; All residences renovated and fully furnished; Zoned for Residential, Multifamily, or Office space
