Furnished Triplex With Shared
For Sale
$679,000
Pending
657 SW Cleveland Avenue, Stuart, FL 34994
ResidentialIncome, Stuart, FL
Property Size1,417 SF
Lot Size0.17 Acres
Days on Market48
Property Features for 657 SW Cleveland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-3
Parking features
Driveway
Patio and Porch features
Patio
Pets allowed
Yes
Exterior features
Fence, Patio, Shed
Fencing
Fenced
Subdivision
Bessey Add
Elementary school
Jd Parker
Middle school
Stuart
High school
Jensen Beach
Directions
US1, West on St Lucie Crescent, Left on Cleveland, Property is on the left.
Standard status
Pending
APN
053841001000009209
Size
1,417 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BESSEY ADDN LOT 92
Tax Annual Amount
10928
Legal Description
BESSEY ADDN LOT 92
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Window Unit(s)
Water source
Public
Amenities
shared laundry room
storage units
Building Details
Year built
1957
Number of units
3
Flooring type
Laminate, Tile
Building materials
Block, Concrete
Roof type
Metal
Additional Structures
Outbuilding
Listing Agency:
Illustrated Properties LLC / S
(772) 221-1118
Listed By:
Lisa Adams · License #665288
(772) 215-3184
Added: Jul 11
Changed: Aug 26
Last Checked: Aug 27 at 7:06PM
MLS# M20056260
Copyright © 2026 Martin County REALTORS® of the Treasure Coast, Inc. 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.
This renovated triplex contains two 1/1 residences and one 2/1 residence, with each unit furnished for occupancy. A shared laundry room serves the property, while individual storage units provide dedicated space for each residence. The building has tile and laminate flooring, central heating, mixed cooling systems, and a metal roof. A 7 foot fence encloses the lot, which also includes a patio, shed, low-maintenance landscaping, and driveway parking. Space is available for boats, RVs, golf carts, and other recreational vehicles.
The property is zoned for Residential, Multifamily, or Office use. It is located blocks from the Stuart Boat Launch and Shepard's Park, with Downtown Stuart a short drive west. Public water and sewer serve the property.
The property is zoned for Residential, Multifamily, or Office use. It is located blocks from the Stuart Boat Launch and Shepard's Park, with Downtown Stuart a short drive west. Public water and sewer serve the property.
Key Highlights
- Triplex with two 1/1 units and one 2/1 unit
- All units are renovated and fully furnished
- Shared laundry room plus individual storage for each residence
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
Property Profile
Current Use
Lease Details
3
Residential units
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 multifamily property includes two one-bedroom units and one two-bedroom unit with individual storage.
Where is this triplex located?
The property is located at 657 SW Cleveland Avenue 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 units are renovated and fully furnished; Shared laundry room plus individual storage for each residence
