Building Details

Year built 1974

Listing Agency: Paradise · Coldwell Banker Real Estate c***@schmidtfamilyofcompanies.com Show Phone

Listed By: Hoyt Murphy Jr · License #R11140964 Show Phone

Added: Oct 12 Changed: Oct 13 Last Checked: Oct 16 at 1:06PM

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MLS# B26087350

Copyright © 2026 Coldwell Banker Schmidt REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This 27-unit rental portfolio comprises seven duplexes, four triplexes, and one single-family home, with approximately 24,698 square feet of living area. The unit mix includes one efficiency, fifteen two-bedroom/one-bath units, ten three-bedroom/two-bath units, and one four-bedroom/two-bath unit. Most buildings use CBS construction; three triplexes are frame-built. Central air conditioning, a stove, a refrigerator, and washer hookups are provided in each unit. Three-bedroom units also have utility rooms with washer/dryer hookups.

Twenty-four units are situated in two areas identified as Lakewood Park and St. Lucie Boulevard. All units receive city water except the property at 5105 Eastwood. The portfolio was built in 1974.

Key Highlights

• 27 rental units across seven duplexes, four triplexes, and one single‑family home
• Approximately 24,698 square feet of living area
• Unit mix: 1 efficiency, 15 two‑bedroom/one‑bath, 10 three‑bedroom/two‑bath, and 1 four‑bedroom/two‑bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$362,698

Cap Rate

8.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,253,960 $7.3M

Cap Rate 7%

$5,181,400 $5.2M

Cap Rate 9%

$4,029,978 $4.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,698 SF

Gross rent

$548.3K $22.20/SF

− Vacancy

−$30.2K −$1.22/SF

EGI

$518.1K $20.98/SF

− OpEx

−$155.4K −$6.29/SF

NOI

$362.7K $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%

$7,253,960

Cap Rate 7%

$5,181,400

Cap Rate 9%

$4,029,978

Alternative Uses

Best Use

Multifamily LT 5

$5.18M

$4.53M – $6.04M (±1% cap)

NOI $362,698 @ 7.0% cap · market cap 8.06%

Second Best

Apartment 5plus

$4.81M

$4.21M – $5.61M (±1% cap)

NOI $336,746 @ 7.0% cap · market cap 7.48%

Theoretical Best

Office A

$6.21M

$5.43M – $7.25M (±1% cap)

NOI $434,784 @ 7.0% cap · market cap 9.66%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Spa & Massage Center Dental Office Auto Repair Shop Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

27

Residential units

Location Intelligence

Trade Area within ½ mile

237

Businesses Nearby

Explore this area Business Placement

Demographics for 34951, FL

15,357

Population

8,305

Households

1.8

Avg Household Size

56

Median Age

21%

College-Educated

92%

High-School Grad

24.3 sq mi

ZIP Area

632

Density / Sq Mi

$63,214

Median Household Income

$35,597

Median Earnings

$1,186

Median Rent

$229,600

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Rental units include central air conditioning, ranges, refrigerators, and washer hookups.

Where is this multifamily property located?

The property is located at 6602 MIRAMAR AVENUE Fort Pierce, FL.

What is the asking price?

The asking price for this property is $4,500,000.

What are key features of this property?

This property features: 27 rental units across seven duplexes, four triplexes, and one single‑family home; Approximately 24,698 square feet of living area; Unit mix: 1 efficiency, 15 two‑bedroom/one‑bath, 10 three‑bedroom/two‑bath, and 1 four‑bedroom/two‑bath