Four-Unit Multifamily Property in
For Sale
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662 Granada Street, Fort Pierce, FL 34949
Four-unit multifamily property in Fort Pierce, Florida, totaling 4,512 SF.
Property Size4,612 SF
Lot Size0.36 Acres
Price / SF$444.28
Days on Market149
Property Features for 662 Granada Street
General Information
Standard status
Active
Size
4,612 SF
Class
A
Lot size
0.36 Acres
Property subtype
Multifamily
Zoning
MF
Investment Type
Core
Building Details
Year Built
1970
Year Renovated
2026
Buildings
2
Units
4
Listing Agency:
LPT Realty
(772) 713-4204
Listed By:
John DiGirolomo · License #SL3458838
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 8 at 6:37AM
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 property at 662 Granada Street is a four-unit multifamily property located in Fort Pierce, Florida. Constructed in 1970, the asset consists of two concrete duplex buildings totaling approximately 4,512 square feet of living area situated on a ±0.36-acre parcel. The property is comprised of four three-bedroom, one-bathroom units, with each unit averaging approximately 1,128 square feet. The large three-bedroom floorplans provide a desirable unit mix. The layout of the property, with two separate duplex structures, creates flexibility for investors seeking multiple operational strategies or potential ownership structures. The property consists of two single-story duplex buildings, each containing two residential units. The buildings feature concrete block construction with stucco exterior, durable roofing systems, and tile flooring. The site totals approximately 15,663 square feet (0.36 acres) and provides ample spacing between buildings along with surface parking for residents. The property’s configuration offers the potential to operate the buildings independently, which may allow for different operational strategies or future asset division depending on investor objectives.
Key Highlights
- Four large three‑bedroom, one‑bathroom units averaging 1,128 square feet, appealing to families and workforce tenants.
- Well‑located in Fort Pierce, Florida, supporting strong rental demand.
- Two separate duplex buildings offer flexible operational strategies and potential ownership structures.
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
$67,729
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
3.31%
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%
$1,354,580
$1.4M
Cap Rate 7%
$967,557
$967.6K
Cap Rate 9%
$752,544
$752.5K
Market Conditions
NOI Build-Up for 4,612 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
$102.4K $22.20/SF
− Vacancy
−$5.6K −$1.22/SF
EGI
$96.8K $20.98/SF
− OpEx
−$29.0K −$6.29/SF
NOI
$67.7K $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 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%
$1,354,580
Cap Rate 7%
$967,557
Cap Rate 9%
$752,544
Alternative Uses
Best Use
Multifamily LT 5
$967.6K
$846.6K – $1.13M
NOI $67,729 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$898.3K
$786.0K – $1.05M
NOI $62,883 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,190 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
68
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 - Four-unit multifamily property in Fort Pierce, Florida, totaling 4,512 SF.
Where is this quadplex located?
The property is located at 662 Granada Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $2,049,000.
What are key features of this property?
This property features: Four large three‑bedroom, one‑bathroom units averaging 1,128 square feet, appealing to families and workforce tenants.; Well‑located in Fort Pierce, Florida, supporting strong rental demand.; Two separate duplex buildings offer flexible operational strategies and potential ownership structures.
