Four-Unit Multifamily Property in
For Sale
$2,049,000
662 Granada Street, Hutchinson Island, FL 34949
Four spacious units on a large lot in Fort Pierce.
Property Size4,512 SF
Lot Size0.36 Acres
Price / SF$454.12
Days on Market139
Property Features for 662 Granada Street
General Information
Standard status
Active
Size
4,512 SF
Lot size
0.36 Acres
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$22,745
Amenities
One
Laminate
No
LaundryRoom
SplitBedrooms
Shingle
Quadruplex
Blinds
Porch, Patio
Covered, Patio, Porch
Building Details
Year Built
1970
Stories
1
Listing Agency:
LPT Realty, LLC
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Compass
Added: Apr 24
Changed: Sep 8
Last Checked: Jul 16 at 8:08AM
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, LLC
Investment Insights
Based on property information with market context.
This property features a four-unit multifamily building, consisting of two concrete duplex buildings located in Fort Pierce. The property includes four units, each with 3 bedrooms and 1 bathroom, averaging approximately 1,128 square feet. The property is situated on a lot of approximately 0.36 acres, providing ample parking and separation between the buildings. The concrete block construction and durable finishes contribute to the property's low-maintenance nature. The configuration allows for potential flexibility, including the option to operate as two separate duplexes. This property is suited for investors seeking a small multifamily property with strong rental demand for larger units in a growing coastal market.
Key Highlights
- Four spacious 3‑bedroom, 1‑bath units averaging approximately 1,128 square feet.
- Low‑maintenance concrete block construction and durable finishes.
- ±0.36‑acre lot with ample parking and separation between buildings.
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
$66,260
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
3.23%
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%
$1,325,200
$1.3M
Cap Rate 7%
$946,571
$946.6K
Cap Rate 9%
$736,222
$736.2K
Market Conditions
NOI Build-Up for 4,512 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
$100.2K $22.20/SF
− Vacancy
−$5.5K −$1.22/SF
EGI
$94.7K $20.98/SF
− OpEx
−$28.4K −$6.29/SF
NOI
$66.3K $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%
$1,325,200
Cap Rate 7%
$946,571
Cap Rate 9%
$736,222
Alternative Uses
Best Use
Multifamily LT 5
$946.6K
$828.3K – $1.10M
NOI $66,260 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$878.8K
$769.0K – $1.03M
NOI $61,519 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$1.13M
$992.9K – $1.32M
NOI $79,429 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
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 spacious units on a large lot in Fort Pierce.
Where is this quadplex located?
The property is located at 662 Granada Street Hutchinson Island, 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 spacious 3‑bedroom, 1‑bath units averaging approximately 1,128 square feet.; Low‑maintenance concrete block construction and durable finishes.; ±0.36‑acre lot with ample parking and separation between buildings.
