Renovated Four-Unit
For Sale
$2,049,000
662 Granada Street, Hutchinson Island, FL 34949
ResidentialIncome, Hutchinson Island, FL
Property Size4,512 SF
Lot Size0.36 Acres
Price / SF$454.12
Days on Market53
Property Features for 662 Granada Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
,
Zoning description
Residential
Parking
8
Parking features
Off Street
Window features
Blinds
Patio and Porch features
Patio, Porch
Interior features
SplitBedrooms
Exterior features
Porch, Patio
Subdivision
Fort Pierce Bch
Lot features
Corner Lot, Quarter To Half Acre Lot
Directions
Driving South on Seaway Dr., Turn Right on Granada Street, Property is on the Left.
Standard status
Active
APN
240150300290000
Size
4,512 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN S S/D BLK 4 LOT 4- LESS E 21.86 FT- AND ALL OF LOTS 5 AND 10 (0.36 AC - 15,663 SF)
Tax Annual Amount
22745
Legal Description
OCEAN VIEW S/D REVISED PLAT HOLLEY AND MORGAN S S/D BLK 4 LOT 4- LESS E 21.86 FT- AND ALL OF LOTS 5 AND 10 (0.36 AC - 15,663 SF)
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Laminate
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
Compass Florida LLC
(772) 492-7777
Listed By:
Jarrett T Bass · License #3584150
(772) 584-2318
Added: Jul 2
Changed: Aug 21
Last Checked: Aug 23 at 9:06AM
MLS# 298403
Copyright © 2026 Realtors Association of Indian River County. 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 four-unit residential property comprises two concrete duplex buildings on a 0.36-acre lot, with 4,512 square feet of total property area. The units feature three-bedroom, one-bath layouts averaging 1,128 square feet. Interior and building improvements include impact-resistant windows and doors, digital locks, central air conditioning, new water heaters, Dolomite kitchen counters, premium appliances, and LifeProof flooring. Split-bedroom plans are complemented by porches, patios, off-street parking, a shingle roof, and public water service.
The property is located at 662 Granada Street on Hutchinson Island, one block from the Atlantic. Short-term rentals are allowed, providing flexibility for vacation hosting or longer-term leasing. The 1970-built property has block and concrete construction with central electric heating and cooling.
The property is located at 662 Granada Street on Hutchinson Island, one block from the Atlantic. Short-term rentals are allowed, providing flexibility for vacation hosting or longer-term leasing. The 1970-built property has block and concrete construction with central electric heating and cooling.
Key Highlights
- Four‑unit property arranged across two concrete duplex buildings
- 0.36‑acre lot with 4,512 square feet of total property area
- Three‑bedroom, one‑bath units averaging 1,128 square feet
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
Lease Details
4
Residential units
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 - Two concrete duplex buildings offer updated interiors, outdoor space, and short-term rental eligibility.
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‑unit property arranged across two concrete duplex buildings; 0.36‑acre lot with 4,512 square feet of total property area; Three‑bedroom, one‑bath units averaging 1,128 square feet
