Versatile Concrete Building on
For Sale
$2,350,000
673 US Highway 1, Vero Beach, FL 32962
Adaptable concrete buildings suitable for various commercial purposes.
Property Size14,656 SF
Lot Size0.68 Acres
Price / SF$231.30
Days on Market178
Property Features for 673 US Highway 1
General Information
Standard status
Active
Size
14,656 SF
Lot size
0.68 Acres
Property subtype
Commercial
Building Details
Building Size
14,656 SF
Year Built
1972
Stories
1
Listing Agency:
Lambert Commercial Real Estate
Listed By:
Kevin Lambert · License #BK3327845
(772) 532-1165
Source:
Elliman
Added: Mar 11
Changed: Sep 4
Last Checked: Sep 1 at 8:06PM
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 Lambert Commercial Real Estate
Investment Insights
Based on property information with market context.
This property features secure concrete buildings suitable for a variety of uses, including data centers, showrooms, distribution, research and development, and auto storage. Both buildings are air-conditioned and constructed with all impact glass and pre-cast concrete. A large 18-foot monument sign is included. The North Building offers an office area with a wide-open showroom and sales floor featuring plank flooring, one private office, an 18x12 conference room, and two restrooms. The South Building is designed as a three-stage storage facility, incorporating a 5,764 square foot showroom, a 2,602 square foot storage area, and a 1,794 square foot delivery room. It also includes one office and two restrooms. The property is located on US Highway 1 in Vero Beach, Florida.
Key Highlights
- Secure concrete building suitable for multiple uses.
- Both buildings are air conditioned with impact glass and pre‑cast concrete construction.
- North Building features a wide‑open showroom/sales floor with plank flooring.
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
$97,612
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
4.15%
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%
$1,952,240
$2.0M
Cap Rate 7%
$1,394,457
$1.4M
Cap Rate 9%
$1,084,578
$1.1M
Market Conditions
NOI Build-Up for 10,160 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
$152.4K $15.00/SF
− Vacancy
−$13.0K −$1.28/SF
EGI
$139.4K $13.73/SF
− OpEx
−$41.8K −$4.12/SF
NOI
$97.6K $9.61/SF
Area
Indian River County, FL
Vacancy
8.50%
Lease Rate
$15.00 /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%
$1,952,240
Cap Rate 7%
$1,394,457
Cap Rate 9%
$1,084,578
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.63M
NOI $97,612 @ 7.0% cap · market cap 4.15%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,886 @ 7.0% cap · market cap 3.48%
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,969 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32962, FL
26,011
Population
12,705
Households
2
Avg Household Size
49
Median Age
25%
College-Educated
90%
High-School Grad
12.5 sq mi
ZIP Area
2,081
Density / Sq Mi
$65,137
Median Household Income
$32,617
Median Earnings
$1,184
Median Rent
$247,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- A1A Moving and Storage LLC — 640 4th Pl #105, Vero Beach, FL 32962
- Public Storage — 650 4th St, Vero Beach, FL 32962
- Vero Beach Self Storage — 605 US-1, Vero Beach, FL 32962
- Prime Storage — 900 9th Pl, Vero Beach, FL 32960
- Prime Storage — 1122 Old Dixie Hwy # B9, Vero Beach, FL 32960
Frequently Asked Questions
What type of property is this?
Warehouse - Adaptable concrete buildings suitable for various commercial purposes.
Where is this warehouse located?
The property is located at 673 US Highway 1 Vero Beach, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Secure concrete building suitable for multiple uses.; Both buildings are air conditioned with impact glass and pre‑cast concrete construction.; North Building features a wide‑open showroom/sales floor with plank flooring.
