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Building Details

Building Size 23,700 SF

Construction fully grouted CBS

Listing Agency: Alex MacWilliam, Inc. Real Estate

Listed By: T.P. Kennedy · License #3377487 Show Phone

Source: Elliman

Added: Aug 26 Changed: Oct 11 Last Checked: Oct 15 at 1:09AM

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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 Alex MacWilliam, Inc. Real Estate

Investment Insights

Based on property information with market context.

This 14.16±-acre flex property includes 23,700± SF of enclosed improvements arranged for office, warehouse, climate-controlled, and secure-storage functions. The facility features fully grouted CBS construction, impact-rated windows and doors, backup power, redundant electrical systems, and modern communications infrastructure.

The property also includes approximately 10± acres of established palms and a 1/2-acre pond. AG-1 zoning permits up to 3 residences plus guest houses. Located at 6850 53rd St in Vero Beach, the property is rated Car-Dependent with a walk score of 1 and Somewhat Bikeable with a bike score of 25.

The combination of enclosed commercial improvements, agricultural acreage, and residential allowances supports the stated owner-user, private collector, agricultural enterprise, and estate use profiles.

Key Highlights

• 23,700± SF of enclosed improvements on 14.16± acres
• Executive offices, expansive warehouse areas, climate‑controlled space, and secure storage
• Fully grouted CBS construction with impact windows and doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$338,127

Cap Rate

5.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,762,540 $6.8M

Cap Rate 7%

$4,830,386 $4.8M

Cap Rate 9%

$3,756,967 $3.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 23,700 SF

Gross rent

$554.6K $23.40/SF

− Vacancy

−$34.4K −$1.45/SF

EGI

$520.2K $21.95/SF

− OpEx

−$182.1K −$7.68/SF

NOI

$338.1K $14.27/SF

Area

Indian River County, FL

Vacancy

6.20%

Lease Rate

$23.40 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,762,540

Cap Rate 7%

$4,830,386

Cap Rate 9%

$3,756,967

Alternative Uses

Best Use

Flex RnD

$4.83M

$4.23M – $5.64M (±1% cap)

NOI $338,127 @ 7.0% cap · market cap 5.01%

Second Best

Office B

$3.62M

$3.17M – $4.23M (±1% cap)

NOI $253,614 @ 7.0% cap · market cap 3.76%

Theoretical Best

Specialty Retail

$5.20M

$4.55M – $6.06M (±1% cap)

NOI $363,826 @ 7.0% cap · market cap 5.39%

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

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Restaurant HVAC Service Pet Store Pet Store & Service Bed & Breakfast

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

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 32967, FL

25,785

Population

12,358

Households

2.1

Avg Household Size

50

Median Age

35%

College-Educated

91%

High-School Grad

40.0 sq mi

ZIP Area

645

Density / Sq Mi

$73,875

Median Household Income

$38,156

Median Earnings

$1,425

Median Rent

$394,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Enclosed flex facility combining executive offices, warehouse areas, climate-controlled space, and secure storage.

Where is this flex space located?

The property is located at 6850 53rd St Vero Beach, FL.

What is the asking price?

The asking price for this property is $6,750,000.

What are key features of this property?

This property features: 23,700± SF of enclosed improvements on 14.16± acres; Executive offices, expansive warehouse areas, climate‑controlled space, and secure storage; Fully grouted CBS construction with impact windows and doors