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    Vero Beach Multifamily Investment Opportunity Title is generated by Realmo AI

    706-720-738 19th Street, Vero Beach, FL 32960

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    New
    For Sale
    $1,650,000

    MULTI_FAMILY - Vero Beach, FL

    Type:Apartment
    Lot size:
    0.95 Acres
    Added:
    May 19, 2026
    Days on Market:
    4
    Last Refresh:
    May 22 at 4:06 pm

    Property Features for 706-720-738 19th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    ,
    Parking
    8
    Parking features
    Off Street
    Window features
    Blinds
    Standard status
    Active
    APN
    33390100034004000047.0
    Lot size
    0.95 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    KEYSTONE SUB BLK 4 LOTS 47 & 48, LOTS 45 & 46, E 6FT LOT 42 & LOTS 43 & 44 PBS 4-38
    Tax Annual Amount
    9775

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1967
    Floors in Building
    1
    Flooring type
    Carpet, Terrazzo
    Building materials
    Block, Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    Lucy B Hendricks
    Lucy B Hendricks

    Listing agent Lucy B Hendricks License #0401659

    Listing office Premier Estate Properties 675 Beachland Blvd, Boca Raton, FL

    Listing date May 19, 2026

    MLS# 297443 Listing URL

    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.

    HighLights

    • Fully leased multi‑family property generating $120K+ gross annual rental income.
    • Development opportunity on .95 acres comprised of 3 contiguous parcels.
    • New metal roof (Feb. 2026) and some impact windows.
    • Eight total units: Two 2/1 units and six 1/1 units with AC.
    • Located in Flood Zone X.
    • City water and sewer.

    Overview

    This fully leased multifamily property is located in Vero Beach, Florida. The property consists of three contiguous parcels totaling 0.95 acres, offering potential for future multifamily development. The existing improvements include two 2-bedroom, 1-bathroom units and six 1-bedroom, 1-bathroom units, all equipped with air conditioning. A coin laundry facility is available for tenants. The property benefits from a quiet city location east of US1 and is serviced by city water and sewer. The property is located in Flood Zone X. A new metal roof is planned for February 2026, and some impact windows are installed. The property generates over $120,000 in gross annual rental income.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.387389
    Latitude
    27.636437

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    FAQs

    What type of property is this?
    Apartment building - Fully leased multifamily property with development potential in Vero Beach.
    Where is this apartment building located?
    The property is located at 706-720-738 19th Street Vero Beach, FL.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: Fully leased multi‑family property generating $120K+ gross annual rental income.; Development opportunity on .95 acres comprised of 3 contiguous parcels.; New metal roof (Feb. 2026) and some impact windows.
    (772) 559-8812
    We can help!
    Listing Contact
    Lucy B Hendricks
    Lucy B Hendricks
    Real Estate License ID: 0401659
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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