Renovated Duplex Near
For Sale
$995,000
Pending
711 S Ocean Dr, Fort Pierce, FL 34949
Flexible coastal duplex with separate entrances, mixed leasing, and a detached rear garage.
Property Size2,524 SF
Days on Market161
Property Features for 711 S Ocean Dr
General Information
Standard status
Pending
Size
2,524 SF
Property subtype
Residential Income
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,214
Building Details
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Beach Front Mann Realty
(615) 995-9986
Listed By:
Christopher Upton · License #3568178
(615) 995-9986
Source:
Exprealty
Added: Feb 27
Changed: Aug 4
Last Checked: Aug 4 at 6:50AM
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 Beach Front Mann Realty
Investment Insights
Based on property information with market context.
This fully renovated duplex contains 2,524 SF and features four separate entrances, creating a flexible configuration for residential use. One side is leased annually, while the other operates as a short-term rental. Electrical and plumbing systems were completely redone in 2024. A detached garage is positioned at the rear of the property.
The property sits on Hutchinson Island along South Ocean Drive in Fort Pierce, across A1A from the sand. The deep lot has street access from both sides and room described for an additional duplex or quadplex with parking. Restaurants, bars, and the Fort Pierce Inlet are within walking distance, adding nearby dining and recreational access.
The property sits on Hutchinson Island along South Ocean Drive in Fort Pierce, across A1A from the sand. The deep lot has street access from both sides and room described for an additional duplex or quadplex with parking. Restaurants, bars, and the Fort Pierce Inlet are within walking distance, adding nearby dining and recreational access.
Key Highlights
- 2,524 SF fully renovated duplex
- Four separate entrances support a flexible layout
- One side leased annually; the other operates as a short‑term rental
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
$37,066
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
3.73%
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%
$741,320
$741.3K
Cap Rate 7%
$529,514
$529.5K
Cap Rate 9%
$411,844
$411.8K
Market Conditions
NOI Build-Up for 2,524 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
$56.0K $22.20/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$53.0K $20.98/SF
− OpEx
−$15.9K −$6.29/SF
NOI
$37.1K $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%
$741,320
Cap Rate 7%
$529,514
Cap Rate 9%
$411,844
Alternative Uses
Best Use
Multifamily LT 5
$529.5K
$463.3K – $617.8K
NOI $37,066 @ 7.0% cap · market cap 3.73%
Second Best
Apartment 5plus
$491.6K
$430.2K – $573.6K
NOI $34,414 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$634.7K
$555.4K – $740.5K
NOI $44,432 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
27
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?
Duplex - Flexible coastal duplex with separate entrances, mixed leasing, and a detached rear garage.
Where is this duplex located?
The property is located at 711 S Ocean Dr Fort Pierce, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,524 SF fully renovated duplex; Four separate entrances support a flexible layout; One side leased annually; the other operates as a short‑term rental
