Renovated Multifamily Asset Near
For Sale
$1,775,000
741 Hernando Street, Hutchinson Island, FL 34949
Turnkey four-unit property one block from the Atlantic Ocean.
Property Size3,926 SF
Price / SF$452.11
Days on Market133
Property Features for 741 Hernando Street
General Information
Standard status
Active
Size
3,926 SF
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$19,062
Amenities
Two
Laminate
No
CommonArea, InUnit
Shingle
Quadruplex
Blinds
Porch, Patio
Covered, Patio, Porch
Building Details
Year Built
1986
Stories
2
Listing Agency:
LPT Realty, LLC
Listed By:
John C DiGirolomo · License #3458838
(772) 713-4204
Source:
Compass
Added: Apr 24
Changed: Sep 3
Last Checked: Jul 16 at 7:10AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
The property at 741 Hernando Street is a four-unit multifamily asset located one block from the Atlantic Ocean on South Hutchinson Island in Fort Pierce, Florida. The property has been fully renovated and offers immediate income stability with future upside through long-term and short-term rental strategies. The unit configuration includes one two-bedroom/two-bathroom unit, two two-bedroom/one-bathroom units, and one one-bedroom/one-bathroom unit. Comprehensive interior and exterior renovations have been completed, including modern finishes. The location provides access to beaches, dining, and recreational amenities. The bike score is 41, indicating it is somewhat bikeable, and the walk score is 7, indicating it is car-dependent.
Key Highlights
- Fully renovated, turnkey four‑unit multifamily property.
- Located one block from the Atlantic Ocean on South Hutchinson Island.
- Immediate income stability with future upside potential.
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
$57,654
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
3.25%
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%
$1,153,080
$1.2M
Cap Rate 7%
$823,629
$823.6K
Cap Rate 9%
$640,600
$640.6K
Market Conditions
NOI Build-Up for 3,926 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
$87.2K $22.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$82.4K $20.98/SF
− OpEx
−$24.7K −$6.29/SF
NOI
$57.7K $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%
$1,153,080
Cap Rate 7%
$823,629
Cap Rate 9%
$640,600
Alternative Uses
Best Use
Multifamily LT 5
$823.6K
$720.7K – $960.9K
NOI $57,654 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$764.7K
$669.1K – $892.2K
NOI $53,529 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$987.3K
$863.9K – $1.15M
NOI $69,113 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Turnkey four-unit property one block from the Atlantic Ocean.
Where is this quadplex located?
The property is located at 741 Hernando Street Hutchinson Island, FL.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Fully renovated, turnkey four‑unit multifamily property.; Located one block from the Atlantic Ocean on South Hutchinson Island.; Immediate income stability with future upside potential.
