Zoned Multifamily Development
For Sale
$700,000
7775 20th St, Vero Beach, FL 32966
Zoned for up to 15 units per acreage, with water lines in place and sewer available for development planning.
Property Size2,954 SF
Price / SF$236.97
Days on Market48
Property Features for 7775 20th St
General Information
Standard status
Active
Size
2,954 SF
Property subtype
Land
Additional Details
Utilities to Site
Yes
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$5,780
Listing Agency:
Lambert Commercial Real Estate
(772) 643-6193
Listed By:
Edward M Amos · License #3598773
(772) 643-6193
Source:
Elliman
Added: Jun 24
Changed: Aug 8
Last Checked: Jul 16 at 7:48AM
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 is a multifamily development site with an existing 2,954 SF building on the parcel. The site is described as zoned for 6 units per acre, which equates to up to 15 total units available, subject to local approvals and development requirements.
The property is located at 7775 20th St, Vero Beach, FL 32966. The area is characterized as somewhat bikeable with a BikeScore of 37 and car-dependent with a WalkScore of 19, suggesting the location is better suited to tenants and operations relying primarily on vehicle access.
From a planning standpoint, the listing notes that water lines are already in place, and sewer service is available, which can help streamline early feasibility work. For developers, investors, or operators evaluating multifamily reuse or redevelopment, the combination of established zoning capacity and available utilities supports a straightforward next-step review of site layout and permitting pathways.
The property is located at 7775 20th St, Vero Beach, FL 32966. The area is characterized as somewhat bikeable with a BikeScore of 37 and car-dependent with a WalkScore of 19, suggesting the location is better suited to tenants and operations relying primarily on vehicle access.
From a planning standpoint, the listing notes that water lines are already in place, and sewer service is available, which can help streamline early feasibility work. For developers, investors, or operators evaluating multifamily reuse or redevelopment, the combination of established zoning capacity and available utilities supports a straightforward next-step review of site layout and permitting pathways.
Key Highlights
- Zoned for up to 6 units per acre, for a total of 15 units available
- Water lines already in place for development
- Sewer available
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
$31,487
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
4.50%
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%
$629,740
$629.7K
Cap Rate 7%
$449,814
$449.8K
Cap Rate 9%
$349,856
$349.9K
Market Conditions
NOI Build-Up for 2,954 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
$60.3K $20.40/SF
− Vacancy
−$3.0K −$1.02/SF
EGI
$57.2K $19.38/SF
− OpEx
−$25.8K −$8.72/SF
NOI
$31.5K $10.66/SF
Area
Indian River County, FL
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$629,740
Cap Rate 7%
$449,814
Cap Rate 9%
$349,856
Alternative Uses
Best Use
Apartment 5plus
$449.8K
$393.6K – $524.8K
NOI $31,487 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$647.8K
$566.9K – $755.8K
NOI $45,348 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Explore this area
Business Placement
Demographics for 32966, FL
19,724
Population
11,887
Households
1.7
Avg Household Size
62
Median Age
33%
College-Educated
97%
High-School Grad
259.8 sq mi
ZIP Area
76
Density / Sq Mi
$63,144
Median Household Income
$39,945
Median Earnings
$1,442
Median Rent
$264,300
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?
Residential land & home lot - Zoned for up to 15 units per acreage, with water lines in place and sewer available for development planning.
Where is this residential land & home lot located?
The property is located at 7775 20th St Vero Beach, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Zoned for up to 6 units per acre, for a total of 15 units available; Water lines already in place for development; Sewer available
