Concrete Block Duplex with Impact
For Sale
$335,000
Pending
805 S Lake Drive, Fort Pierce, FL 34982
Concrete block duplex with two 2-bedroom, 1-bath units, including recent impact windows in Unit B.
Property Size1,782 SF
Days on Market69
Property Features for 805 S Lake Drive
General Information
Standard status
Pending
Size
1,782 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1973
Tenancy
Multi
Listing Agency:
Coldwell Banker Paradise
(772) 461-3250
Listed By:
Hoyt C Murphy Jr. · License #186988
(772) 971-7424
Source:
Lehmannflorida
Added: Jul 3
Changed: Aug 24
Last Checked: Jul 24 at 2:38PM
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 Coldwell Banker Paradise
Investment Insights
Based on property information with market context.
This concrete block duplex features two separate 2-bedroom, 1-bath units, with Unit B including interior remodeling. Unit B also has impact windows installed about 1 1/2 years ago.
The property is served by city water and includes a newer drainfield, reportedly about 3 years old. The metal roof was installed in 2001.
Both tenants are on month-to-month leases, and the duplex is currently generating $3,147 per month in gross income. The property is located at 805 S Lake Drive in Fort Pierce, FL 34982, on a street described as primarily single-family homes.
The property is served by city water and includes a newer drainfield, reportedly about 3 years old. The metal roof was installed in 2001.
Both tenants are on month-to-month leases, and the duplex is currently generating $3,147 per month in gross income. The property is located at 805 S Lake Drive in Fort Pierce, FL 34982, on a street described as primarily single-family homes.
Key Highlights
- Concrete block duplex built in 1973 with two 2‑bedroom, 1‑bath units (Unit B remodeled).
- Unit B interior remodeled with impact windows installed about 1.5 years ago.
- City water service and a newer drainfield installed about 3 years ago.
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
$26,169
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
7.81%
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%
$523,380
$523.4K
Cap Rate 7%
$373,843
$373.8K
Cap Rate 9%
$290,767
$290.8K
Market Conditions
NOI Build-Up for 1,782 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
$39.6K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$37.4K $20.98/SF
− OpEx
−$11.2K −$6.29/SF
NOI
$26.2K $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%
$523,380
Cap Rate 7%
$373,843
Cap Rate 9%
$290,767
Alternative Uses
Best Use
Multifamily LT 5
$373.8K
$327.1K – $436.2K
NOI $26,169 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$347.1K
$303.7K – $405.0K
NOI $24,297 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$448.1K
$392.1K – $522.8K
NOI $31,370 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 34982, FL
27,067
Population
12,356
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
84%
High-School Grad
15.5 sq mi
ZIP Area
1,746
Density / Sq Mi
$54,025
Median Household Income
$33,661
Median Earnings
$1,254
Median Rent
$228,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Concrete block duplex with two 2-bedroom, 1-bath units, including recent impact windows in Unit B.
Where is this duplex located?
The property is located at 805 S Lake Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Concrete block duplex built in 1973 with two 2‑bedroom, 1‑bath units (Unit B remodeled).; Unit B interior remodeled with impact windows installed about 1.5 years ago.; City water service and a newer drainfield installed about 3 years ago.
