Versatile Flex Building For
For Sale
$1,500,000
820 35th Ct SW, Vero Beach, FL 32968
7,500 SF flex building on one acre, fully leased.
Property Size7,500 SF
Lot Size0.94 Acres
Price / SF$200
Days on Market164
Property Features for 820 35th Ct SW
General Information
Standard status
Active
Size
7,500 SF
Lot size
0.94 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$7,265
Building Details
Building Size
7,500 SF
Year Built
1997
Stories
1
Units
3
Listing Agency:
LPT Realty
(772) 766-2001
Listed By:
Christopher John Flaig ll · License #3495792
(772) 766-2001
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 21 at 1:10PM
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
Investment Insights
Based on property information with market context.
This 7,500-square-foot industrial flex building is located off Oslo Road in Indian River County. Situated on one acre, the property is zoned Commercial Heavy (CH), offering a versatile use profile. The property is fully leased with 2 years remaining on the lease, providing immediate income and a clear path for repositioning. The building is suitable as a multi-tenant investment or a future owner-user facility. The building is configured for three independent bays, each with its own electric meter and restroom. This configuration allows investors to increase NOI through market rent adjustments and multi-tenant lease-up. Owner-users have the ability to occupy one or more units and offset overhead with rental income from the remaining suites.
Key Highlights
- Versatile Commercial Heavy (CH) zoning allows for a wide range of uses.
- Fully leased with 2 years remaining, providing immediate income.
- Configured for three independent bays, each with its own electric meter and restroom.
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
$107,002
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
7.13%
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%
$2,140,040
$2.1M
Cap Rate 7%
$1,528,600
$1.5M
Cap Rate 9%
$1,188,911
$1.2M
Market Conditions
NOI Build-Up for 7,500 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
$175.5K $23.40/SF
− Vacancy
−$10.9K −$1.45/SF
EGI
$164.6K $21.95/SF
− OpEx
−$57.6K −$7.68/SF
NOI
$107.0K $14.27/SF
Area
Indian River County, FL
Vacancy
6.20%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,140,040
Cap Rate 7%
$1,528,600
Cap Rate 9%
$1,188,911
Alternative Uses
Best Use
Flex RnD
$1.53M
$1.34M – $1.78M
NOI $107,002 @ 7.0% cap · market cap 7.13%
Second Best
Industrial
$639.9K
$559.9K – $746.6K
NOI $44,793 @ 7.0% cap · market cap 2.99%
Theoretical Best
Specialty Retail
$1.64M
$1.44M – $1.92M
NOI $115,135 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32968, FL
15,006
Population
6,630
Households
2.3
Avg Household Size
50
Median Age
37%
College-Educated
95%
High-School Grad
43.5 sq mi
ZIP Area
345
Density / Sq Mi
$87,801
Median Household Income
$37,249
Median Earnings
$1,716
Median Rent
$357,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bar Vero Services — 1155 32nd Ave SW, Vero Beach, FL 32968
Frequently Asked Questions
What type of property is this?
Flex space - 7,500 SF flex building on one acre, fully leased.
Where is this flex space located?
The property is located at 820 35th Ct SW Vero Beach, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Versatile Commercial Heavy (CH) zoning allows for a wide range of uses.; Fully leased with 2 years remaining, providing immediate income.; Configured for three independent bays, each with its own electric meter and restroom.
