Three-Bay Industrial Flex
For Sale
$1,500,000
820 35th Court SW, Vero Beach, FL 32968
Commercial Sale, Vero Beach, FL
Property Size7,500 SF
Lot Size0.94 Acres
Price / SF$200
Days on Market299
Property Features for 820 35th Court SW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CH
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Subdivision
5940 - Other Florida County
Standard status
Active
APN
333922000220000000050
Size
7,500 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST SIDE COMMERCIAL PARK LOTS 5 & 6 PBI 13-36
Tax Annual Amount
7266
Legal Description
WEST SIDE COMMERCIAL PARK LOTS 5 & 6 PBI 13-36
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Floors in Building
1
Number of units
3
Flooring type
Tile, Concrete
Roof type
Metal
Listing Agency:
LPT Realty
(877) 366-2213
Listed By:
Christopher John Flaig ll · License #3495792
(772) 766-2001
Added: Nov 24, 2025
Changed: Sep 17
Last Checked: Sep 19 at 2:06PM
MLS# R11143774
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,500-square-foot industrial flex building was constructed in 1997 on 0.94 acres and is arranged as three independent bays. Each bay has its own electric meter and restroom, supporting separate occupancy within the existing layout. Concrete and tile flooring, central air, a metal roof, public water, and public sewer are in place. The property is zoned Commercial Heavy (CH).
The building is fully leased with 2 years remaining on the current term. Its configuration includes three distinct areas that can accommodate continued multi-bay occupancy or future owner use, subject to applicable requirements. The property is located on 35th Court SW in Vero Beach, Florida, within Indian River County.
The building is fully leased with 2 years remaining on the current term. Its configuration includes three distinct areas that can accommodate continued multi-bay occupancy or future owner use, subject to applicable requirements. The property is located on 35th Court SW in Vero Beach, Florida, within Indian River County.
Key Highlights
- 7,500‑square‑foot industrial flex building on 0.94 acres
- Three independent bays, each with its own electric meter and restroom
- Fully leased with 2 years remaining
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
Warehouse
$863.5K
$755.6K – $1.01M
NOI $60,447 @ 7.0% cap · market cap 4.03%
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Leased industrial property with separately metered bays, individual restrooms, and Commercial Heavy zoning.
Where is this flex space located?
The property is located at 820 35th Court 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: 7,500‑square‑foot industrial flex building on 0.94 acres; Three independent bays, each with its own electric meter and restroom; Fully leased with 2 years remaining
