Three-Bay Flex Industrial
For Sale
$1,500,000
820 35th SW, Vero Beach, FL 32968
Commercial Heavy zoning supports a flexible industrial configuration with three separately metered bays and individual restrooms.
Property Size7,500 SF
Lot Size1.00 Acre
Price / SF$200
Days on Market237
Property Features for 820 35th SW
General Information
Standard status
Active
Size
7,500 SF
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
CH
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$7,265
Amenities
Central air
Metal Roof
Central Air Cooling
Concrete Flooring
Tile Flooring
Building Details
Year Built
1997
Buildings
1
Building Size
7,500 SF
Listing Agency:
LPT REALTY
(772) 766-2001
Listed By:
CHRISTOPHER JOHN FLAIG LL · License #R11143774
Source:
Corcoran
Added: Jan 5
Changed: Aug 29
Last Checked: Aug 29 at 8:42PM
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.
Built in 1997, this 7,500-square-foot flex industrial building occupies one acre and is designated Commercial Heavy (CH). The interior is arranged as three separate bays, with each suite served by its own electric meter and restroom, providing a functional multi-unit layout within a single building. The property is fully leased with 2 years remaining on the current term.
The site is located at 820 35th SW in Vero Beach, Florida, off Oslo Road in Indian River County. Its existing configuration supports continued multi-tenant occupancy, while the individual bay layout also accommodates future repositioning for an owner-user structure or additional leasing flexibility.
The site is located at 820 35th SW in Vero Beach, Florida, off Oslo Road in Indian River County. Its existing configuration supports continued multi-tenant occupancy, while the individual bay layout also accommodates future repositioning for an owner-user structure or additional leasing flexibility.
Key Highlights
- 7,500‑square‑foot flex industrial building on one acre
- Commercial Heavy (CH) zoning
- Three independent bays with separate electric meters
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
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Balanced
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.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial Heavy zoning supports a flexible industrial configuration with three separately metered bays and individual restrooms.
Where is this flex space located?
The property is located at 820 35th 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 flex industrial building on one acre; Commercial Heavy (CH) zoning; Three independent bays with separate electric meters
