Office Building with Vacant
For Sale
$699,000
859 16 th Pl, Vero Beach, FL 32960
Office building with tenant and ready-to-occupy unit for sale.
Property Size2,468 SF
Lot Size0.22 Acres
Price / SF$283.23
Days on Market140
Property Features for 859 16 th Pl
General Information
Standard status
Active
Size
2,468 SF
Lot size
0.22 Acres
Property subtype
Commercial
Building Details
Building Size
2,468 SF
Year Built
2004
Stories
1
Listing Agency:
(772) 360-6824
Listed By:
Joseph Schlitt · License #SL3289603
(772) 360-6824
Source:
Elliman
Added: Mar 26
Changed: Aug 8
Last Checked: Aug 8 at 4:22AM
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 Joseph Schlitt
Investment Insights
Based on property information with market context.
This office building, constructed in 2004, features concrete block and stucco (CBS) construction and a metal roof. The total building size is 2,468 square feet. One unit is occupied by a long-term tenant in approximately 1,500 square feet, operating a recording studio for radio and television advertising. The second unit, roughly 950 square feet, is currently unoccupied and available for immediate occupancy or lease. The smaller space is nicely appointed.
Key Highlights
- Unoccupied 950 Sq Ft unit ready for immediate occupancy.
- Existing long‑term tenant in a 1,500 Sq Ft unit.
- Tenant operates a recording studio suitable for radio and television advertising.
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
$26,410
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
3.78%
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%
$528,200
$528.2K
Cap Rate 7%
$377,286
$377.3K
Cap Rate 9%
$293,444
$293.4K
Market Conditions
NOI Build-Up for 2,468 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
$42.9K $17.40/SF
− Vacancy
−$7.7K −$3.13/SF
EGI
$35.2K $14.27/SF
− OpEx
−$8.8K −$3.57/SF
NOI
$26.4K $10.70/SF
Area
Indian River County, FL
Vacancy
18.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$528,200
Cap Rate 7%
$377,286
Cap Rate 9%
$293,444
Alternative Uses
Best Use
Office B
$377.3K
$330.1K – $440.2K
NOI $26,410 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$541.2K
$473.6K – $631.5K
NOI $37,887 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Office building with tenant and ready-to-occupy unit for sale.
Where is this office building located?
The property is located at 859 16 th Pl Vero Beach, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Unoccupied 950 Sq Ft unit ready for immediate occupancy.; Existing long‑term tenant in a 1,500 Sq Ft unit.; Tenant operates a recording studio suitable for radio and television advertising.
