CBS Duplex with Private
For Sale
$359,999
902 N Lake Drive, Fort Pierce, FL 34982
Two separate units provide private access, comfortable living areas, and owner-occupant flexibility.
Property Size1,836 SF
Days on Market57
Property Features for 902 N Lake Drive
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,830
Building Details
Building Size
1,836 SF
Year Built
1973
Buildings
1
Construction
CBS
Listing Agency:
FlatFee.com
(954) 965-3990
Listed By:
Cliff Glansen · License #707077
(954) 965-3990
Source:
Meyerlucas
Added: Jul 7
Changed: Aug 31
Last Checked: Aug 30 at 10:37PM
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 FlatFee.com
Investment Insights
Based on property information with market context.
This duplex contains two residential units within a CBS-constructed property, with private entrances serving each residence. The layouts provide practical living areas and access to natural light, supporting separate occupancy within the building. Constructed in 1973, the property sits on a spacious lot in Fort Pierce.
The address is 902 N Lake Drive, with access to US-1 and a range of nearby services and destinations, including shopping, restaurants, schools, medical facilities, and Treasure Coast beaches. The two-unit configuration can accommodate separate residents or an owner-occupant arrangement with another household in the adjoining unit.
The address is 902 N Lake Drive, with access to US-1 and a range of nearby services and destinations, including shopping, restaurants, schools, medical facilities, and Treasure Coast beaches. The two-unit configuration can accommodate separate residents or an owner-occupant arrangement with another household in the adjoining unit.
Key Highlights
- Two‑unit duplex configuration
- CBS construction completed in 1973
- Private entrance for each unit
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
$26,962
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
7.49%
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%
$539,240
$539.2K
Cap Rate 7%
$385,171
$385.2K
Cap Rate 9%
$299,578
$299.6K
Market Conditions
NOI Build-Up for 1,836 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
$40.8K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$38.5K $20.98/SF
− OpEx
−$11.6K −$6.29/SF
NOI
$27.0K $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%
$539,240
Cap Rate 7%
$385,171
Cap Rate 9%
$299,578
Alternative Uses
Best Use
Multifamily LT 5
$385.2K
$337.0K – $449.4K
NOI $26,962 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$357.6K
$312.9K – $417.2K
NOI $25,033 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$461.7K
$404.0K – $538.7K
NOI $32,321 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
522
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units provide private access, comfortable living areas, and owner-occupant flexibility.
Where is this duplex located?
The property is located at 902 N Lake Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $359,999.
What are key features of this property?
This property features: Two‑unit duplex configuration; CBS construction completed in 1973; Private entrance for each unit
