Triplex with Beach
For Sale
$950,000
915-917 Turtle Cove Lane, Vero Beach, FL 32963
Three separate living spaces support flexible multifamily occupancy near beaches, shopping, and dining east of US-1.
Property Size2,400 SF
Price / SF$395.83
Days on Market505
Property Features for 915-917 Turtle Cove Lane
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family Income / Duplex
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,121
Building Details
Year Built
1988
Listing Agency:
The Keyes Company
(954) 966-0631
Listed By:
Vinod Itty · License #3443598
(954) 966-0631
Source:
Compass
Added: Apr 13, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:17PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This 2,400-square-foot triplex, built in 1988, contains three distinct living spaces. One residence offers two bedrooms and two bathrooms. The remaining structure is arranged as a two-bedroom, one-bath residence alongside a separate studio efficiency with a private bathroom and kitchenette. The property is currently configured for a combination of long-term and seasonal occupancy, with one residence rented on a long-term basis.
Located at 915-917 Turtle Cove Lane in Vero Beach, the property sits east of US-1 and close to the area’s beaches, shopping, and dining. Its triplex configuration provides multiple residential components within one property, while the coastal setting adds proximity to recreational and everyday amenities.
Located at 915-917 Turtle Cove Lane in Vero Beach, the property sits east of US-1 and close to the area’s beaches, shopping, and dining. Its triplex configuration provides multiple residential components within one property, while the coastal setting adds proximity to recreational and everyday amenities.
Key Highlights
- Triplex configuration with 3 separate living spaces
- 2,400 square feet with 1988 construction
- One residence has 2 bedrooms and 2 bathrooms
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
$27,712
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
2.92%
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%
$554,240
$554.2K
Cap Rate 7%
$395,886
$395.9K
Cap Rate 9%
$307,911
$307.9K
Market Conditions
NOI Build-Up for 2,400 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
$41.8K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.6K $16.50/SF
− OpEx
−$11.9K −$4.95/SF
NOI
$27.7K $11.55/SF
Area
Indian River County, FL
Vacancy
5.20%
Lease Rate
$17.40 /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%
$554,240
Cap Rate 7%
$395,886
Cap Rate 9%
$307,911
Alternative Uses
Best Use
Multifamily LT 5
$395.9K
$346.4K – $461.9K
NOI $27,712 @ 7.0% cap · market cap 2.92%
Second Best
Apartment 5plus
$365.5K
$319.8K – $426.4K
NOI $25,582 @ 7.0% cap · market cap 2.69%
Theoretical Best
Specialty Retail
$526.3K
$460.5K – $614.1K
NOI $36,843 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 32963, FL
16,291
Population
12,344
Households
1.3
Avg Household Size
68
Median Age
68%
College-Educated
99%
High-School Grad
17.4 sq mi
ZIP Area
936
Density / Sq Mi
$142,985
Median Household Income
$80,536
Median Earnings
$2,000
Median Rent
$894,900
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?
Triplex - Three separate living spaces support flexible multifamily occupancy near beaches, shopping, and dining east of US-1.
Where is this triplex located?
The property is located at 915-917 Turtle Cove Lane Vero Beach, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Triplex configuration with 3 separate living spaces; 2,400 square feet with 1988 construction; One residence has 2 bedrooms and 2 bathrooms
