Renovated Duplex with Metal
For Sale
Under Contract
$389,900
928 Fra Mar Place, Fort Pierce, FL 34982
Residential Income, Fort Pierce, FL
Property Size1,440 SF
Lot Size0.34 Acres
Price / SF$270.76
Days on Market149
Property Features for 928 Fra Mar Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-11 - Co
Bedrooms
5
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 1
Patio and Porch features
Porch
Pets allowed
No, Yes
Subdivision
WAGNER SUBDIVISION
Standard status
Active Under Contract
APN
242770200750008
Size
1,440 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WAGNER S/D BLK 2 LOTS 33 AND 34
Tax Annual Amount
5563
Legal Description
WAGNER S/D BLK 2 LOTS 33 AND 34
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, CBS
Roof type
Metal
Listing Agency:
Paradise Homes Realty of the T
(772) 233-3531
Listed By:
Covasky Brutus · License #3458280
(772) 621-0762
Added: Apr 13
Changed: Sep 6
Last Checked: Sep 8 at 4:06PM
MLS# B26014879
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 1,440-square-foot duplex was built in 1963 and has block/CBS construction, a metal roof, tile flooring, electric heating, and electric cooling. The exterior has been freshly painted. Unit 1 is a renovated three-bedroom, one-bath residence with new kitchen cabinets and countertops, updated light fixtures, new refrigerator and stove, and tile flooring throughout. Unit 2 contains two bedrooms and one bathroom and is currently rented at market rate.
The property occupies 0.34 acres in Fort Pierce and is served by public water and public sewer. RM-11 - Co zoning applies to the site. A porch is included, and the two-unit configuration provides separate residential spaces within one income-producing property.
The property occupies 0.34 acres in Fort Pierce and is served by public water and public sewer. RM-11 - Co zoning applies to the site. A porch is included, and the two-unit configuration provides separate residential spaces within one income-producing property.
Key Highlights
- 1,440‑square‑foot duplex on a 0.34‑acre lot
- Unit 1: renovated 3‑bedroom, 1‑bath residence
- Unit 2: 2‑bedroom, 1‑bath unit currently rented at market rate
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
$21,147
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
5.42%
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%
$422,940
$422.9K
Cap Rate 7%
$302,100
$302.1K
Cap Rate 9%
$234,967
$235.0K
Market Conditions
NOI Build-Up for 1,440 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
$32.0K $22.20/SF
− Vacancy
−$1.8K −$1.22/SF
EGI
$30.2K $20.98/SF
− OpEx
−$9.1K −$6.29/SF
NOI
$21.1K $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%
$422,940
Cap Rate 7%
$302,100
Cap Rate 9%
$234,967
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.3K – $352.5K
NOI $21,147 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$280.5K
$245.4K – $327.2K
NOI $19,634 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$362.1K
$316.9K – $422.5K
NOI $25,350 @ 7.0% cap · market cap 6.50%
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
546
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 units offer distinct configurations, including a renovated three-bedroom residence and a separately leased two-bedroom unit.
Where is this duplex located?
The property is located at 928 Fra Mar Place Fort Pierce, FL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 1,440‑square‑foot duplex on a 0.34‑acre lot; Unit 1: renovated 3‑bedroom, 1‑bath residence; Unit 2: 2‑bedroom, 1‑bath unit currently rented at market rate
