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    801 Seaway Dr Fort Pierce, FL 34949

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    Prime .9-acre mixed-use corner lot. High visibility, beach access.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional 0.9-acre commercial development site presents a unique ground lease or build-to-suit opportunity in Fort Pierce, Florida. Located at 801 Seaway Dr, 34949, this strategically positioned corner lot boasts unparalleled visibility due to its placement on a traffic roundabout with an impressive 14,800 AADT. The property is zoned PUD and offers significant potential for a variety of mixed-use developments, including office, restaurant, and retail spaces. Its prime location on Seaway Drive, the county's sole access road to South Hutchinson Island's beaches, ensures high traffic volume and exposure to a substantial tourist population. The area is already home to numerous restaurants, hotels, and tourist attractions along Seaway Drive and A1A. The site benefits from convenient access via the Harbour Isle perimeter road on the lot's south side, situated within a thriving 912-unit condominium community primarily occupied by full-time residents. Adding to its appeal, the property is adjacent to the Smithsonian Marine research Station and a new county marina and boat storage facility. This presents a rare chance to develop a property in a high-demand location with strong existing infrastructure and a vibrant surrounding community. APN: 2402-500-0009-000-8.

    Property Features for 801 Seaway Dr

    General Information

    Property type
    Office Properties & Spaces
    Lot Size
    39,204 SF

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    Listing Contact
    Mark Walters
    Mark Walters

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    HighLights

    • 0.9‑acre commercial development site in Fort Pierce, FL, at 801 Seaway Dr, 34949.
    • High‑visibility corner lot on a roundabout with 14,800 AADT.
    • PUD zoning allows for mixed‑use development (office, restaurant, retail).
    • Prime Seaway Drive location, offering high traffic volume and tourist exposure.
    • Convenient access via Harbour Isle perimeter road, within a 912‑unit condo community.
    • Adjacent to Smithsonian Marine research Station and a new county marina.
    Property Profile Location Intelligence

    Current Use by Public Records

    Harbour Isle at Hutchinson ... Condominium Complex Harbour Isle Resales Condominium Complex MASSAGE THERAPEUTIC SOLUTIONS ... Massage Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Wholesale Shop Skin Care Clinic Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Pierce
    County
    St Lucie
    State
    Florida
    Longitude
    -80.308278
    Latitude
    27.462165

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    FAQs

    What type of property is this?
    Office Property / Space - Prime .9-acre mixed-use corner lot. High visibility, beach access.
    Where is this office property / space located?
    The property is located at 801 Seaway Dr Fort Pierce, FL.
    What are key features of this property?
    This property features: 0.9-acre commercial development site in Fort Pierce, FL, at 801 Seaway Dr, 34949.; High-visibility corner lot on a roundabout with 14,800 AADT.; PUD zoning allows for mixed-use development (office, restaurant, retail).
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    801 Seaway Dr Fort Pierce, FL 34949
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