12-Unit Multifamily
For Sale
Contact for pricing
951 King Orange Drive, Fort Pierce, FL 34982
Twelve 1-bedroom units each with private washer and dryer, with potential layout conversions to 2-bedroom configurations.
Property Size7,488 SF
Price / SF$253.61
Days on Market152
Property Features for 951 King Orange Drive
General Information
Standard status
Active
Size
7,488 SF
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Year Built
1995
Listing Agency:
Realty 100
Listed By:
Shelli Cloninger · License #3500527
Source:
Crexi
Added: Mar 9
Changed: Jul 10
Last Checked: Aug 7 at 8:07AM
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 Realty 100
Investment Insights
Based on property information with market context.
This 12-unit multifamily property offers twelve spacious 1-bedroom, 1-bath residences. Each unit includes a private washer and dryer. The current unit configuration also presents a value-add opportunity: the property’s layout could potentially be converted to 2-bedroom, 1-bath units, subject to the appropriate approvals and execution.
The property is located at 951 King Orange Drive in Fort Pierce, Florida. It operates using a master water meter.
For investors or owner-operators seeking a straightforward apartment building with in-unit laundry and an available path to reconfigure unit layouts, this 12-unit setup provides a practical foundation. The existing 1-bedroom program can support stabilized occupancy while the 2-bedroom conversion potential offers a defined way to evaluate future rentability improvements. As with any conversion plan, due diligence on feasibility, permitting, and construction requirements would be an important next step.
The property is located at 951 King Orange Drive in Fort Pierce, Florida. It operates using a master water meter.
For investors or owner-operators seeking a straightforward apartment building with in-unit laundry and an available path to reconfigure unit layouts, this 12-unit setup provides a practical foundation. The existing 1-bedroom program can support stabilized occupancy while the 2-bedroom conversion potential offers a defined way to evaluate future rentability improvements. As with any conversion plan, due diligence on feasibility, permitting, and construction requirements would be an important next step.
Key Highlights
- 12‑unit multifamily built in 1995 with twelve 1‑bedroom, 1‑bath residences
- Each unit includes a private washer and dryer
- Potential to convert each unit into a 2‑bedroom, 1‑bath layout
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
$102,095
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
5.38%
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%
$2,041,900
$2.0M
Cap Rate 7%
$1,458,500
$1.5M
Cap Rate 9%
$1,134,389
$1.1M
Market Conditions
NOI Build-Up for 7,488 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
$195.0K $26.04/SF
− Vacancy
−$9.4K −$1.25/SF
EGI
$185.6K $24.79/SF
− OpEx
−$83.5K −$11.16/SF
NOI
$102.1K $13.63/SF
Area
St. Lucie County, FL
Vacancy
4.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$2,041,900
Cap Rate 7%
$1,458,500
Cap Rate 9%
$1,134,389
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,095 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,819 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
529
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?
Apartment building - Twelve 1-bedroom units each with private washer and dryer, with potential layout conversions to 2-bedroom configurations.
Where is this apartment building located?
The property is located at 951 King Orange Drive Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: 12‑unit multifamily built in 1995 with twelve 1‑bedroom, 1‑bath residences; Each unit includes a private washer and dryer; Potential to convert each unit into a 2‑bedroom, 1‑bath layout
