12-Unit Multifamily
951 King Orange Drive Fort Pierce, FL 34982
951 King Orange Drive, Fort Pierce, FL, 34982
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For Sale
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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 Market132
Property Features for 951 King Orange Drive
General Information
- Standard status
- Active
- Size
- 7,488 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1995
Listing Agency
Realty 100
Listed by
Shelli Cloninger · License #3500527
Source
Crexi
Added: Mar 9 Checked: Jul 17 at 6:08 am
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $195.0k | $26.04 |
| − Vacancy | −$9.4k | −$1.25 |
| EGI | $185.6k | $24.79 |
| − OpEx | −$83.5k | −$11.16 |
| NOI | $102.1k | $13.63 |
7,488 SF · lease $26.04/SF/yr · vacancy 4.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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
