Concrete Block Duplex
For Sale
$289,500
96 SE Norfolk Blvd, Stuart, FL 34997
Residential Income, Stuart, FL
Property Size1,131 SF
Price / SF$255.97
Days on Market45
Property Features for 96 SE Norfolk Blvd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-2A
Bedrooms
3
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 3
Parking
2
Subdivision
FISHERMANS COVE
Lot features
< 1/4 Acre
Standard status
Active
APN
403841003000009106
Size
1,131 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FISHERMANS COVE SEC 2 PHASE 1 LOT 91 E 1/2
Tax Annual Amount
3719
Legal Description
FISHERMANS COVE SEC 2 PHASE 1 LOT 91 E 1/2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s), Electric
Building Details
Year built
1980
Floors in Building
1
Flooring type
Tile - Ceramic, Tile
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
The Keyes Company
(954) 475-9813
Listed By:
Kelvin Ching · License #3298166
(954) 249-8129
Added: Jul 17
Changed: Aug 26
Last Checked: Aug 30 at 6:06AM
MLS# A12053147
Copyright © 2026 Miami REALTORS®. 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 1,131-square-foot duplex unit was built in 1980 with concrete block and stucco construction. The home includes three bedrooms, one full bathroom, and one half bathroom, along with ceramic tile flooring, neutral interior finishes, stainless steel appliances, and a full-size washer and dryer. Central air conditioning, electric heating, and ceiling fans serve the interior, while the shingle roof was replaced in 2024.
The property is located in Fisherman's Cove in Stuart, just off Kanner Highway. I-95, Costco, Publix, Walgreens, shopping, dining, and other daily conveniences are within the surrounding area. Public sewer serves the property, and there is no HOA. The adjoining duplex unit at 4503 SE Ontario Dr is also available for purchase, creating an option to acquire both units.
The property is located in Fisherman's Cove in Stuart, just off Kanner Highway. I-95, Costco, Publix, Walgreens, shopping, dining, and other daily conveniences are within the surrounding area. Public sewer serves the property, and there is no HOA. The adjoining duplex unit at 4503 SE Ontario Dr is also available for purchase, creating an option to acquire both units.
Key Highlights
- 1,131 SF duplex unit with 3 bedrooms, 1 full bathroom, and 1 half bathroom
- Concrete block and stucco construction; built in 1980
- Shingle roof replaced in 2024
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
$16,609
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
5.74%
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%
$332,180
$332.2K
Cap Rate 7%
$237,271
$237.3K
Cap Rate 9%
$184,544
$184.5K
Market Conditions
NOI Build-Up for 1,131 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
$25.1K $22.20/SF
− Vacancy
−$1.4K −$1.22/SF
EGI
$23.7K $20.98/SF
− OpEx
−$7.1K −$6.29/SF
NOI
$16.6K $14.69/SF
Area
Martin 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%
$332,180
Cap Rate 7%
$237,271
Cap Rate 9%
$184,544
Alternative Uses
Best Use
Multifamily LT 5
$237.3K
$207.6K – $276.8K
NOI $16,609 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$197.2K
$172.6K – $230.1K
NOI $13,804 @ 7.0% cap · market cap 4.77%
Theoretical Best
Retail
$297.1K
$260.0K – $346.7K
NOI $20,799 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 34997, FL
44,000
Population
22,192
Households
2
Avg Household Size
52
Median Age
30%
College-Educated
92%
High-School Grad
90.7 sq mi
ZIP Area
485
Density / Sq Mi
$75,705
Median Household Income
$37,381
Median Earnings
$1,520
Median Rent
$335,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Three-bedroom residence with ceramic tile flooring, stainless steel appliances, and a 2024 roof replacement.
Where is this duplex located?
The property is located at 96 SE Norfolk Blvd Stuart, FL.
What is the asking price?
The asking price for this property is $289,500.
What are key features of this property?
This property features: 1,131 SF duplex unit with 3 bedrooms, 1 full bathroom, and 1 half bathroom; Concrete block and stucco construction; built in 1980; Shingle roof replaced in 2024
