Warehouse Condos Near
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679 Northwest Enterprise Dr, Port St Lucie, FL 34986
Two warehouse condos totaling 10,500 SF near I-95.
Property Size10,500 SF
Price / SF$214.29
Days on Market881
Property Features for 679 Northwest Enterprise Dr
General Information
Standard status
Active
Size
10,500 SF
Property subtype
Industrial
Zoning
Warehouse Industrial
Building Details
Year Built
2006
Buildings
1
Stories
1
Units
2
Listing Agency:
Crady Mackin Belland Commercial Real Estate
(772) 286-5744
Listed By:
Matthew Mondo · License #FL SL3445909
Source:
Crexi
Added: Apr 4, 2024
Changed: Aug 25
Last Checked: Aug 30 at 5:25PM
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 Crady Mackin Belland Commercial Real Estate
Investment Insights
Based on property information with market context.
Two warehouse condos are available for purchase, totaling 10,500 square feet. Each unit includes 600 square feet of office space and features 23-foot ceiling heights and three expansive roller doors. The property is equipped with 200 AMP electrical services, 3 phase power, and a fire sprinkler system. The warehouse provides two points of entry for easy navigation of large vehicles, along with ample parking. Located approximately 1.9 miles from I-95, the property is surrounded by both national and local retailers. The units are currently leased with a rent roll.
Key Highlights
- Two warehouse condos totaling 10,500 square feet.
- Conveniently located 1.9 miles from I95.
- Impressive 23’ ceiling heights.
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
$132,678
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
5.90%
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%
$2,653,560
$2.7M
Cap Rate 7%
$1,895,400
$1.9M
Cap Rate 9%
$1,474,200
$1.5M
Market Conditions
NOI Build-Up for 10,500 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
$226.8K $21.60/SF
− Vacancy
−$49.9K −$4.75/SF
EGI
$176.9K $16.85/SF
− OpEx
−$44.2K −$4.21/SF
NOI
$132.7K $12.64/SF
Area
St. Lucie County, FL
Vacancy
22.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,653,560
Cap Rate 7%
$1,895,400
Cap Rate 9%
$1,474,200
Alternative Uses
Best Use
Office B
$1.90M
$1.66M – $2.21M
NOI $132,678 @ 7.0% cap · market cap 5.90%
Second Best
Warehouse
$1.28M
$1.12M – $1.50M
NOI $89,887 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,842 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34986, FL
30,027
Population
14,600
Households
2.1
Avg Household Size
56
Median Age
35%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,597
Density / Sq Mi
$85,842
Median Household Income
$44,182
Median Earnings
$1,600
Median Rent
$368,300
Median Home Value
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Two warehouse condos totaling 10,500 SF near I-95.
Where is this warehouse located?
The property is located at 679 Northwest Enterprise Dr Port St Lucie, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two warehouse condos totaling 10,500 square feet.; Conveniently located 1.9 miles from I95.; Impressive 23’ ceiling heights.
