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    601 Ocean Dr Fort Pierce, FL 34949

    For Sale
    $3,200,000

    12-Unit Multifamily Investment Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional 12-unit apartment building, located at 601 S Ocean Dr, Fort Pierce, FL 34949, presents a compelling investment opportunity. The property, built between 1950 and 1952, sits on a 0.46-acre lot and boasts a desirable R-4A zoning designation. The two-story building comprises a diverse unit mix: two 2-bedroom/2-bathroom units, three 1-bedroom/1-bathroom units, and seven efficiently designed units. Currently generating a gross annual income of $225,000, this translates to a price per unit of $266,667. The asking price for the entire complex is $3,200,000. Its prime location along the Atlantic coast in Fort Pierce offers significant potential for high rental demand, making it attractive to both long-term tenants and vacation renters. The property's strong cash flow, combined with its desirable location and unit mix, makes it an ideal addition to any investment portfolio. The APN is 2401-502-0020-000-4. This is a rare chance to acquire a well-established multifamily property in a thriving coastal community. Don't miss this opportunity to secure a piece of Florida's vibrant real estate market.

    Property Features for 601 Ocean Dr

    General Information

    Property type
    Multifamily properties
    Lot Size
    20,038 SF

    Building Details

    Year Built
    1950
    Stories
    2
    Units
    12

    HighLights

    • $3,200,000 asking price for a 12‑unit apartment building.
    • Located at 601 S Ocean Dr, Fort Pierce, FL 34949.
    • 12 units, with a mix of one and two‑bedroom floor plans.
    • Currently generating $225,000 in annual gross income.
    • Built between 1950 and 1952, situated on a 0.46‑acre lot.
    • Zoned R‑4A.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sea House Apartments Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Gym & Fitness Skin Care Clinic Pharmacy

    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
    -80.290254
    Latitude
    27.4629046

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    FAQs

    What type of property is this?
    Multifamily property - 12-Unit Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 601 Ocean Dr Fort Pierce, FL.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: $3,200,000 asking price for a 12-unit apartment building.; Located at 601 S Ocean Dr, Fort Pierce, FL 34949.; 12 units, with a mix of one and two-bedroom floor plans.
    Request Owner's contact information
    601 Ocean Dr Fort Pierce, FL 34949
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    Realmo Value Estimation

    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.

    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.

    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
    601 Ocean Dr Fort Pierce, FL 34949
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