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    98Th Ave Vero Beach, FL 32966
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    98Th Ave Vero Beach, FL 32966

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    • Land
    • 50.97 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 98Th Ave

    Lot size
    50.97 lot acres
    Property type
    Land
    Property subtype
    Industrial properties

    Description

    This exceptional 76.56-acre property in Vero Beach, Florida, presents a unique investment opportunity. Located in Indian River County, at the intersection of 98th Ave and 20th Street (zip code 32966), this expansive land parcel offers a compelling blend of industrial and residential potential. The northern approximately 50.97 acres are currently designated for commercial/industrial use, while the southern approximately 25.59 acres are zoned for multi-family development. Currently utilized for airplane hangars and an airstrip, the property boasts two artesian wells (8-10 inch and 4 inch). Existing structures include a 9,900 sq ft building and a 32,000 sq ft building, both constructed in 1973. The property is situated within an Opportunity Zone and benefits from existing FPL and gas easements along the eastern boundary. The current zoning is (A-1) Agricultural District; however, the county suggests potential rezoning to industrial, commercial, or multi-family (up to 10 units per acre) under the "Live Local Act," contingent upon the developer constructing at least 40% affordable housing. County water and sewer are available. The 2023 property taxes totaled $16,395.35. The asking price for the entire 76.56 acres is $10,800,000 ($141,066 per acre); however, the owner may consider selling the northern 50.97 acres separately for $7,190,134.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.5278
    Latitude
    27.637

    Comparable in this City

    • Value Estimation by Request
      50.97 Acres

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      156.07 Acres

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      Farms • 156.07 Acres
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      5.00 Acres

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      Land • 5.00 Acres
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      2566 95Th Ct

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      12.00 Acres

      2200 93Rd Ave

      Land • 12.00 Acres
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    • Value Estimation by Request
      2.63 Acres

      7775 20Th St

      Multifamily properties • 2.63 Acres
      7775 20Th St, Vero Beach, FL 32966
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    Similar Nearby for Sale

    • $113,900

      Land Available in Vero Beach

      Land for sale in Indian River County, Vero Beach, FL.
      2420 85Th Ct, Vero Beach, FL 32966
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    • $1,899,000
      Pending

      Vero Beach Land Available

      Land available in Vero Beach with seller financing.
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      3,600 SF

      Land For Sale

      Land available for sale.
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    • $2,900,000

      East Central Florida Land

      Land available in East Central Florida, Indian River County.
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    Similar Nearby for Lease

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      Industrial Land Build-to-Suit Opportunity

      Prime I-95 interchange location with flexible building sizes.
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      Vero Beach Commercial Land

      Commercial land available for lease in Vero Beach, Florida.
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      3,235 SF

      Vero Beach Retail Space

      Retail space available for lease in Vero Beach, Florida.
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    • $14 SF/Yr
      15,500 SF

      Retail Space on State Road

      Retail space available in renovated Vero Beach shopping center.
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    Vero Beach, FL 32966
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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