98Th Ave Vero Beach, FL 32966

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.