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Property profile & analytics
FOR LEASE
Warehouses
1872 Commerce Ave 402 Vero Beach, FL 32960
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-4822660
For Lease
1 / 5
$21 SF/Yr
1872 Commerce Ave,Unit 402, Vero Beach, FL 32960
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Property summary
AI-generated overview
This Vero Beach industrial property, located at 1872 Commerce Ave, 32960, offers 6,218 square feet of climate-controlled storage units in a single-story building. Four units are currently available, ranging from 200 to 380 square feet, with lease rates from $19 to $21 per square foot plus sales tax. The building features impact doors and windows, double doors for easy access, and is conveniently situated just off Route 60, providing easy access to US-1 and the beach. Units are newly renovated and include utilities. Built in 1972, the structure is constructed of concrete block with a concrete slab roof. The property is zoned (M) Industrial and serviced by city water and FPL. Minimum divisible space is 200 square feet. Specific unit sizes and pricing are as follows: Unit #101 and #103 are 224 sq ft at $21 PSF
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,710 SF
Lot
0.25 ac (10,890 SF)
Zoning code
M
APN
33-39-01-00043-0000-00033.0
UPID
US18-4822660
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Hoppe's Authorized Vacuum & Appliance Repair Service Home Appliance Store (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$925k
CAP Approach
CAP
$595k
Comparable Approach
Comparable
$783k
Blend (final)
Blend
$800k
Owner & transaction history
Vero Commerce Avenue LLC · 4 yrs held
Vero Commerce Avenue LLC
since 2022
Last sale
$800,000
3 recorded transactions
Zoning & alternative use
M · Vero Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$870,000
+59.8%
Auto repair, garage
$805,000
+47.9%
Office building
$680,000
+24.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Vero Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Vero Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$910,000
ML approach
$925,000
CAP Approach
CAP Return
Estimation
6%
$640,000
6.5%
$595,000
7%
$550,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$545,000
Current use
MEDICAL BUILDING
$870,000
Change: +60% · Conversion: Difficult
AUTO REPAIR, GARAGE
$805,000
Change: +48% · Conversion: Easy
OFFICE BUILDING
$680,000
Change: +25% · Conversion: Difficult
RETAIL STORES
$675,000
Change: +24% · Conversion: Moderate
Blend value · Realmo final
$800k
Range $720k – $880k · ±10% · vs last sale $800k (May 27 2022)
Last sale anchor
$800k
May 27 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$216 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$5,350
Tax year 2023
Assessed value
$273,375
Assessed 2023
Previous assessed
$275,909
-0.9% YoY
Effective rate
1.96%
On assessed value
Assessed land
$55,539
Assessed improvement
$217,836
Land market value
$55,539
Improvement market value
$217,836
Total market value
$273,375
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
For Lease
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
4
Total area
3,710 SF
Lot
0.25 ac (10,890 SF)
Zoning code
M
APN
33-39-01-00043-0000-00033.0
UPID
US18-4822660
Jurisdiction
INDIAN RIVER
Zoning & alternative use
M · Vero Beach, FL
Zoning M · permitted uses
M · Vero Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Vero Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$545,000
MEDICAL BUILDING
Est. value
$870,000
AUTO REPAIR, GARAGE
Est. value
$805,000
OFFICE BUILDING
Est. value
$680,000
RETAIL STORES
Est. value
$675,000
WAREHOUSE, STORAGE Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
4
Lot
0.25 ac
Current owner
From public records · entity-resolved
Vero Commerce Avenue LLC
Entity
Mailing address
356 S SILVER PALM RD, BOCA RATON, FL 33432-7979
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 27, 2022
$800,000
Vero Commerce Avenue LLC
W C Lyon Properties LLC
Warranty Deed
—
Mar 15, 2021
—
W C Lyong Properties LLC
—
Deed
related
$175,000 · Marine Bank & Trust Company
Mar 17, 2014
—
Raf Commerce Avenue LLC
Ferretti,richard A SR & Marie A
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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