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Property profile & analytics
OFF-MARKET
Estimated value
$1,335,000
Garden apartment buildings
1896 40th Ave Vero Beach, FL 32960-2500
Entity Owned
3-yr Hold
Free & Clear
Property ID
US18-2670963
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,980 SF
Lot
0.3 ac (13,068 SF)
Zoning code
RCLO
APN
33-39-03-00026-0080-00001.0
UPID
US18-2670963
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.50M
CAP Approach
CAP
$980k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.34M
Owner & transaction history
Vb 40th Avenue LLC · 3 yrs held
Vb 40th Avenue LLC
since 2022
Last sale
$1.3M
5 recorded transactions
Zoning & alternative use
RCLO · Vero Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of this District is to establish development standards which can be implemented in areas of the city that are stagnant or in a state of decline and areas where residential redevelopment activity is needed and desirable, these development standards are designed to preserve and enhance the safety and residential character of neighborhoods while per…
Zone name
Residential Congregate Living And Limited Office
General category
RESIDENTIAL
Zone area
16.20 ac
Source
Realmo
Top alternative use upside
Medical building
$1.4M
+35.6%
Auto repair, garage
$1.3M
+25.4%
Office building
$1.1M
+5.8%
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
$1,520,000
ML approach
$1,495,000
CAP Approach
CAP Return
Estimation
6%
$1,060,000
6.5%
$980,000
7%
$910,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,035,000
Current use
MEDICAL BUILDING
$1,400,000
Change: +36% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,295,000
Change: +25% · Conversion: Difficult
OFFICE BUILDING
$1,095,000
Change: +6% · Conversion: Moderate
RETAIL STORES
$1,090,000
Change: +5% · Conversion: Difficult
WAREHOUSE, STORAGE
$875,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$1.34M
Range $1.20M – $1.47M · ±10% · vs last sale $1.34M (Dec 6 2022)
Last sale anchor
$1.34M
Dec 6 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
$223 / 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
$5,945
Tax year 2023
Assessed value
$322,113
Assessed 2023
Previous assessed
$323,332
-0.4% YoY
Effective rate
1.85%
On assessed value
Assessed land
$24,234
Assessed improvement
$297,879
Land market value
$24,234
Improvement market value
$297,879
Total market value
$322,113
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
2
Units
8
Total area
5,980 SF
Lot
0.3 ac (13,068 SF)
Zoning code
RCLO
APN
33-39-03-00026-0080-00001.0
UPID
US18-2670963
Jurisdiction
INDIAN RIVER
Zoning & alternative use
RCLO · Vero Beach, FLZoning RCLO · permitted uses
RCLO · Vero Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of this District is to establish development standards which can be implemented in areas of the city that are stagnant or in a state of decline and areas where residential redevelopment activity is needed and desirable, these development standards are designed to preserve and enhance the safety and residential character of neighborhoods while permitting adult congregate living facilities (ACLF), community residential homes, nursing homes
Zone name
Residential Congregate Living And Limited Office
General category
RESIDENTIAL
Zone area
16.20 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.1M
RETAIL STORES
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$875,000
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
2
Units
8
Lot
0.3 ac
Current owner
From public records · entity-resolved
Vb 40th Avenue LLC
Entity
Free & Clear · 3 yrs held
Mailing address
120 S OLIVE AVE, WEST PALM BEACH, FL 33401-5501
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 6, 2022
$1,339,000
Vb 40th Avenue LLC
Dec3 INC
Warranty Deed
—
Oct 13, 2017
$1,025,000
Dec3 INC
Cape Sunbelt LP
Grant Deed
$1,537,500 · Centerstate Bk NA
Feb 10, 2016
$389,000
Cape Sunbelt LP
Treasure Coast Apartments LLC
Warranty Deed
—
Jul 14, 2014
$162,000
Treasure Coast Apartments LLC
Pelletier,marco
Grant Deed
—
Jun 26, 2013
$255,000
Marco Pelletier
Clemons,adelene Q
Warranty Deed
$165,750 · Marine Bank & Trust Co
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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