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Property profile & analytics
OFF-MARKET
Estimated value
$1,475,000
Office buildings
423 Delaware Ave, Fort Pierce, FL 34950-8355
Entity Owned
9-yr Hold
Free & Clear
Property ID
US18-5267627
Property summary
AI-generated overview
This exceptional Class A executive office building at 423 Delaware Ave, Fort Pierce, FL 34950, presents a unique investment opportunity. Boasting 7,523 square feet of net rentable space across two stories, this fully renovated building offers high-end finishes and excellent visibility in the Central Business District, with nearly 13,000 vehicles passing daily. Currently 90% occupied, the property generates a strong net operating income (NOI) of $157,983, yielding an 8.78% cap rate at an asking price of $1,800,000 ($239.27/sq ft). Built in 1974 and situated on a single lot within the permitted OFFICE zoning of St. Lucie County, this multi-tenant property is ideal for owner-users seeking a move-in ready space or investors looking for a stable, cash-flowing asset. The current owner is open to a sale-leaseback arrangement, providing further flexibility for potential buyers. This is a rare chance to acquire a meticulously maintained, high-performing office building in a thriving downtown location. The property consists of one building with one unit.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1974
Construction
CONCRETE BLOCKS
Total area
6,523 SF
Lot
0.32 ac (14,100 SF)
Zoning code
GENERAL CO
APN
2410-712-0002-000-5
UPID
US18-5267627
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
-
Spector Investigations Law Firm Security Service
-
Mildner & Associates, P.A. Law Firm
-
Glenn Blake Law Firm
-
MediationWorks Ft. Pierce Mediation Service
-
Alexander Elliott Law, PA Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.36M
Comparable Approach
Comparable
$1.53M
Blend (final)
Blend
$1.48M
Owner & transaction history
Mrg Office Holdings LLC · 9 yrs held
Mrg Office Holdings LLC
since 2017
5 recorded transactions
Zoning & alternative use
GENERAL CO · Fort Pierce, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Fort Pierce submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Fort Pierce 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,465,000
6.5%
$1,355,000
7%
$1,255,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,785,000
Current use
AUTO REPAIR, GARAGE
$1,705,000
Change: -4% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,470,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$1.48M
Range $1.33M – $1.62M · ±10%
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
$226 / 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
$17,492
Tax year 2023
Assessed value
$1,452,100
Assessed 2023
Previous assessed
$399,033
+263.9% YoY
Effective rate
1.20%
On assessed value
Assessed land
$162,200
Assessed improvement
$1,289,900
Land market value
$162,200
Improvement market value
$1,289,900
Total market value
$1,452,100
Applied tax rate
9,022.0000
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1974
Construction
CONCRETE BLOCKS
Heating
FORCED AIR
Cooling
YES
Stories
2
Units
3
Rooms
6
Bathrooms
1
Total area
6,523 SF
Lot
0.32 ac (14,100 SF)
Zoning code
GENERAL CO
APN
2410-712-0002-000-5
UPID
US18-5267627
Jurisdiction
ST LUCIE
Zoning & alternative use
GENERAL CO · Fort Pierce, FL
Zoning GENERAL CO · permitted uses
GENERAL CO · Fort Pierce, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Fort Pierce. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$1.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.5M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
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
1974
Construction
CONCRETE BLOCKS
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
3
Rooms
6
Bathrooms
1
Lot
0.32 ac
Current owner
From public records · entity-resolved
Mrg Office Holdings LLC
Entity
Free & Clear · 9 yrs held
Mailing address
423 DELAWARE AVE, FORT PIERCE, FL 34950-8355
Ownership since
2017
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
Apr 28, 2017
—
Mrg Office Holdings LLC
—
Deed
related
$1,402,500 · Seacoast National Bank
Mar 17, 2017
—
Mrg Office Holdings LLC
Blake Frances Trust
Quit Claim Deed
related
—
Sep 8, 2008
—
Blake Francese P Land Trust
Blake,glenn M
Quit Claim Deed
related
—
Dec 28, 2006
—
Blake Glenn M Land Trust
—
Trustees Deed
related
$300,000 · Harbor Fsb
—
—
Blake,glenn M Tr
—
Deed Of Trust
related
$300,000 · Harbor Fsb
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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