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    500 21st St Vero Beach, FL 32960-5495

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    500 21st St Vero Beach, FL 32960-5495

    View on Map
    • Community centers
    • 73,655 SF
    • 7.94 lot acres
    Off-Market
    Property ID
    US18-0818045
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,230,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • First Watch / Restaurant
    • The Tox Vero Beach / Lymph Drainage Therapist
    • Liberty Botanicals / Department Store
    • Crumbl - Vero Beach / Bakery / Specialty Food Shop
    • Quest Diagnostics / Medical Clinic

    Property Details for 500 21st St

    Year built
    1998
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    7.94 lot acres
    Property size
    73,655 SF
    Zone code
    C-1B
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    33-39-01-00001-0000-00005.0
    APU
    9223372036854775807

    Description

    This exceptional retail space, located at 500 21st St, Vero Beach, FL 32960, offers 2,500 square feet of versatile commercial space. Situated in a thriving plaza on Vero's Miracle Mile, this Class B property boasts tremendous foot traffic and benefits from its proximity to the beach, making it an ideal location for a variety of businesses. The unit, #518, is part of a two-building, single-story complex zoned (C-1B) General Commercial Trades & Services, allowing for a wide range of commercial uses. The property is conveniently located alongside established businesses such as Fresh Market, First Watch, and Crumbl Cookies, ensuring high visibility and attracting a substantial customer base. Previous tenant use was an electric bike sales business. Utilities include FPL, city water, and sewer. The lease rate is $20.00 per square foot, NNN, plus sales tax. This is a rare opportunity to establish a business in a prime Vero Beach location with exceptional visibility and high foot traffic. Don't miss out on this chance to secure a thriving retail space in a highly desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,025,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,437,000
      Market price range: $546k - $1.87M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,100,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.3842
    Latitude
    27.6408
    CBSA code
    42680
    CBSA name
    SEBASTIAN-VERO BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $127,236
    $1,469,931
    $4,557,494
    $6,027,425
    -
    $1,469,931
    $4,557,494
    $6,027,425

    Comparable in this City

    • Value Estimation
      $1,580,000
      116,458 SF

      600 21st St

      MINI-MALL • 116,458 SF
      600 21st St, Vero Beach, FL 32960-5452
      View Details
    • Value Estimation
      $1,340,000
      122,418 SF

      923 14th Ln

      MINI-MALL • 122,418 SF
      923 14th Ln, Vero Beach, FL 32960-4736
      View Details
    • Value Estimation
      $1,920,000
      138,513 SF

      405 21st St

      MINI-MALL • 138,513 SF
      405 21st St, Vero Beach, FL 32960-5455
      View Details
    • Value Estimation
      $6,375,000
      82,732 SF

      1501 Us Hwy 1st 1

      WHOLESALE OUTLET, DISCOUNT STORE • 82,732 SF
      1501 Us Hwy 1st 1, Vero Beach, FL 32960-5735
      View Details
    • Value Estimation by Request
      133,779 SF

      401-575 21St St

      Neighborhood centers • 133,779 SF
      401-575 21St St, Vero Beach, FL 32960
      View Details
    • Value Estimation
      $3,600,000
      19,975 SF

      1265 Old Dixie Hwy

      SHOPPING CENTER, STRIP CENTER • 19,975 SF
      1265 Old Dixie Hwy, Vero Beach, FL 32960-3746
      View Details

    Similar Nearby for Sale

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      2,378 SF

      Turn-Key Auto Service Facility

      Auto service facility with high visibility and equipped service bays.
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    • $1,300,000
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    Similar Nearby for Lease

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      133,779 SF

      Vero Beach Retail Plaza Investment

      Prime Vero Beach Retail Space Available
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      View Details
    • Contact for pricing
      1,200 SF

      Vero Beach Retail Space Available

      Retail space in grocery-anchored shopping center in Vero Beach.
      1255-1295 Us Highway 1, Vero Beach, FL 32960
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      51,000 SF

      Vero Beach Retail Anchor Space

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      View Details
    • Contact for pricing

      1402 Old Dixie Hwy, Vero Beach, FL 32960

      Flex space
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      View Details
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      Vero Beach Retail Space Available

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    • $12 SF/Yr

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      View Details
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    Vero Beach, FL 32960-5495
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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.

    More about this property
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