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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    700 22nd Pl Vero Beach, FL 32960-5105

    • Office buildings
    • 9,782 SF
    • 0.54 lot acres
    OFF-MARKET
    Value Estimations
    $1,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3076056
    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.

    Current Use by Public Records

    • Florida Insurance Services, Inc. / Insurance Agency
    • Laurel Agency / Real Estate Agency
    • Conway Financial Planning / Financial Advisor
    • Rory F. Dougherty / Insurance Agency
    • Penny Michaels Bowen Therapy / Medical Clinic

    Property Details for 700 22nd Pl

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.54 lot acres
    Property size
    9,782 SF
    Zone code
    RM-10/12
    Property type
    Office buildings
    APN
    33-39-01-00018-0020-00001.0
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,860,000
      6.5%
      $1,720,000
      7%
      $1,595,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,817,000
      Market price range: $1.02M - $2.41M
      AI Estimate
      $1,128,000
      Market price range: $536k - $1.59M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,790,000
      Current use
      MEDICAL BUILDING
      $2,295,000
      Change: +28% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,120,000
      Change: +19% Conversion: Difficult
      RETAIL STORES
      $1,780,000
      Change: -1% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $1,690,000
      Change: -6% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,435,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.3875
    Latitude
    27.6416
    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
    $15,442
    $94,179
    $817,469
    $911,648
    -
    $94,179
    $817,469
    $911,648

    Comparable in this City

    • Value Estimation
      $3,275,000
      23,040 SF

      2300 3rd Ct

      OFFICE BUILDING • 23,040 SF
      2300 3rd Ct, Vero Beach, FL 32960-5168
      View Details
    • Value Estimation
      $570,000
      5,880 SF

      4014 43rd Ave

      OFFICE BUILDING • 5,880 SF
      4014 43rd Ave, Vero Beach, FL 32960-1820
      View Details
    • Value Estimation
      $10,680,000
      124,813 SF

      405 24th St

      OFFICE BUILDING • 124,813 SF
      405 24th St, Vero Beach, FL 32960-7500
      View Details
    • Value Estimation
      $2,780,000
      14,424 SF

      3775 20th St

      OFFICE BUILDING • 14,424 SF
      3775 20th St, Vero Beach, FL 32960-2401
      View Details
    • Value Estimation
      $660,000
      4,014 SF

      1875 43rd Ave

      OFFICE BUILDING • 4,014 SF
      1875 43rd Ave, Vero Beach, FL 32960-0513
      View Details
    • Value Estimation
      $505,000
      4,526 SF

      4045 43rd Ave

      OFFICE BUILDING • 4,526 SF
      4045 43rd Ave, Vero Beach, FL 32960-1809
      View Details

    Similar Nearby for Sale

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      2,688 SF office building in central Vero Beach location.
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      Downtown Vero Beach Office Building

      Well-maintained office building with ample parking and two available units.
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      5,676 SF

      Medical Office Building For Sale

      Free-standing medical office building near Cleveland Indian River Hospital.
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    • $775,000
      2,400 SF

      Vero Beach Professional Office Building

      2400 SF professional office near downtown, convert to duplex.
      1140 Royal Palm Blvd, Vero Beach, FL 32960
      View Details
    • $3,500,000
      7,744 SF

      Class A Office Building

      Fully leased, new construction office building with high-end amenities.
      1745 20Th St, Vero Beach, FL 32960
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    • $3,875,000
      7,744 SF

      Vero Beach Executive Office Building

      Class A Office, 7,744 SF, Prime Location
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    Similar Nearby for Lease

    • Contact for pricing

      Downtown Commercial Building For Lease

      3,600 SF commercial building with private parking downtown.
      1323 21St St, Vero Beach, FL 32960
      View Details
    • $5,988 /Mo

      Downtown Commercial Building For Rent

      3,600 SF commercial building with private parking downtown.
      1323 21St St, Vero Beach, FL 32960
      View Details
    • Sponsored
      New
      Contact for pricing

      Miracle Mile Plaza

      Discover many ways to work your way in Miracle Mile Plaza
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      View Details
    • $26 SF/Yr

      Vero Beach Office Space Available

      Office complex with secure access and professional landscaping.
      1705 19Th Pl, Vero Beach, FL 32960
      View Details
    • $25 SF/Yr

      Move-in Ready Medical Suite

      Premier Vero Beach location, ideal for medical or specialty use.
      3755 B, Vero Beach, FL 32960
      View Details
    • $1,200 /Mo

      Professional Suites in Vero Beach

      Flexible office suites in Vero's thriving medical hub.
      3755 7Th St, Vero Beach, FL 32960
      View Details
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    700 22nd Pl
    Vero Beach, FL 32960-5105
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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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