Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    845 16th Pl Vero Beach, FL 32960-5513

    • Office buildings
    • 1,250 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $240,000
    Show details
    Cap Rate Potential
    5%
    Office buildings
    Location Intelligence
    Property ID
    US18-2992839
    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

    • Indian River Ballroom / Ballroom Dance Instructor / Live Music Venue

    Property Details for 845 16th Pl

    Year built
    1990
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Property size
    1,250 SF
    Zone code
    B-1
    Property type
    Office buildings
    APN
    33-39-01-00045-0000-00029.0
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $240,000
      6.5%
      $220,000
      7%
      $205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $228,000
      Market price range: $131k - $307k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $230,000
      Current use
      MEDICAL BUILDING
      $295,000
      Change: +28% Conversion: Easy
      AUTO REPAIR, GARAGE
      $270,000
      Change: +19% Conversion: Difficult
      RETAIL STORES
      $230,000
      Change: -1% Conversion: Moderate
      WAREHOUSE, STORAGE
      $185,000
      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
    -80.3905
    Latitude
    27.6315
    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
    $1,943
    $28,114
    $86,496
    $114,610
    -
    $28,114
    $86,496
    $114,610

    Comparable in this City

    • Value Estimation
      $640,000
      23,040 SF

      2300 3rd Ct

      OFFICE BUILDING • 23,040 SF
      2300 3rd Ct, Vero Beach, FL 32960-5168
      View Details
    • Value Estimation
      $320,000
      5,880 SF

      4014 43rd Ave

      OFFICE BUILDING • 5,880 SF
      4014 43rd Ave, Vero Beach, FL 32960-1820
      View Details
    • Value Estimation
      $915,000
      124,813 SF

      405 24th St

      OFFICE BUILDING • 124,813 SF
      405 24th St, Vero Beach, FL 32960-7500
      View Details
    • Value Estimation
      $415,000
      14,424 SF

      3775 20th St

      OFFICE BUILDING • 14,424 SF
      3775 20th St, Vero Beach, FL 32960-2401
      View Details
    • Value Estimation
      $295,000
      4,014 SF

      1875 43rd Ave

      OFFICE BUILDING • 4,014 SF
      1875 43rd Ave, Vero Beach, FL 32960-0513
      View Details
    • Value Estimation
      $320,000
      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

    • $1,500,000

      Retail/Manufacturing Building with Loading Dock

      Two-story building with loading dock and parking.
      760 15Th Pl, Vero Beach, FL 32960
      View Details
    • $1,600,000
      5,676 SF

      Medical Office Building For Sale

      Free-standing medical office building near Cleveland Indian River Hospital.
      1460 36Th St, Vero Beach, FL 32960
      View Details
    • $4,250,000

      Fully Leased Office Building

      Office building near the IRC Courthouse with covered parking.
      1745 20Th St, Vero Beach, FL 32960
      View Details
    • $11,500,000
      41,634 SF

      Vero Beach Financial Center

      Fully renovated office building with strong tenant mix and high occupancy.
      1201 19Th Pl, Vero Beach, FL 32960
      View Details
    • $975,000

      Vero Beach Prime Office Building

      2,688 SF office building with high visibility and ample parking.
      947 20Th Pl, Vero Beach, FL 32960
      View Details
    • $699,000

      Updated Commercial Property in Downtown

      Updated commercial property in downtown Vero Beach with flexible layout.
      1801 24Th St, Vero Beach, FL 32960
      View Details

    Similar Nearby for Lease

    • $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
    • Contact for pricing
      102,104 SF

      Medical Office Suites for Lease

      Modern medical suites, prime location
      777 37Th St, Vero Beach, FL 32960
      View Details
    • $1,200 /Mo

      Professional Suites in Vero Beach

      Flexible office suites in Vero's thriving medical hub.
      3755 37 Ter, Vero Beach, FL 32960
      View Details
    • $35 SF/Yr

      Vero Beach Medical Office Space

      Medical office space for lease in Vero Beach healthcare district.
      845 37Th Pl, Vero Beach, FL 32960
      View Details
    • $26 SF/Yr

      Vero Beach Office Space Available

      Office complex with solid construction and central location.
      1705 19Th Pl, Vero Beach, FL 32960
      View Details
    • $32 SF/Yr

      Premier Office/Medical Location For Rent

      Office and medical spaces available near hospital with ample parking.
      2750 1St St, Vero Beach, FL 32960
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    845 16th Pl
    Vero Beach, FL 32960-5513
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.