Indian River Terrace
For sale1485 37th St, Vero Beach, FL 32960-6500
Property type
Multifamily
Unit / Space count
14
Price
$5,150,000
Building size
23,697 sf
Rentable area
23,697 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
1.23 Acres
Bedroom count
CAP
4.16%
Price per Unit
$367,857
Price per SF
$217.33
Property description
Indian River Mixed Use presents an opportunity to acquire a value-add multifamily and medical office property in the heart of Vero Beach. Located along 37th Street, the property consists of 23,697 SF on approximately 1.23 acres, with 14 residential units on the second floor and eight medical office suites on the ground floor. The property offers investors diversified cash flow from two asset classes with upside through rental growth, lease rollover, and improved operating efficiencies. The residential component features a desirable unit mix of one, two, and three-bedroom apartments with in-unit washer/dryers, central AC, and private balconies. The ground-floor medical office suites provide an additional income stream with opportunities to increase rents and improve expense recoveries over time. The property has been professionally managed and maintained, with approximately 70 parking spaces serving both the residential and commercial tenants. Its location near Cleveland Clinic Indian River Hospital and other medical facilities supports continued demand for medical office space, while the surrounding residential neighborhoods and employment centers provide a strong tenant base for the apartments. Located just east of US-1 with convenient access to Indian River Boulevard, I-95, and Vero Beach Regional Airport, Indian River Mixed Use offers investors an opportunity to acquire an established income-producing property with multiple avenues to grow NOI and create long-term value.
Property highlights
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