Indian River Terrace
For sale1485 37th St, Vero Beach, FL 32960-6500
Property type
Multifamily
Unit / Space count
14
Price
$5,150,000
Cap Rate
6.23%
Building size
23,697 SF
Year built
1984
Stories
2
Lot size
1.23 acres
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
- DIVERSIFIED CASH FLOW WITH UPSIDE • Income from multifamily and medical office tenants • Opportunity for rental growth and expense recoveries • Diversified income across 22 units • Long-term appreciation and value-add potential ATTRACTIVE MULTIFAMILY COMPONENT • 14 second-floor residential units • Desirable mix of 1, 2, and 3-bedroom apartments • In-unit washer/dryers, central AC, and private balconies • Opportunity to increase rents through future turnover ESTABLISHED MEDICAL OFFICE COMPONENT • Eight ground-floor medical office suites • Minutes from Cleveland Clinic Indian River Hospital • Functional layouts for medical and professional users • Opportunity for future lease optimization and rent growth PRIME VERO BEACH LOCATION • Located along 37th Street in central Vero Beach • Minutes from major hospitals and medical facilities • Easy access to US-1, I-95, and Indian River Boulevard • Near established neighborhoods and continued development WELL-POSITIONED PROPERTY • 23,697 SF building on approximately 1.23 acres • Professionally managed and maintained • 70 parking spaces with ample accessibility • Separate residential and commercial components FLEXIBLE INVESTMENT OPPORTUNITY • Multiple value-add and long-term hold strategies • Opportunity to enhance NOI through active management • Long-term income growth and appreciation potential