Eldorado Street Quadplexes
8 Units two blocks from the Ocean!
Marketing description
The Eldorado Street Multifamily Portfolio consists of two adjacent fourplex buildings located at 642 and 646 Eldorado Street in Fort Pierce, Florida. Together, the properties comprise eight residential units positioned within one of the Treasure Coast's fastest-growing coastal submarkets.
The portfolio consists entirely of large-format 2-bedroom, 1.5-bath units averaging approximately 1,001 square feet each. Current average rents of approximately $1,750 per unit support projected gross annual income of approximately $168,000, providing investors with strong in-place cash flow and continued rental upside in a supply-constrained coastal market.
Located near the Intracoastal Waterway, beaches, marinas, dining, and entertainment, the property benefits from strong local rental demand driven by population growth, lifestyle migration, and expanding tourism throughout Fort Pierce. The surrounding area continues to attract significant redevelopment activity, further strengthening long-term appreciation potential.
The buildings feature frame and stucco construction with impact windows and recent renovations that enhance tenant appeal while helping reduce future maintenance concerns. Separate utility metering for each unit further supports operational efficiency and expense control.
Currently utilized as traditional long-term rentals, the portfolio may also offer future flexibility for furnished or short-term rental operations, where permitted.
Investment highlights
- Strong In-Place Cash Flow - ~$168,000 Gross Annual Income
- The buildings currently averages approximately $1,750 per unit in monthly rent, generating projected gross income of approximately $14,000 monthly and $168,000 annually across the eight-unit portfolio.
- Eight Large-Format Units with Proven Rental Demand
- The property consists entirely of spacious 2-bedroom, 1.5-bath units averaging approximately 1,001 square feet, supporting broad tenant appeal and long-term occupancy stability within the Fort Pierce rental market.
- Prime Coastal Location Near Major Redevelopment
- Located minutes from the Intracoastal Waterway, beaches, and Jetty Park, the property benefits from proximity to restaurants, marinas, entertainment, and major regional development projects.
- The surrounding market continues to experience substantial public and private investment, including the planned $600M surf park development and continued Port of Fort Pierce expansion, supporting long-term economic growth and housing demand.
- The buildings feature frame and stucco construction, impact windows, and recent renovations, providing attractive curb appeal and reduced near-term capital expenditure exposure.
- Each unit is individually metered, allowing tenants to pay utilities directly and improving operational efficiency for ownership.
- Currently operated as long-term rentals, the property also offers future optionality for furnished or short-term rental strategies, subject to local regulations and licensing requirements.
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