Listed by LPT Realty
$2,400,000
642 & 646 Eldorado Street
Details
APN 240150300620003
Property Type Multifamily
Sub Type Apartment Building, Duplex/Triplex/Quadruplex
Square Footage 8,008
Units 8
NOI $102,570
Year Built 1984
Buildings 2
Stories 2
Acreage 0.240
Zoning HI Medium
Parking Spaces 16 spaces
Parking Per SqFt 2.00
Ownership Partnership
Multifamily | 8 Units
Marketing description
Rare opportunity to acquire two adjacent fourplex buildings totaling 8 large 2BR/1.5BA units in one of Fort Pierce's fastest-growing coastal submarkets. Located near the Intracoastal, beaches, Jetty Park, marinas, restaurants, and downtown entertainment, this fully occupied multifamily portfolio offers immediate cash flow with approximately $157,800 in current gross annual income. Units average approximately 1,001 SF and feature separate electric meters, impact windows, and recent renovations. Frame and stucco construction with strong rental history and future upside through lease optimization. Positioned near major redevelopment projects including the planned surf park and continued Port of Fort Pierce expansion.
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.
Listing Contacts
Listed by LPT Realty
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$102,570.00
$8,547.50/mo
Valuation Metrics
0
DSCR
4.27%
Cap Rate
4.27%
ROI
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