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Val Apartments 1825 40th Ave 36 Unit Apartment Building $7,956,744 CAD ($221,021 CAD/Unit) 6.54% Cap Rate Vero Beach, FL 32960
INVESTMENT HIGHLIGHTS
- Concrete Block Construction With New Pitched Roofs And Fresh Exterior Paint In 2023
- 36-Unit Community Across Six Buildings On 1.26 Acres In Central Vero Beach
- Centrally Located Minutes From U.S. Highway 1, Downtown Vero Beach, And Major Employers
- Security Cameras Installed Throughout The Property And On-Site Laundry Facilities With Three Washers And Dryers
- All Two-Bedroom/One-Bathroom Units Averaging 737 Square Feet
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the Val Apartments, a 36-unit multifamily community located at 1825 40th Avenue, Vero Beach, Florida 32960. Built in 1969, the property consists of six buildings totaling 26,532 square feet and situated on 1.26 acres. The unit mix is comprised entirely of two-bedroom/one-bathroom apartments averaging 737 square feet each. The buildings are of concrete block construction with new pitched composite shingle roofs replaced within the past few years and were recently painted in 2023. All units are equipped with window-unit air conditioning, and the property features three on-site washers and dryers as well as security cameras throughout the premises for resident safety and operational oversight.
The Val Apartments benefit from a highly accessible location in central Vero Beach, just minutes from U.S. Highway 1, Downtown Vero Beach, and the beachfront barrier island. The property is surrounded by a diverse mix of retail, dining, and service amenities, including Indian River Mall, Cleveland Clinic Indian River Hospital, and Vero Beach High School—all major employment and activity drivers in the area.
The immediate neighborhood has experienced steady population and rent growth, driven by Vero Beach’s expanding economy and continued in-migration of residents seeking affordable coastal living. Ongoing redevelopment throughout the U.S. 1 corridor and planned infrastructure improvements further position this submarket for continued appreciation.
The Val Apartments offer investors the opportunity to acquire a well-located, stable multifamily asset in one of Florida’s fastest-growing coastal communities, with upside potential through interior upgrades and rent optimization in a supply-constrained market.
The Val Apartments benefit from a highly accessible location in central Vero Beach, just minutes from U.S. Highway 1, Downtown Vero Beach, and the beachfront barrier island. The property is surrounded by a diverse mix of retail, dining, and service amenities, including Indian River Mall, Cleveland Clinic Indian River Hospital, and Vero Beach High School—all major employment and activity drivers in the area.
The immediate neighborhood has experienced steady population and rent growth, driven by Vero Beach’s expanding economy and continued in-migration of residents seeking affordable coastal living. Ongoing redevelopment throughout the U.S. 1 corridor and planned infrastructure improvements further position this submarket for continued appreciation.
The Val Apartments offer investors the opportunity to acquire a well-located, stable multifamily asset in one of Florida’s fastest-growing coastal communities, with upside potential through interior upgrades and rent optimization in a supply-constrained market.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $7,956,744 CAD | Apartment Style | Garden |
| Price Per Unit | $221,021 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.26 AC |
| Cap Rate | 6.54% | Building Size | 26,520 SF |
| Gross Rent Multiplier | 8.95 | Average Occupancy | 100% |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 2.71/1,000 SF |
| Zoning | VRCLO | ||
| Price | $7,956,744 CAD |
| Price Per Unit | $221,021 CAD |
| Sale Type | Investment |
| Cap Rate | 6.54% |
| Gross Rent Multiplier | 8.95 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.26 AC |
| Building Size | 26,520 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.71/1,000 SF |
| Zoning | VRCLO |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 36 | - | 737 - 750 |
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PROPERTY TAXES
| Parcel Number | 33-39-03-00026-0070-00008.0 | Improvements Assessment | $1,233,396 CAD |
| Land Assessment | $287,527 CAD | Total Assessment | $1,520,923 CAD |
PROPERTY TAXES
Parcel Number
33-39-03-00026-0070-00008.0
Land Assessment
$287,527 CAD
Improvements Assessment
$1,233,396 CAD
Total Assessment
$1,520,923 CAD
CONTACTS
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Daniel Cunningham -
River Rhoads -
Evan Richardson -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Val Apartments | 1825 40th Ave
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