ONE Commercial Real Estate is pleased to present 1.9 acres of land in the heart of Fort Pierce’s primary commercial corridor. The site provides 150 feet of frontage on US Highway 1 where the 2022 AADT traffic count was 32,000 average vehicles per day. The site is zoned for a variety of commercial uses as of right.
Investors have been especially active in the capital markets in Fort Pierce, making it one of the most heavily traded submarkets in the region over the past several years. Annual sales volume has averaged $37.9 million over the past five years, including a 12-month high of $54.9 million over that stretch. The recorded transaction volume here reached $34.2 million in the past year. The general retail sector drove that volume.
Market pricing, based on the estimated price movement of all properties in the submarket, sat at $194/SF during the third quarter of 2023. That market price is up compared to the third quarter from last year, but the level still falls far short of the average for the region. The market cap rate has shrunk since last year to 6.7%. That is the lowest cap rate in the past five years, which is in line with the greater metro area.