Multi-Unit Warehouse
For Sale
$1,150,000
Pending
102 Tomahawk Drive, Indian Harbour Beach, FL 32937
Commercial Sale, Indian Harbour Beach, FL
Property Size5,415 SF
Lot Size0.48 Acres
Days on Market1475
Property Features for 102 Tomahawk Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
East over Eau Gallie Bridge, Left on South Patrick Drive, property on Right at corner of South Patrick and Tomahawk Drive
Subdivision
382-Satellite Bch/Indian Harbour Bch
Standard status
Pending
APN
27-37-02-00-00604.0-0000.00
Size
5,415 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2021
Tax Description
PART OF N 110 FT OF SW 1/4 OF SW 1/4 E OF S PATRICK DR AS DESC IN ORB 7944 PG 2248
Tax Annual Amount
3875
Legal Description
PART OF N 110 FT OF SW 1/4 OF SW 1/4 E OF S PATRICK DR AS DESC IN ORB 7944 PG 2248
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2022
Floors in Building
1
Number of units
4
Flooring type
Carpet
Listing Agency:
Waterman Real Estate, Inc.
(321) 215-2100
Listed By:
Andy Waterman · License #653481
(321) 698-3000
Added: Aug 25, 2022
Changed: Sep 2
Last Checked: Sep 7 at 3:06PM
MLS# 944563
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This warehouse property includes four units available for purchase within a five-unit project. Three interior units measure 1,033 square feet each and include a small bathroom. The western end unit contains 1,288 square feet, along with an air-conditioned office area and a small bath. Each unit is served by an overhead garage door measuring 12 feet wide by 14 feet tall.
The improvements feature concrete block construction, carpet flooring, public water, and public sewer. Sixteen parking spaces are provided on the property. The project was built in 2022 and was described as under construction with anticipated completion around October 2022.
The improvements feature concrete block construction, carpet flooring, public water, and public sewer. Sixteen parking spaces are provided on the property. The project was built in 2022 and was described as under construction with anticipated completion around October 2022.
Key Highlights
- Four warehouse units available within a five‑unit project
- Three interior units measure 1,033 square feet each and include a small bathroom
- Western end unit contains 1,288 square feet with an office space under air
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,310
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$746,200
$746.2K
Cap Rate 7%
$533,000
$533.0K
Cap Rate 9%
$414,556
$414.6K
Market Conditions
NOI Build-Up for 5,415 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.5K $8.40/SF
− Vacancy
−$1.6K −$0.29/SF
EGI
$43.9K $8.11/SF
− OpEx
−$6.6K −$1.22/SF
NOI
$37.3K $6.89/SF
Area
Brevard County, FL
Vacancy
3.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$746,200
Cap Rate 7%
$533,000
Cap Rate 9%
$414,556
Alternative Uses
Best Use
Warehouse
$533.0K
$466.4K – $621.8K
NOI $37,310 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,004 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32937, FL
27,306
Population
13,619
Households
2
Avg Household Size
50
Median Age
53%
College-Educated
99%
High-School Grad
6.8 sq mi
ZIP Area
4,016
Density / Sq Mi
$98,411
Median Household Income
$55,420
Median Earnings
$1,718
Median Rent
$421,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Life Storage — 111 Tomahawk Dr, Indian Harbour Beach, FL 32937
Frequently Asked Questions
What type of property is this?
Warehouse - Four available warehouse units offer concrete block construction, private baths, office space, and on-site parking.
Where is this warehouse located?
The property is located at 102 Tomahawk Drive Indian Harbour Beach, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four warehouse units available within a five‑unit project; Three interior units measure 1,033 square feet each and include a small bathroom; Western end unit contains 1,288 square feet with an office space under air
