Freestanding Medical Office with
For Sale
$525,000
1589 S Wickham Road, West Melbourne, FL 32904
Commercial Sale, West Melbourne, FL
Property Size1,800 SF
Lot Size0.36 Acres
Price / SF$289.26
Days on Market46
Property Features for 1589 S Wickham Road
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Parking features
Parking Lot
Subdivision
L S T Estates
Lot features
Corner Lot
Directions
From US-192/New Haven, go N on Wickham. Property will be located on the east side of Wickham just south of Sheridan.
Standard status
Active
APN
28-36-01-01-00000.0-000e.04
Size
1,815 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L S T ESTATES LOT E4 EXX ORB 5723 PG 8933 & RD R/W
Tax Annual Amount
4328
Legal Description
L S T ESTATES LOT E4 EXX ORB 5723 PG 8933 & RD R/W
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Well
Building Details
Year built
1963
Number of units
1
Flooring type
Carpet, Vinyl
Building materials
Concrete
Roof type
Shingle
Listing Agency:
Waterman Real Estate Inc.
(321) 244-7653
Listed By:
Meili Viera Porter · License #3215665
(321) 848-7344
Added: Aug 13
Changed: Sep 21
Last Checked: Sep 27 at 8:06AM
MLS# 1084907
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 freestanding medical office property contains 1,815 square feet on a 0.36-acre corner parcel along S Wickham Road in West Melbourne. The interior includes an enclosed entry foyer, waiting and reception areas, six private offices or treatment rooms, an open multipurpose area, two public restrooms, a half bath, and an additional private office with its own bathroom and storage. Four rooms have water access. Vinyl and carpet flooring, central heating and central air, oak trim, pocket doors, exterior storage, and attic storage are among the building features.
Side-road access connects the front and rear parking areas, with 10 standard spaces and 2 compact spaces. The east side of the building can accommodate an approximately 1,320-square-foot addition. The property has concrete construction, a shingle roof installed in August 2015, well water, and public sewer.
Side-road access connects the front and rear parking areas, with 10 standard spaces and 2 compact spaces. The east side of the building can accommodate an approximately 1,320-square-foot addition. The property has concrete construction, a shingle roof installed in August 2015, well water, and public sewer.
Key Highlights
- 1,815‑square‑foot medical office on a 0.36‑acre corner parcel
- Six private offices or treatment rooms plus an open multipurpose area
- Four rooms include additional water access
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
$24,699
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
4.70%
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%
$493,980
$494.0K
Cap Rate 7%
$352,843
$352.8K
Cap Rate 9%
$274,433
$274.4K
Market Conditions
NOI Build-Up for 1,815 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
$39.2K $21.60/SF
− Vacancy
−$6.3K −$3.46/SF
EGI
$32.9K $18.14/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$24.7K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$493,980
Cap Rate 7%
$352,843
Cap Rate 9%
$274,433
Alternative Uses
Best Use
Office B
$352.8K
$308.7K – $411.7K
NOI $24,699 @ 7.0% cap · market cap 4.70%
Second Best
Healthcare Medical
$326.3K
$285.5K – $380.7K
NOI $22,843 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$478.8K
$419.0K – $558.7K
NOI $33,519 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32904, FL
35,399
Population
15,117
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
217.1 sq mi
ZIP Area
163
Density / Sq Mi
$86,943
Median Household Income
$42,451
Median Earnings
$1,763
Median Rent
$334,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner-site medical office with treatment rooms, reception areas, parking, and side-road access along Wickham Road.
Where is this medical office space located?
The property is located at 1589 S Wickham Road West Melbourne, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,815‑square‑foot medical office on a 0.36‑acre corner parcel; Six private offices or treatment rooms plus an open multipurpose area; Four rooms include additional water access
