Flexible Office Units with
For Sale
$259,500
2299 Sarno Road, Melbourne, FL 32935
SINGLE_FAMILY - Melbourne, FL
Property Size1,429 SF
Lot Size0.15 Acres
Price / SF$181.60
Days on Market339
Property Features for 2299 Sarno Road
General Information
Property type
Residential
Property subtype
Office
Zoning description
Residential/Office
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Parking Lot, Off Street
Fencing
Chain Link
Subdivision
Cresthaven Homes Sec 1
Lot features
Few Trees
Directions
From Wickham Road, proceed east on Sarno Road approximately 1 mile to building on right (south) side...From US 1, proceed west on Sarno past croton approximately 3 miles, to building on left (south) side.
Standard status
Active
APN
27-37-19-75-0000a.0-0018.00
Size
1,429 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
2920
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Central Air, Electric
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Block, Concrete, Frame, Stucco
Roof type
Metal
Listing Agency:
S & D Realty Exchange, Inc.
(321) 242-9299
Listed By:
Donald DeLucas
(321) 223-5046
Added: Sep 15, 2025
Changed: Aug 14
Last Checked: Aug 19 at 2:06AM
MLS# 1057241
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 vacant office property offers 1,429 square feet of adaptable space that can be arranged as one larger suite or divided into two office units. A separate 308-square-foot CBS garage provides additional enclosed utility for storage or work functions. Interior finishes include carpet and laminate flooring, with two bathrooms serving the building. Parking is available in a dedicated lot and off street.
Recent improvements include a metal roof installed in 2023, a 200-amp electrical service upgrade completed in 2023, PVC plumbing updated in 2024, and new flooring. The air-conditioning system was replaced in 2020, and a new damper system was added in 2025. The property is served by public water and public sewer and has a chain-link fence.
Recent improvements include a metal roof installed in 2023, a 200-amp electrical service upgrade completed in 2023, PVC plumbing updated in 2024, and new flooring. The air-conditioning system was replaced in 2020, and a new damper system was added in 2025. The property is served by public water and public sewer and has a chain-link fence.
Key Highlights
- 1,429 SF office layout adaptable to one or two suite configurations
- Separate 308‑square‑foot CBS garage for storage or work space
- Metal roof installed in 2023
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
$19,446
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
7.49%
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%
$388,920
$388.9K
Cap Rate 7%
$277,800
$277.8K
Cap Rate 9%
$216,067
$216.1K
Market Conditions
NOI Build-Up for 1,429 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
$30.9K $21.60/SF
− Vacancy
−$4.9K −$3.46/SF
EGI
$25.9K $18.14/SF
− OpEx
−$6.5K −$4.54/SF
NOI
$19.4K $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%
$388,920
Cap Rate 7%
$277,800
Cap Rate 9%
$216,067
Alternative Uses
Best Use
Office B
$277.8K
$243.1K – $324.1K
NOI $19,446 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$377.0K
$329.9K – $439.9K
NOI $26,391 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Vacant office property with adaptable suites, a detached storage garage, public utilities, and off-street parking.
Where is this office units located?
The property is located at 2299 Sarno Road Melbourne, FL.
What is the asking price?
The asking price for this property is $259,500.
What are key features of this property?
This property features: 1,429 SF office layout adaptable to one or two suite configurations; Separate 308‑square‑foot CBS garage for storage or work space; Metal roof installed in 2023
