Freestanding Restaurant
For Sale
$295,000
Pending
2890 W New Haven Avenue, Melbourne, FL 32904
COMMERCIAL - Melbourne, FL
Property Size2,010 SF
Days on Market197
Property Features for 2890 W New Haven Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
US 192 / WEST NEW HAVEN AVE. - 2.8 MILES EAST OF I95 OR WEST OF S. BABCOCK ST. ON 192/W. NEW HAVEN AVE.
Subdivision
5940 - Other Florida County
Standard status
Pending
Size
2,010 SF
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2023
Floors in Building
1
Listing Agency:
Illustrated Properties LLC
(561) 582-5338
Listed By:
Debbie S Heuser · License #3395572
(561) 398-8990
Added: Jan 28
Changed: Aug 4
Last Checked: Aug 13 at 1:06PM
MLS# R11158704
Copyright © 2026 BeachesMLS. 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 established Charley’s Cheesesteaks & Wings franchise is offered as a business sale only; the real estate is not included. The freestanding restaurant building is currently under construction and was constructed in 2023. The property includes central heating and central air conditioning, supporting year-round operations.
Located along the New Haven Avenue corridor in Melbourne, Florida, the site is described as being on a high-traffic stretch with approximately 39,500 vehicles per day. Delivery platforms are already in place, and franchise training and operational support are available for qualified operators.
Financial information is available to qualified buyers upon execution of a non-disclosure agreement, and there is also a portfolio acquisition option available. Please do not disturb employees.
Located along the New Haven Avenue corridor in Melbourne, Florida, the site is described as being on a high-traffic stretch with approximately 39,500 vehicles per day. Delivery platforms are already in place, and franchise training and operational support are available for qualified operators.
Financial information is available to qualified buyers upon execution of a non-disclosure agreement, and there is also a portfolio acquisition option available. Please do not disturb employees.
Key Highlights
- Charley’s Cheesesteaks & Wings franchise business sale only; real estate not included
- Freestanding restaurant building currently under construction, constructed in 2023
- Approximately 39,500 vehicles per day along the New Haven Avenue corridor
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
$26,773
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
9.08%
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%
$535,460
$535.5K
Cap Rate 7%
$382,471
$382.5K
Cap Rate 9%
$297,478
$297.5K
Market Conditions
NOI Build-Up for 2,010 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
$38.6K $19.20/SF
− Vacancy
−$2.9K −$1.44/SF
EGI
$35.7K $17.76/SF
− OpEx
−$8.9K −$4.44/SF
NOI
$26.8K $13.32/SF
Area
Brevard County, FL
Vacancy
7.50%
Lease Rate
$19.20 /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%
$535,460
Cap Rate 7%
$382,471
Cap Rate 9%
$297,478
Alternative Uses
Best Use
Specialty Retail
$382.5K
$334.7K – $446.2K
NOI $26,773 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$530.3K
$464.0K – $618.7K
NOI $37,121 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39,500 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
349k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 24%
Home Improvements & Furnishings 23%
Dining 22%
Shops & Services 21%
Target
Superstores
82,763 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
35,822 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
34,898 visits/mo
0.4 miles
Wawa
Shops & Services
34,635 visits/mo
0.3 miles
Olive Garden
Dining
27,984 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding Charley’s Cheesesteaks & Wings restaurant built in 2023 with central HVAC on a high-traffic corridor.
Where is this conventional restaurant located?
The property is located at 2890 W New Haven Avenue Melbourne, FL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Charley’s Cheesesteaks & Wings franchise business sale only; real estate not included; Freestanding restaurant building currently under construction, constructed in 2023; Approximately 39,500 vehicles per day along the New Haven Avenue corridor
