Palm Bay Commercial Property For
422 Martin Road SE, Palm Bay, FL 32909
COMMERCIAL - Palm Bay, FL
Property size:
4,680 SFLot size:
0.58 AcresPrice / SF:
$235/SF- Added:
- Feb 21, 2024
- Days on Market:
- 830
- Last Refresh:
- May 31 at 8:06 am
Property Features for 422 Martin Road SE
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bathrooms
- 5
- Rooms
- Bathroom 5, Bathroom 2, Bathroom 1, Bathroom 3, Bathroom 4
- Parking features
- Carport, Gated, Off Street, Parking Lot
- Security features
- Security Lighting
- Standard status
- Active
- APN
- 29-37-03-26-01990.0-0035.00
- Size
- 4,680 SF
- Lot size
- 0.58 Acres
Taxes and HOA fees
- Tax Year
- 2022
- Tax Description
- PORT MALABAR UNIT 40 LOT 35 BLK 1990
- Tax Annual Amount
- 10157
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
- Cooling system
- Central Air, Electric, Ceiling Fan(s)
- Water source
- Public
Building Details
- Year built
- 2009
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Tile
- Building materials
- Concrete
- Roof type
- Metal
Listing agent Joseph Mignone (321) 501-8307
Listing office Dale Sorensen Real Estate Inc. 436 Fifth Ave., Indialantic, FL (321) 723-9990
Listing date Feb 21, 2024
MLS# 1005760
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.
HighLights
- Seller financing available.
- Prime commercial property with 'General Commercial' zoning allowing multiple uses.
- Well‑designed CBS building with metal roof and raised ceilings.
- Ideal setup for various medical facilities, clinics, or laboratories.
- Fully compliant sprinkler system and 20 parking spaces.
- Proximate to I‑95, Palm Bay Hospital, and arterial roadways.
Overview
This commercial property, currently used as an adult day care with medical overtones, is available for purchase. The seller is willing to vacate the premises for a new owner or business and is offering seller financing. Zoned 'GENERAL COMMERCIAL,' the property allows for multiple and varied uses. The CBS building features a metal roof, raised ceilings, and ceramic flooring throughout. The layout includes community rooms, offices, two commercial kitchens, multiple bathrooms, laundry facilities, pantries, a covered wrap-around porch, a screened porch, and a portico. The setup is conducive to various medical facility usages, clinics, laboratories, and electronics research and development. The property is fully compliant with fire codes, featuring a sprinkler system and riser room. There are 20 parking spaces and perimeter fencing. The location offers exposure and signage on Babcock Street and is proximate to I-95, Palm Bay Hospital, and arterial roadways. The business is excluded but may be negotiated separately for a qualified buyer wanting to continue adult day care.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.1k | $21.60 |
| − Vacancy | −$16.2k | −$3.46 |
| EGI | $84.9k | $18.14 |
| − OpEx | −$21.2k | −$4.54 |
| NOI | $63.7k | $13.61 |
4,680 SF · lease $21.60/SF/yr · vacancy 16.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$909.8K
$796.1K – $1.06M
NOI $63,685 @ 7.0% cap · market cap 5.79%
Second Best
Healthcare Medical
$841.4K
$736.3K – $981.7K
NOI $58,901 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,430 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Medical centers
Location Insight
- Map
- Local Demand
- City
- Palm Bay
- County
- Brevard
- State
- Florida
- Longitude
- -80.621277
- Latitude
- 27.990301
Nearby Similar for Sale
FAQs
What type of property is this?
Medical center - Prime commercial property suitable for varied uses and medical facilities.
Where is this medical center located?
The property is located at 422 Martin Road SE Palm Bay, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Seller financing available.; Prime commercial property with 'General Commercial' zoning allowing multiple uses.; Well‑designed CBS building with metal roof and raised ceilings.
