Two-Building Office
For Sale
Under Contract
$1,795,000
525 N Harbor City Boulevard, Melbourne, FL 32935
Commercial Sale, Melbourne, FL
Property Size8,108 SF
Lot Size0.74 Acres
Price / SF$221.39
Days on Market273
Property Features for 525 N Harbor City Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 4, Bathroom 5, Bathroom 6, Bathroom 3, Bathroom 2, Bathroom 7, Bathroom 1, Bathroom 8, Bathroom 9
Parking features
Parking Lot, Carport
Subdivision
Loveridge Heights Subd
Lot features
Corner Lot
Directions
North Harbor City Blvd, North of Babcock to building on right at Thomas Barbour Drive
Standard status
Active Under Contract
APN
27-37-21-Em-00001.0-0001.00
Size
8,108 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
LOVERIDGE HEIGHTS SUBD LOT 1 & S 60 FT OF LOT 2 BLK 1
Tax Annual Amount
12961
Legal Description
LOVERIDGE HEIGHTS SUBD LOT 1 & S 60 FT OF LOT 2 BLK 1
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet
Building materials
Block, Stucco
Roof type
Metal, Wood, Shingle, Mixed
Listing Agency:
Ellingson Properties
(321) 750-7050
Listed By:
Jack C Jeffcoat III · License #3072354
(321) 536-1461
Added: Jan 2
Changed: Sep 13
Last Checked: Oct 2 at 7:06AM
MLS# 1065364
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 offering combines two office buildings totaling 8,108 square feet on separate parcels with individual addresses, tax account IDs, and parcel IDs. The properties include 0.41 acres at 525 N Harbor City Boulevard and 0.33 acres at 701 Thomas Barbour Drive, for a combined 0.74 acres. Constructed in 1973, the buildings feature block and stucco exteriors, tile and carpet flooring, central air, and a mix of shingle, metal, and wood roofing. Parking is provided through a surface lot and carport, with public water and public sewer serving the property.
The buildings occupy the corner of US Highway 1, also identified as N. Harbor City Boulevard, and Thomas Barbour Drive in Melbourne. The site is near area hospitals and Melbourne International Airport. Zoning supports professional, office, and services uses.
The buildings occupy the corner of US Highway 1, also identified as N. Harbor City Boulevard, and Thomas Barbour Drive in Melbourne. The site is near area hospitals and Melbourne International Airport. Zoning supports professional, office, and services uses.
Key Highlights
- Two office buildings totaling 8,108 square feet
- Combined 0.74‑acre site across separate parcels
- Corner position at US Highway 1 and Thomas Barbour Drive
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
$110,334
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
6.15%
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%
$2,206,680
$2.2M
Cap Rate 7%
$1,576,200
$1.6M
Cap Rate 9%
$1,225,933
$1.2M
Market Conditions
NOI Build-Up for 8,108 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
$175.1K $21.60/SF
− Vacancy
−$28.0K −$3.46/SF
EGI
$147.1K $18.14/SF
− OpEx
−$36.8K −$4.54/SF
NOI
$110.3K $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%
$2,206,680
Cap Rate 7%
$1,576,200
Cap Rate 9%
$1,225,933
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,334 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,739 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
598
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Office assemblage with professional services zoning, on-site parking, and public water and sewer connections.
Where is this office building located?
The property is located at 525 N Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Two office buildings totaling 8,108 square feet; Combined 0.74‑acre site across separate parcels; Corner position at US Highway 1 and Thomas Barbour Drive
