Two-Office Building Professional
For Sale
Under Contract
$1,795,000
525 N Harbor City Boulevard, Melbourne, FL 32935
COMMERCIAL - Melbourne, FL
Property Size8,108 SF
Lot Size0.74 Acres
Price / SF$221.39
Days on Market222
Property Features for 525 N Harbor City Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 7, Bathroom 8, Bathroom 9, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 6
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
Carpet, Tile
Building materials
Block, Stucco
Roof type
Wood, Mixed, Metal, Shingle
Listing Agency:
Ellingson Properties
(321) 750-7050
Listed By:
Jack C Jeffcoat III · License #3072354
(321) 536-1461
Added: Jan 2
Changed: Aug 4
Last Checked: Aug 12 at 7:06PM
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.
Two office buildings are being sold together: 525 N Harbor City Blvd., Melbourne, FL 32935 and 701 Thomas Barbour Dr., Melbourne, FL 32935. The properties sit on the corner of US Highway 1 (N. Harbor city BLVD) and Thomas Barbour Dr., with separate addresses, tax account IDs, and parcel IDs. Lot size totals 0.74 acres, including one large 0.41-acre parcel and one 0.33-acre parcel.
The buildings are block and stucco construction with a mixed roof. Interiors include tile and carpet flooring, with central air cooling. Parking is provided via a parking lot and carport.
The property is zoned for Professional, Office & Services and served by public water and public sewer. Construction year is listed as 1973. The location offers close proximity to area hospitals and Melbourne International Airport.
The buildings are block and stucco construction with a mixed roof. Interiors include tile and carpet flooring, with central air cooling. Parking is provided via a parking lot and carport.
The property is zoned for Professional, Office & Services and served by public water and public sewer. Construction year is listed as 1973. The location offers close proximity to area hospitals and Melbourne International Airport.
Key Highlights
- Corner of US Highway 1 (N. Harbor city BLVD) and Thomas Barbour Dr.
- Sold together: 525 N Harbor City Blvd. and 701 Thomas Barbour Dr. (separate parcels)
- Lot size totals 0.74 acres: 0.41‑acre parcel plus 0.33‑acre parcel
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
970
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two office buildings on separate parcels with Professional, Office & Services zoning and central air.
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: Corner of US Highway 1 (N. Harbor city BLVD) and Thomas Barbour Dr.; Sold together: 525 N Harbor City Blvd. and 701 Thomas Barbour Dr. (separate parcels); Lot size totals 0.74 acres: 0.41‑acre parcel plus 0.33‑acre parcel
