Single-Tenant Office
For Sale
$399,000
690 Thomas Barbour Drive, Melbourne, FL 32935
SINGLE_FAMILY - Melbourne, FL
Property Size1,550 SF
Lot Size0.23 Acres
Price / SF$257.42
Days on Market745
Property Features for 690 Thomas Barbour Drive
General Information
Property type
Residential
Property subtype
Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Subdivision
Loveridge Heights Addn 1
Directions
Located halfway between the Eau Gallie & Melbourne Causeways in Loveridge Heights Subdivision. Going north on US 1 make a left into Thomas Barbour Property will be on your left side.
Standard status
Active
APN
27-37-21-75-00018.0-0003.00
Size
1,550 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
LOVERIDGE HEIGHTS, ADDN 1 LOT 3 BLK 18
Tax Annual Amount
2593
Legal Description
LOVERIDGE HEIGHTS, ADDN 1 LOT 3 BLK 18
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Number of units
1
Building materials
Block, Concrete
Roof type
Membrane, Shingle
Listing Agency:
Ellingson Properties
(321) 750-7050
Listed By:
Jack C Jeffcoat III · License #3072354
(321) 536-1461
Added: Jul 29, 2024
Changed: Aug 2
Last Checked: Aug 12 at 6:06PM
MLS# 1020777
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 single-tenant office space is positioned on a 0.23-acre lot with a total building size of 1,550 square feet. The property features block and concrete construction and includes central air with electric heating. Roofing consists of membrane and shingle materials, and the building was constructed in 1951.
Utilities include cable available, with public water and public sewer connected. Off-site parking is provided through a parking lot.
The property is zoned for single tenant office use, offering a straightforward option for an operator seeking an area office location or the ability to tailor a build-out to the needs of a single tenant.
Utilities include cable available, with public water and public sewer connected. Off-site parking is provided through a parking lot.
The property is zoned for single tenant office use, offering a straightforward option for an operator seeking an area office location or the ability to tailor a build-out to the needs of a single tenant.
Key Highlights
- Zoned for single tenant office use
- 0.23‑acre lot with 1,550 SF building
- Central air with electric heating
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
$21,092
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
5.29%
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%
$421,840
$421.8K
Cap Rate 7%
$301,314
$301.3K
Cap Rate 9%
$234,356
$234.4K
Market Conditions
NOI Build-Up for 1,550 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
$33.5K $21.60/SF
− Vacancy
−$5.4K −$3.46/SF
EGI
$28.1K $18.14/SF
− OpEx
−$7.0K −$4.54/SF
NOI
$21.1K $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%
$421,840
Cap Rate 7%
$301,314
Cap Rate 9%
$234,356
Alternative Uses
Best Use
Office B
$301.3K
$263.7K – $351.5K
NOI $21,092 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.9K
$357.8K – $477.1K
NOI $28,625 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
744
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 units - Single-tenant office zoning with central air, electric heat, and a dedicated parking lot.
Where is this office units located?
The property is located at 690 Thomas Barbour Drive Melbourne, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Zoned for single tenant office use; 0.23‑acre lot with 1,550 SF building; Central air with electric heating
