Office Unit for Single-Tenant
For Sale
$399,000
690 Thomas Barbour Drive, Melbourne, FL 32935
Commercial Sale, Melbourne, FL
Property Size1,550 SF
Lot Size0.23 Acres
Price / SF$257.42
Days on Market796
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
Shingle, Membrane
Listing Agency:
Ellingson Properties
(321) 750-7050
Listed By:
Jack C Jeffcoat III · License #3072354
(321) 536-1461
Added: Jul 29, 2024
Changed: Sep 13
Last Checked: Oct 2 at 7:06AM
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 1,550-square-foot office unit is configured for single-tenant use and includes a bathroom, central air conditioning, and electric heating. The 1951 building uses block and concrete construction, with shingle and membrane roof sections. A parking lot serves the property, while public water and public sewer support the site. Cable is available.
Located at 690 Thomas Barbour Drive in Melbourne’s Ballard Park area, the property offers access to beaches, river boat launches, tennis, and shopping. The existing layout can accommodate a business seeking office space in the area or be adapted to a tenant’s requirements, subject to applicable approvals.
Located at 690 Thomas Barbour Drive in Melbourne’s Ballard Park area, the property offers access to beaches, river boat launches, tennis, and shopping. The existing layout can accommodate a business seeking office space in the area or be adapted to a tenant’s requirements, subject to applicable approvals.
Key Highlights
- 1,550‑square‑foot office unit configured for single‑tenant use
- 0.23‑acre property in Melbourne’s Ballard Park area
- 1951 construction with block and concrete materials
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
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Current Use
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
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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 units - Office space configured for a single tenant, with central air, electric heat, public utilities, 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: 1,550‑square‑foot office unit configured for single‑tenant use; 0.23‑acre property in Melbourne’s Ballard Park area; 1951 construction with block and concrete materials
