Medical Office Condominium
For Sale
$649,900
103-6549 N Wickham Rd, Melbourne, FL 32904
Tenant-occupied medical/professional office condominium with multiple exam/offices, reception, and two baths.
Property Size1,994 SF
Price / SF$325.93
Days on Market127
Property Features for 103-6549 N Wickham Rd
General Information
Standard status
Active
Size
1,994 SF
Taxes and HOA fees
Annual Taxes
$5,793
Listing Agency:
Hart To Hart Real Estate, Inc.
(321) 693-2672
Listed By:
Richard J Hart · License #590871
(321) 242-2526
Source:
Exprealty
Added: May 1
Changed: Aug 21
Last Checked: Sep 4 at 12:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hart To Hart Real Estate, Inc.
Investment Insights
Based on property information with market context.
This tenant-occupied medical/professional/retail office condominium unit offers a layout designed for patient-facing or client service use. The space includes six exam/offices, a private office, two bathrooms, a reception with check-in/check-out, a waiting room, work area, and a break room. Additional features include two storage closets.
The condominium is located within Brevard Medical City, an upscale mixed-use commercial/residential development in the Suntree/Viera area of Brevard County, Florida. The development includes a main entrance with 35-foot royal palms, a six-acre lake with a lighted walking/jogging sidewalk, and charging stations for electric cars, along with four entrance points and three color LED signs along Wickham Road.
Prospective buyers should inquire about deed restrictions, as they may impact permitted use and/or operational details within the development. Owner financing is also available.
The condominium is located within Brevard Medical City, an upscale mixed-use commercial/residential development in the Suntree/Viera area of Brevard County, Florida. The development includes a main entrance with 35-foot royal palms, a six-acre lake with a lighted walking/jogging sidewalk, and charging stations for electric cars, along with four entrance points and three color LED signs along Wickham Road.
Prospective buyers should inquire about deed restrictions, as they may impact permitted use and/or operational details within the development. Owner financing is also available.
Key Highlights
- Tenant‑occupied medical/professional office condominium in the Brevard Medical City mixed‑use development
- Includes 6 exam/offices, private office, reception check‑in/check‑out, waiting room, and work area
- 2‑bath layout with a break room and two storage closets
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
$27,134
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
4.18%
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%
$542,680
$542.7K
Cap Rate 7%
$387,629
$387.6K
Cap Rate 9%
$301,489
$301.5K
Market Conditions
NOI Build-Up for 1,994 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
$43.1K $21.60/SF
− Vacancy
−$6.9K −$3.46/SF
EGI
$36.2K $18.14/SF
− OpEx
−$9.0K −$4.54/SF
NOI
$27.1K $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%
$542,680
Cap Rate 7%
$387,629
Cap Rate 9%
$301,489
Alternative Uses
Best Use
Office B
$387.6K
$339.2K – $452.2K
NOI $27,134 @ 7.0% cap · market cap 4.18%
Second Best
Healthcare Medical
$358.5K
$313.7K – $418.3K
NOI $25,096 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$526.1K
$460.3K – $613.8K
NOI $36,825 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32904, FL
35,399
Population
15,117
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
217.1 sq mi
ZIP Area
163
Density / Sq Mi
$86,943
Median Household Income
$42,451
Median Earnings
$1,763
Median Rent
$334,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Wickham Animal Hospital & Boarding — 345 S Wickham Rd, Melbourne, FL 32904
Frequently Asked Questions
What type of property is this?
Medical Office Space - Tenant-occupied medical/professional office condominium with multiple exam/offices, reception, and two baths.
Where is this medical office space located?
The property is located at 103-6549 N Wickham Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Tenant‑occupied medical/professional office condominium in the Brevard Medical City mixed‑use development; Includes 6 exam/offices, private office, reception check‑in/check‑out, waiting room, and work area; 2‑bath layout with a break room and two storage closets
