Redevelopment Land
For Sale
Contact for pricing
1052 CYPRESS AVE, Melbourne, FL 32935
Former Bank of America site on Eau Gallie Causeway with prior entitlement for a 326-unit mixed-use development.
Property Size38,494 SF
Lot Size3.20 Acres
Price / SF$136.38
Days on Market71
Property Features for 1052 CYPRESS AVE
General Information
Standard status
Active
Size
38,494 SF
Lot size
3.20 Acres
Property subtype
Retail, Multifamily, Land
Building Details
Year Built
1960
Listing Agency:
The Settineri Group
Listed By:
Christopher Settineri · License #BK3401746
Source:
Crexi
Added: May 21
Changed: Jul 22
Last Checked: Jul 30 at 11:35AM
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 The Settineri Group
Investment Insights
Based on property information with market context.
This commercial land parcel at 1052 Cypress Ave was formerly occupied by Bank of America and is being marketed as a redevelopment opportunity within the Eau Gallie Arts District. The property previously advanced through entitlement for a 326-unit mixed-use project, including approximately 18,000 SF of ground-floor retail and structured parking.
The site is positioned directly on Eau Gallie Causeway, providing strong visibility, access, and connectivity to both mainland Melbourne and the beaches. The prior planning supports a range of development directions, including mixed-use and multifamily concepts, along with retail and other adaptive re-use possibilities.
For buyers and brokers evaluating large-scale urban infill, this is presented as one of the few remaining parcels at this scale within the Melbourne MSA framework, with meaningful embedded planning value from the prior entitlement activity.
The site is positioned directly on Eau Gallie Causeway, providing strong visibility, access, and connectivity to both mainland Melbourne and the beaches. The prior planning supports a range of development directions, including mixed-use and multifamily concepts, along with retail and other adaptive re-use possibilities.
For buyers and brokers evaluating large-scale urban infill, this is presented as one of the few remaining parcels at this scale within the Melbourne MSA framework, with meaningful embedded planning value from the prior entitlement activity.
Key Highlights
- Former Bank of America site on Eau Gallie Causeway in the Eau Gallie Arts District
- 3.2‑acre redevelopment parcel and largest site in the district
- Prior entitlement for a 326‑unit mixed‑use project with approx. 18,000 SF of ground‑floor retail
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $692.9k | $18.00 |
| − Vacancy | −$58.9k | −$1.53 |
| EGI | $634.0k | $16.47 |
| − OpEx | −$190.2k | −$4.94 |
| NOI | $443.8k | $11.53 |
38,494 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$7.32M
$6.41M – $8.55M
NOI $512,740 @ 7.0% cap · market cap 9.77%
Second Best
Retail
$6.34M
$5.55M – $7.40M
NOI $443,797 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$10.16M
$8.89M – $11.85M
NOI $710,907 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,110
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Former Bank of America site on Eau Gallie Causeway with prior entitlement for a 326-unit mixed-use development.
Where is this commercial land located?
The property is located at 1052 CYPRESS AVE Melbourne, FL.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Former Bank of America site on Eau Gallie Causeway in the Eau Gallie Arts District; 3.2‑acre redevelopment parcel and largest site in the district; Prior entitlement for a 326‑unit mixed‑use project with approx. 18,000 SF of ground‑floor retail
