Flex Space with Highbay
For Sale
$25,000,000
1110 West Hibiscus Boulevard, Melbourne, FL 32901
First-floor commercial facility combining reception, laboratory, light manufacturing, and warehouse functions.
Property Size112,489 SF
Days on Market91
Property Features for 1110 West Hibiscus Boulevard
General Information
Standard status
Active
Size
112,489 SF
Class
A
Property subtype
Office
Additional Details
Floor
1st Floor
Building Details
Building Size
112,489 SF
Year Built
2001
Buildings
1
Listing Agency:
Lightle Beckner Robison, Inc.
(321) 863-3226
Listed By:
Rob Beckner, SIOR · License #FL #SL707053
(321) 863-3226
Source:
Teamlbr
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 2:53PM
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 Lightle Beckner Robison, Inc.
Investment Insights
Based on property information with market context.
Built in 2001, this flex property brings several operational components together on the first floor. The layout includes a formal reception area, a large laboratory, space for light manufacturing, and a highbay warehouse area configured for storage or shipping and receiving activities.
Building systems include computer-controlled HVAC supported by three chillers. The combination of office-facing reception, technical space, production capability, and warehouse functionality provides a varied commercial configuration within one facility.
Building systems include computer-controlled HVAC supported by three chillers. The combination of office-facing reception, technical space, production capability, and warehouse functionality provides a varied commercial configuration within one facility.
Key Highlights
- First‑floor formal reception area
- Large laboratory and light manufacturing space
- Highbay warehouse area for storage or shipping and receiving
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
$1,530,750
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
6.12%
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%
$30,615,000
$30.6M
Cap Rate 7%
$21,867,857
$21.9M
Cap Rate 9%
$17,008,333
$17.0M
Market Conditions
NOI Build-Up for 112,489 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
$2.43M $21.60/SF
− Vacancy
−$388.8K −$3.46/SF
EGI
$2.04M $18.14/SF
− OpEx
−$510.3K −$4.54/SF
NOI
$1.53M $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%
$30,615,000
Cap Rate 7%
$21,867,857
Cap Rate 9%
$17,008,333
Alternative Uses
Best Use
Office B
$21.87M
$19.13M – $25.51M
NOI $1,530,750 @ 7.0% cap · market cap 6.12%
Second Best
Flex RnD
$16.41M
$14.36M – $19.14M
NOI $1,148,535 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$29.68M
$25.97M – $34.62M
NOI $2,077,447 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32901, FL
26,286
Population
13,241
Households
2
Avg Household Size
46
Median Age
31%
College-Educated
90%
High-School Grad
12.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$50,646
Median Household Income
$31,929
Median Earnings
$1,349
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - First-floor commercial facility combining reception, laboratory, light manufacturing, and warehouse functions.
Where is this flex space located?
The property is located at 1110 West Hibiscus Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: First‑floor formal reception area; Large laboratory and light manufacturing space; Highbay warehouse area for storage or shipping and receiving
