Multi-Building Warehouse
For Sale
$4,150,000
115 Edwards Dr, Rockledge, FL 32955
Five-building industrial complex with varied clear heights, loading access, and substantial electrical capacity.
Property Size40,314 SF
Lot Size4.99 Acres
Price / SF$102.94
Days on Market91
Property Features for 115 Edwards Dr
General Information
Standard status
Active
Size
40,314 SF
Lot size
4.99 Acres
Property subtype
Industrial
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
12
Building Details
Building Size
40,314 SF
Buildings
5
Listing Agency:
Lightle Beckner Robison Inc
(603) 244-8052
Listed By:
Luke Brown · License #FL #SL3569606
(603) 244-8052
Source:
Teamlbr
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 1:44PM
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.
This warehouse property provides 40,314 rentable square feet across five buildings on approximately 4.99 acres. Building 1 contains 24,000 square feet with 20–25-foot clear heights, two 12-by-9-foot dock-high doors, and three grade-level doors. Building 2 adds 6,714 square feet, a 19-foot clear height, two 18-by-18-foot grade-level doors, and over 1,000 amps of power.
Buildings 3, 4, and 5 each contain 3,200 square feet. Building 3 offers a 20-foot clear height and three grade-level doors measuring 14-by-14 feet, 12-by-12 feet, and 10-by-10 feet. Buildings 4 and 5 each have 10-foot clear heights and two grade-level doors measuring 8-by-8 feet and 8-by-12 feet. The site includes two points of ingress and egress.
Buildings 3, 4, and 5 each contain 3,200 square feet. Building 3 offers a 20-foot clear height and three grade-level doors measuring 14-by-14 feet, 12-by-12 feet, and 10-by-10 feet. Buildings 4 and 5 each have 10-foot clear heights and two grade-level doors measuring 8-by-8 feet and 8-by-12 feet. The site includes two points of ingress and egress.
Key Highlights
- 40,314 rentable square feet across 5 buildings
- Approximately 4.99 acres with 2 points of ingress and egress
- Building 1 includes 2 12'x9' dock‑high doors and 3 grade‑level doors
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
$277,767
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
6.69%
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%
$5,555,340
$5.6M
Cap Rate 7%
$3,968,100
$4.0M
Cap Rate 9%
$3,086,300
$3.1M
Market Conditions
NOI Build-Up for 40,314 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
$338.6K $8.40/SF
− Vacancy
−$11.9K −$0.29/SF
EGI
$326.8K $8.11/SF
− OpEx
−$49.0K −$1.22/SF
NOI
$277.8K $6.89/SF
Area
Brevard County, FL
Vacancy
3.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$5,555,340
Cap Rate 7%
$3,968,100
Cap Rate 9%
$3,086,300
Alternative Uses
Best Use
Warehouse
$3.97M
$3.47M – $4.63M
NOI $277,767 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.64M
$9.31M – $12.41M
NOI $744,519 @ 7.0% cap · market cap 17.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
12
Drive-in doors
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 32955, FL
40,275
Population
19,281
Households
2.1
Avg Household Size
46
Median Age
38%
College-Educated
94%
High-School Grad
50.9 sq mi
ZIP Area
791
Density / Sq Mi
$85,133
Median Household Income
$43,574
Median Earnings
$1,656
Median Rent
$327,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Five-building industrial complex with varied clear heights, loading access, and substantial electrical capacity.
Where is this warehouse located?
The property is located at 115 Edwards Dr Rockledge, FL.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 40,314 rentable square feet across 5 buildings; Approximately 4.99 acres with 2 points of ingress and egress; Building 1 includes 2 12'x9' dock‑high doors and 3 grade‑level doors
