Office Space on
For Sale
Contact for pricing
1512 N Harbor City Blvd, Melbourne, FL
1,248 SF office space with high traffic exposure.
Property Size1,248 SF
Lot Size0.17 Acres
Price / SF$279.65
Days on Market889
Property Features for 1512 N Harbor City Blvd
General Information
Standard status
Active
Size
1,248 SF
Lot size
0.17 Acres
Property subtype
OFFICE
Listing Agency:
The Ullian Realty Corporation
(321) 750-3439
Listed By:
Zachary Ullian · License #3445627
(321) 750-3439
Source:
Moodyscre
Added: Mar 6, 2024
Changed: Aug 8
Last Checked: Aug 12 at 8:48AM
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 Ullian Realty Corporation
Investment Insights
Based on property information with market context.
This property features two 624 SF units, totaling 1,248 SF, which can be combined. Originally a duplex and former law office, it is currently used as an Air B&B. The property benefits from exposure to an estimated 40,000 vehicles per day on US1. It includes two electric meters, two HVAC units, and one water meter. Utilities available are city water/sewer and FPL electric. The C3 zoning allows for office, retail, medical, restaurant, wholesaling, and other uses. The seller will consider financing subject to contract terms and buyer credit. Please do not disturb the tenants.
Key Highlights
- High‑traffic location with approximately 40,000 vehicles passing daily (US1 exposure).
- Versatile C3 zoning allows for a wide range of uses including office, retail, medical, restaurant, and wholesaling.
- Potential for seller financing, subject to contract terms and buyer credit approval.
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
$16,983
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
4.87%
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%
$339,660
$339.7K
Cap Rate 7%
$242,614
$242.6K
Cap Rate 9%
$188,700
$188.7K
Market Conditions
NOI Build-Up for 1,248 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
$27.0K $21.60/SF
− Vacancy
−$4.3K −$3.46/SF
EGI
$22.6K $18.14/SF
− OpEx
−$5.7K −$4.54/SF
NOI
$17.0K $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%
$339,660
Cap Rate 7%
$242,614
Cap Rate 9%
$188,700
Alternative Uses
Best Use
Office B
$242.6K
$212.3K – $283.1K
NOI $16,983 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.3K
$288.1K – $384.1K
NOI $23,048 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 1,248 SF office space with high traffic exposure.
Where is this office units located?
The property is located at 1512 N Harbor City Blvd Melbourne, FL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: High‑traffic location with approximately 40,000 vehicles passing daily (US1 exposure).; Versatile C3 zoning allows for a wide range of uses including office, retail, medical, restaurant, and wholesaling.; Potential for seller financing, subject to contract terms and buyer credit approval.
