Melbourne Commercial Property on
For Sale
$849,900
Pending
2808 S Harbor City Boulevard, Melbourne, FL 32901
Versatile commercial property with frontage on US1 in Melbourne, FL.
Property Size4,102 SF
Lot Size1.00 Acre
Days on Market860
Property Features for 2808 S Harbor City Boulevard
General Information
Standard status
Pending
Size
4,102 SF
Lot size
1.00 Acre
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$5,608
Building Details
Year Built
1955
Listing Agency:
Real Estate Ink Co. Inc.
(321) 863-4426
Listed By:
Mark Herendeen · License #3429914
(321) 863-4426
Source:
Exitrealty
Added: Apr 9, 2024
Changed: Aug 9
Last Checked: Aug 8 at 5:38AM
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 Real Estate Ink Co. Inc.
Investment Insights
Based on property information with market context.
Located on S. Harbor City Blvd, this commercial property offers convenient access north and south. The property is zoned C-2, which allows for business and personal services, retail, and many other uses. The property features a potential showroom space of approximately 2400 square feet, with a total covered area of 7120 square feet. The property includes 3-phase power and three roll-up doors, each approximately 10 feet in height. The site provides easy, secured access to an alley or easement in the rear. Situated on a 1-acre lot with 300 feet of frontage on US 1, the property is located within a HUB and Opportunity Zone within the Downtown Melbourne CRA expansion. The future land use designation is C3, allowing for maximum density in Melbourne. The current C-2 zoning, under the Live Local Act, permits development of 100 units per acre at 8 stories. The traffic count for 2023 was recorded at 36,180. The US1 new Streetscape project is scheduled to begin in 2025. The property is located less than a quarter mile from Riverview Park, providing non-motorized access to the Indian River lagoon, 3 miles from public beach access, and 4 miles from Melbourne Orlando International Airport (MLB). Florida Institute of Technology is 2 miles away. The property is suitable for showrooms, retail, flex space, and industrial purposes.
Key Highlights
- High‑traffic US 1 frontage (300') with 36,180 traffic count (2023).
- C‑2 Zoning with potential for various business uses and future C3 land use allowing high‑density development (100 units/acre per Live Local Act).
- Located in HUB and Opportunity Zone within Downtown Melbourne CRA expansion.
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
$47,292
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
5.56%
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%
$945,840
$945.8K
Cap Rate 7%
$675,600
$675.6K
Cap Rate 9%
$525,467
$525.5K
Market Conditions
NOI Build-Up for 4,102 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
$73.8K $18.00/SF
− Vacancy
−$6.3K −$1.53/SF
EGI
$67.6K $16.47/SF
− OpEx
−$20.3K −$4.94/SF
NOI
$47.3K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$945,840
Cap Rate 7%
$675,600
Cap Rate 9%
$525,467
Alternative Uses
Best Use
Retail
$675.6K
$591.2K – $788.2K
NOI $47,292 @ 7.0% cap · market cap 5.56%
Second Best
Flex RnD
$598.3K
$523.5K – $698.0K
NOI $41,882 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$1.08M
$947.0K – $1.26M
NOI $75,756 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,729
Businesses Nearby
Under-served
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Showroom - Versatile commercial property with frontage on US1 in Melbourne, FL.
Where is this showroom located?
The property is located at 2808 S Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: High‑traffic US 1 frontage (300') with 36,180 traffic count (2023).; C‑2 Zoning with potential for various business uses and future C3 land use allowing high‑density development (100 units/acre per Live Local Act).; Located in HUB and Opportunity Zone within Downtown Melbourne CRA expansion.
