Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    620 E New Haven Ave Melbourne, FL 32901

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,550,000

    Mixed-use building featuring apartments and retail spaces with recent renovations.

    Property size:
    4,443 SF
    Lot size:
    0.19 Acres

    Property Features for 620 E New Haven Ave

    General Information

    Standard status
    Active
    Size
    4,443 SF
    Lot size
    0.19 Acres

    Building Details

    Year built
    1954

    We can help!

    Listing Contact
    Cassandra Hartford
    Cassandra Hartford
    Source: Exitrealty

    Listing Agency: Reach Commercial Real Estate Listing Agent: Cassandra Hartford

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Building With Retail Spaces

    This meticulously maintained mixed-use building features five apartments and two retail spaces. The property generates an annual gross income of $122,552, derived from both residential and commercial sources, structured as gross and NNN leases. Recent extensive renovations include a roof replacement, fresh paint, new impact-rated windows, a new front patio, landscaping improvements, parking lot replacement, and new air conditioning units. The property size is 4443 square feet. These comprehensive upgrades position the property for long-term, profitable holding with minimal near-term capital expenditures.
    Location Intelligence

    Current Use by Public Records

    Rita's Italian Ice ... Grocery & Convenience Store Wallaby Windows Hardware & Home Improvement The Shop Melbourne Barber Shop

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6307996
    Latitude
    28.0789894

    Nearby Similar for Sale

    • $845,000
      4,070 SF

      Downtown Melbourne Commercial Opportunity

      Versatile commercial building in downtown Melbourne with owner financing.
      604 E New Haven Ave, Melbourne, FL 32901
      View Details
    • $499,000
      1,400 SF

      Commercial Building on Highway 1

      1400 sq ft CBS building on thriving US Highway 1.
      2814 S Harbor City Blvd, Melbourne, FL 32901
      View Details
    • $499,000
      1,500 SF

      Highway Frontage Retail Opportunity

      1500 sq ft CBS building with highway frontage.
      2814 S Harbor City Blvd, Melbourne, FL 32901
      View Details
    • $950,000
      2,104 SF

      High Visibility Commercial Property, Melbourne

      1.05 acre lot with high visibility and multiple access points.
      2815 S Harbor City Blvd, Melbourne, FL 32901
      View Details
    • $549,900
      1,496 SF

      Updated Medical Office in Melbourne

      Updated 1,492 SF medical office in a prime downtown location.
      315 E Strawbridge Ave, Melbourne, FL 32901
      View Details
    • $365,000
      2,010 SF

      Established Restaurant Franchise Opportunity

      Turnkey restaurant franchise for sale in high-traffic Melbourne location.
      2890 W New Haven Ave, Melbourne, FL 32904
      View Details
    • $550,000
      3,266 SF

      Melbourne Religious Facility Investment Opportunity

      Well-maintained 3,266 sq ft property with religious zoning exemption.
      2787 Aurora Rd, Melbourne, FL 32935
      View Details
    • $1,280,000
      2,600 SF

      Melbourne Gas Station and Store

      Operating gas station and convenience store near Florida Institute of Technology.
      653 E University Blvd, Melbourne, FL 32901
      View Details
    • $3,850,000
      13,765 SF

      Downtown Melbourne Commercial Building For Sale

      Premier 13,765 SF commercial building in vibrant downtown Melbourne.
      2015 Waverly Pl, Melbourne, FL 32901
      View Details
    • $2,095,000
      8,108 SF

      Two Office Buildings on US1

      Two office buildings on US1 in Melbourne, Florida for sale.
      525 N Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $1,200,000
      7,402 SF

      Turnkey Restaurant Opportunity in Melbourne

      Well-known Italian restaurant with liquor license in premier shopping destination.
      6630 Colonnade Ave, Melbourne, FL 32940
      View Details
    • $2,400,000
      8,034 SF

      Wickham Road Commercial Property

      Prime commercial property with high visibility and convenient access.
      580 S Wickham Rd, Melbourne, FL 32904
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building featuring apartments and retail spaces with recent renovations.
    Where is this mixed-use property located?
    The property is located at 620 E New Haven Ave Melbourne, FL.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: - Substantial annual gross income of $122,552 from a mix of residential and commercial tenants.; - Recent extensive renovations including **roof replacement, impact-rated windows, and new A/C units.**; - Mixed-use building with five apartments and two retail spaces.
    (321) 300-4773
    Request Owner's contact information
    620 E New Haven Ave Melbourne, FL 32901
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    620 E New Haven Ave
    Melbourne, FL 32901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    620 E New Haven Ave Melbourne, FL 32901
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Cassandra Hartford
    Cassandra Hartford
    Real Estate License ID: 3296024
    (321) 300-4773 (321) 514-0876
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!