Retail Property in Historic
924 E New Haven Ave Melbourne, FL 32901
924 E New Haven Ave, Melbourne, FL, 32901
$3,700,000
For Sale
$3,700,000
Multi-tenant retail property with income and value-add potential.
Property Size10,615 SF
Price / SF$348.56
Days on Market113
Property Features for 924 E New Haven Ave
General Information
- Standard status
- Active
- Size
- 10,615 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1925
Listing agency
(561) 827-3044
Listed by
Dylan Morse · License #FL #SL3500133
(561) 827-3044
Source
Franklinst
Added: Apr 1 Updated: Jul 10 at 3:56PM Checked: Jul 10 at 3:56PM
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 Dylan Morse
Investment Insights
Based on property information with market context.
The property at 924 E New Haven Avenue is a multi-tenant retail property situated in Historic Downtown Melbourne. The property has a total area of 10,615 square feet and is configured with three units. Currently, two units are leased to Osuki Sushi and Cleopatra Ink. Both tenants operate under NNN leases. The property is 82% occupied with established tenants, providing cash flow. All tenants operate under triple net (NNN) leases, passing through expenses for taxes, insurance, and maintenance. The leases include annual rent increases ranging from 4% to 6%. The property is located along the New Haven Avenue corridor in Historic Downtown Melbourne, surrounded by amenities, restaurants, bars, and retail. The area has over 100,000 residents within a 5-mile radius. The property benefits from pedestrian activity and street visibility in one of the city’s most visited districts. Downtown Melbourne is experiencing development momentum and rising rental rates driven by new residential and mixed-use projects.
Key Highlights
- Located in the heart of Historic Downtown Melbourne on the highly trafficked New Haven Avenue corridor.
- 82% Occupied with two established tenants (Osuki Sushi and Cleopatra Ink) under NNN leases, providing stable in‑place income.
- NNN leases pass through expenses (taxes, insurance, maintenance), maximizing net operating income with minimal landlord responsibilities.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $191.1k | $18.00 |
| − Vacancy | −$16.2k | −$1.53 |
| EGI | $174.8k | $16.47 |
| − OpEx | −$52.4k | −$4.94 |
| NOI | $122.4k | $11.53 |
10,615 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,380 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,038 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Wavelength Electrical Contracting
Electrical Service
Bonnie and Clyde's
Hair Salon
Towers Group Realty
Corporate Office
Von Stephan Village ...
Restaurant
Railroad Emporium Fire ...
Fire Station
Similar For Sale Nearby
Similar Off Market Nearby
- Farmer Market On Saturday & Sunday — Melbourne, FL 32901
- Edgardo Mabama — 1363 S Babcock St, Melbourne, FL 32901
- AAA — Melbourne, FL 32901
FAQs
What type of property is this?
Shopping center - Multi-tenant retail property with income and value-add potential.
Where is this shopping center located?
The property is located at 924 E New Haven Ave Melbourne, FL.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Located in the heart of Historic Downtown Melbourne on the highly trafficked New Haven Avenue corridor.; 82% Occupied with two established tenants (Osuki Sushi and Cleopatra Ink) under NNN leases, providing stable in‑place income.; NNN leases pass through expenses (taxes, insurance, maintenance), maximizing net operating income with minimal landlord responsibilities.
