Professional Office
For Sale
$2,350,000
1248 - 1250 South Harbor City Boulevard, Melbourne, FL 32901
Medical-office improvements offer a flexible setting for professional users or an owner-occupant.
Property Size12,555 SF
Lot Size1.31 Acres
Price / SF$187.18
Days on Market92
Property Features for 1248 - 1250 South Harbor City Boulevard
General Information
Standard status
Active
Size
12,555 SF
Class
B
Lot size
1.31 Acres
Property subtype
Office
Building Details
Building Size
12,555 SF
Buildings
1
Listing Agency:
Lightle Beckner Robison, Inc.
(321) 863-3226
Listed By:
Rob Beckner, SIOR · License #FL #SL707053
(321) 863-3226
Source:
Teamlbr
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 2:27PM
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.
The property is a 12,555-square-foot professional and medical office building on 1.31 acres. Existing improvements provide a foundation for office operations, while the building’s configuration may support redevelopment into a multi-tenant property combining office and medical uses. Ample parking is included on the site.
Located at 1248–1250 South Harbor City Boulevard in Melbourne, the property is minutes from Downtown Melbourne and major hospitals. The asset is suited to professional office users, medical practices, or an owner-occupant seeking a larger office facility with redevelopment potential.
Located at 1248–1250 South Harbor City Boulevard in Melbourne, the property is minutes from Downtown Melbourne and major hospitals. The asset is suited to professional office users, medical practices, or an owner-occupant seeking a larger office facility with redevelopment potential.
Key Highlights
- 12,555 SF professional and medical office building
- 1.31‑acre site at 1248–1250 South Harbor City Boulevard
- Potential conversion to a multi‑tenant office and medical property
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
$170,848
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
7.27%
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%
$3,416,960
$3.4M
Cap Rate 7%
$2,440,686
$2.4M
Cap Rate 9%
$1,898,311
$1.9M
Market Conditions
NOI Build-Up for 12,555 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
$271.2K $21.60/SF
− Vacancy
−$43.4K −$3.46/SF
EGI
$227.8K $18.14/SF
− OpEx
−$56.9K −$4.54/SF
NOI
$170.8K $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%
$3,416,960
Cap Rate 7%
$2,440,686
Cap Rate 9%
$1,898,311
Alternative Uses
Best Use
Office B
$2.44M
$2.14M – $2.85M
NOI $170,848 @ 7.0% cap · market cap 7.27%
Second Best
Healthcare Medical
$2.26M
$1.98M – $2.63M
NOI $158,012 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$3.31M
$2.90M – $3.86M
NOI $231,866 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Medical-office improvements offer a flexible setting for professional users or an owner-occupant.
Where is this office building located?
The property is located at 1248 - 1250 South Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 12,555 SF professional and medical office building; 1.31‑acre site at 1248–1250 South Harbor City Boulevard; Potential conversion to a multi‑tenant office and medical property
