Building Details

Year Built 1926

Year Renovated 2021

Buildings 1

Building Size 12,000 SF

Listing Agency: JM Real Estate

Listed By: Terry Winton · License #FL SL3407890 Show Phone

Source: Viewfloridabeachhouses

Added: Apr 24 Changed: Nov 1 Last Checked: Nov 1 at 5:58AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 12,555-square-foot medical office property was built in 1926 and renovated in 2021. The building includes two electric meters and one water meter, supporting separate utility tracking within the property. A replacement roof was completed in 2020, and its warranty remains in effect.

The property is located at 1250 S Harbor City Boulevard in Melbourne, Florida, near downtown and the airport. Its medical-office classification and updated improvements provide a defined commercial use profile in an established central location.

Key Highlights

• 12,555 SF medical office property
• Renovated in 2021
• Roof installed in 2020 with warranty still in place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$170,848

Cap Rate

7.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,416,960 $3.4M

Cap Rate 7%

$2,440,686 $2.4M

Cap Rate 9%

$1,898,311 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,555 SF

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 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 (±1% cap)

NOI $170,848 @ 7.0% cap · market cap 7.43%

Second Best

Healthcare Medical

$2.26M

$1.98M – $2.63M (±1% cap)

NOI $158,012 @ 7.0% cap · market cap 6.87%

Theoretical Best

Office A

$3.31M

$2.90M – $3.86M (±1% cap)

NOI $231,866 @ 7.0% cap · market cap 10.08%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Schedule Vascular_lab Physician Dr. Irfan Imami Physician Lisa Fischer Physician Hadi Shalhoub, DO Physician Melbourne Vascular Physician

Suggested Use

Top Pick Storage Facility Electrical Service Grocery & Convenience Store (Bike/Boat/Book/etc) Store Veterinary Clinic Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,338

Businesses Nearby

Balanced

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 Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical and office building with recent renovations, a newer roof, and separate electric metering.

Where is this medical office space located?

The property is located at 1250 S Harbor City Blvd Melbourne, FL.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: 12,555 SF medical office property; Renovated in 2021; Roof installed in 2020 with warranty still in place