Two-Story Multi-Tenant Office
For Sale
$2,750,950
1275 S Patrick Dr, Satellite Beach, FL 32937
Configured with traditional and executive suites, the property includes on-site parking for its office occupants.
Property Size14,870 SF
Price / SF$185
Days on Market47
Property Features for 1275 S Patrick Dr
General Information
Standard status
Active
Size
14,870 SF
Property subtype
Commercial
Additional Details
Office Units
20
Building Details
Year Built
1987
Buildings
1
Stories
2
Tenancy
Multi
Abandoned
No
Listing Agency:
One Sotheby's International
Listed By:
Alan Charles Bauman
(252) 599-6001
Source:
Greaterorlandohomesforsale
Added: Aug 4
Changed: Sep 18
Last Checked: Sep 18 at 2:14PM
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 One Sotheby's International
Investment Insights
Based on property information with market context.
Located at 1275 S Patrick Dr in Satellite Beach, this two-story office property contains 14,870 square feet of commercial space. The building includes 10 traditional office suites and 10 executive suites, creating a multi-tenant configuration within a single office asset. Constructed in 1987, it provides a defined office layout with multiple suite types.
The property is positioned between the Eau Gallie and Pineda Causeways in a beachside setting. On-site parking is available, supporting the building’s office use and suite-based occupancy.
The property is positioned between the Eau Gallie and Pineda Causeways in a beachside setting. On-site parking is available, supporting the building’s office use and suite-based occupancy.
Key Highlights
- 14,870‑square‑foot office building constructed in 1987
- Two‑story property with 10 traditional office suites
- Includes 10 executive office suites
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
$202,351
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
7.36%
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%
$4,047,020
$4.0M
Cap Rate 7%
$2,890,729
$2.9M
Cap Rate 9%
$2,248,344
$2.2M
Market Conditions
NOI Build-Up for 14,870 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
$321.2K $21.60/SF
− Vacancy
−$51.4K −$3.46/SF
EGI
$269.8K $18.14/SF
− OpEx
−$67.5K −$4.54/SF
NOI
$202.4K $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%
$4,047,020
Cap Rate 7%
$2,890,729
Cap Rate 9%
$2,248,344
Alternative Uses
Best Use
Office B
$2.89M
$2.53M – $3.37M
NOI $202,351 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,619 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 32937, FL
27,306
Population
13,619
Households
2
Avg Household Size
50
Median Age
53%
College-Educated
99%
High-School Grad
6.8 sq mi
ZIP Area
4,016
Density / Sq Mi
$98,411
Median Household Income
$55,420
Median Earnings
$1,718
Median Rent
$421,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Configured with traditional and executive suites, the property includes on-site parking for its office occupants.
Where is this office building located?
The property is located at 1275 S Patrick Dr Satellite Beach, FL.
What is the asking price?
The asking price for this property is $2,750,950.
What are key features of this property?
This property features: 14,870‑square‑foot office building constructed in 1987; Two‑story property with 10 traditional office suites; Includes 10 executive office suites
