Historic Mixed-Use Income
For Sale
Contact for pricing
Pending
1584-1590 Highland Avenue, Melbourne, FL 32935
C3 zoned mixed-use property with a first-level salon/medi spa and 11 upper-level rooming units, fully leased.
Days on Market110
Property Features for 1584-1590 Highland Avenue
General Information
Standard status
Pending
Property subtype
Special Purpose
Zoning
C3
Occupancy
100%
Additional Details
Cap Rate
7.2%
Multifamily Units
11
Listing Agency:
One Sotheby's International
(321) 243-1218
Listed By:
Stephanie Dandridge · License #3273655
Source:
Crexi
Added: Apr 13
Changed: Jul 23
Last Checked: Jul 30 at 6:58AM
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.
Built in the early 1900s, this historic C3 zoned property formerly included the Amuse Theater and The Mathers Hotel. Today it operates as a commercial and mixed-use income asset, featuring a busy salon and medi spa on the first level and an 11-unit rooming house on the upper level. The property is reported as 100% occupied with stable leases, and all plumbing and electrical have been renewed.
Located in the Eau Gallie Arts District, the surrounding area includes shops, art studios, eateries, bars, salons, and events. The property is described as approximately 10 minutes to Melbourne International Airport, about 10 minutes to the Beaches, and roughly 50 minutes to Orlando International Airport.
The seller-provided proforma shows Net Operating Income (NOI) of $159k annually, reflecting a 7.2% cap rate.
Located in the Eau Gallie Arts District, the surrounding area includes shops, art studios, eateries, bars, salons, and events. The property is described as approximately 10 minutes to Melbourne International Airport, about 10 minutes to the Beaches, and roughly 50 minutes to Orlando International Airport.
The seller-provided proforma shows Net Operating Income (NOI) of $159k annually, reflecting a 7.2% cap rate.
Key Highlights
- C3 zoned mixed‑use property formerly the Amuse Theater and The Mathers Hotel from the early 1900s
- 100% occupied with stable leases; 1st‑level salon/medi spa plus 11 upper‑level rooming units
- Proforma NOI of $159k/year with a 7.2% CAP
Property Analytics
Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - C3 zoned mixed-use property with a first-level salon/medi spa and 11 upper-level rooming units, fully leased.
Where is this apartment building located?
The property is located at 1584-1590 Highland Avenue Melbourne, FL.
What are key features of this property?
This property features: C3 zoned mixed‑use property formerly the Amuse Theater and The Mathers Hotel from the early 1900s; 100% occupied with stable leases; 1st‑level salon/medi spa plus 11 upper‑level rooming units; Proforma NOI of $159k/year with a 7.2% CAP
