Renovated Multi-Unit Office
For Sale
$999,970
130 Enterprise Ave Se, Palm Bay, FL 32909
Two-story commercial property with flexible office layouts and a combined suite configured for church use.
Property Size6,560 SF
Price / SF$152.43
Days on Market38
Property Features for 130 Enterprise Ave Se
General Information
Standard status
Active
Size
6,560 SF
Additional Details
Highway Access
Yes
Office Units
8
Taxes and HOA fees
Annual Taxes
$17,430
Building Details
Year Renovated
2021
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
High Pro Realty Services
(321) 557-4981
Listed By:
Jacqueline Scipion Pierre · License #3409211
(321) 557-4981
Source:
Exprealty
Added: Jul 6
Changed: Aug 12
Last Checked: Aug 12 at 2:03AM
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 High Pro Realty Services
Investment Insights
Based on property information with market context.
This 6,560-square-foot office building offers a two-level configuration with eight office units and eight bathrooms. Four units occupy each floor, while Units B and C on the first floor have been joined into a larger space currently used as a church. The building underwent a full renovation in 2021, supporting a range of office and community-oriented configurations.
The property provides access to I-95 and Malabar Road, with Palm Bay Hospital and surrounding businesses nearby. Its multi-unit design accommodates multiple occupants or an owner-user seeking office space with additional suites.
The property provides access to I-95 and Malabar Road, with Palm Bay Hospital and surrounding businesses nearby. Its multi-unit design accommodates multiple occupants or an owner-user seeking office space with additional suites.
Key Highlights
- 6,560 SF two‑story office building
- Eight office units and eight bathrooms across two floors
- Units B and C combined into a first‑floor church configuration
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
$89,268
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
8.93%
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%
$1,785,360
$1.8M
Cap Rate 7%
$1,275,257
$1.3M
Cap Rate 9%
$991,867
$991.9K
Market Conditions
NOI Build-Up for 6,560 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
$141.7K $21.60/SF
− Vacancy
−$22.7K −$3.46/SF
EGI
$119.0K $18.14/SF
− OpEx
−$29.8K −$4.54/SF
NOI
$89.3K $13.61/SF
Area
Palm Bay, 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%
$1,785,360
Cap Rate 7%
$1,275,257
Cap Rate 9%
$991,867
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,268 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,150 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 32909, FL
36,789
Population
14,278
Households
2.6
Avg Household Size
42
Median Age
23%
College-Educated
92%
High-School Grad
57.7 sq mi
ZIP Area
638
Density / Sq Mi
$76,708
Median Household Income
$36,071
Median Earnings
$1,502
Median Rent
$261,400
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 - Two-story commercial property with flexible office layouts and a combined suite configured for church use.
Where is this office building located?
The property is located at 130 Enterprise Ave Se Palm Bay, FL.
What is the asking price?
The asking price for this property is $999,970.
What are key features of this property?
This property features: 6,560 SF two‑story office building; Eight office units and eight bathrooms across two floors; Units B and C combined into a first‑floor church configuration
