Flex Space with Grade Level
For Sale
Contact for pricing
691 & 697 Washburn Rd, Melbourne, FL 32934
Two flex buildings zoned M-1 with city water and sewer, 1-phase electric, and multiple grade level doors.
Property Size10,700 SF
Price / SF$177.10
Days on Market548
Property Features for 691 & 697 Washburn Rd
General Information
Standard status
Active
Size
10,700 SF
Total Parking Spaces
30
Property subtype
INDUSTRIAL
Zoning
M-1
Warehouse & Industrial
Drive-In Doors
8
Power
200 amps
Voltage
240 V
Three-Phase Power
No
Additional Details
Utilities to Site
Yes
Building Details
Buildings
2
Listing Agency:
The Ullian Realty Corporation
(321) 729-9900
Listed By:
Zachary Ullian · License #3445627
(321) 750-3439
Source:
Moodyscre
Added: Mar 21, 2025
Changed: Sep 3
Last Checked: Sep 18 at 10:08AM
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 The Ullian Realty Corporation
Investment Insights
Based on property information with market context.
This flex space offering includes two separate buildings at 691 & 697 Washburn Rd: a 3,200 SF office/warehouse building and a 7,500 SF metal building. The 691 building is estimated at 240 SF office and 2,960 SF warehouse space, and it is currently occupied by a month-to-month auto tenant (do not disturb). The 691 building has clear height ranges of 14’–16’ +/- and features four 12’ x 12’ +/- grade level doors.
The 697 building is a 7,500 SF metal building built in 2023 and is currently vacant. It offers clear height ranges of 9’–14’ +/- and also includes four 12’ x 12’ +/- grade level doors. Both buildings connect to city water/sewer and have 1-phase 200amp 240v FPL electric.
On-site parking totals 30 paved/striped/lighted spaces. The property is zoned M-1, supporting uses such as warehousing, automotive, and light assembly/manufacturing. Seller to consider financing subject to contract terms and buyer credit.
The 697 building is a 7,500 SF metal building built in 2023 and is currently vacant. It offers clear height ranges of 9’–14’ +/- and also includes four 12’ x 12’ +/- grade level doors. Both buildings connect to city water/sewer and have 1-phase 200amp 240v FPL electric.
On-site parking totals 30 paved/striped/lighted spaces. The property is zoned M-1, supporting uses such as warehousing, automotive, and light assembly/manufacturing. Seller to consider financing subject to contract terms and buyer credit.
Key Highlights
- 691 building estimated 240 SF office and 2,960 SF warehouse, total 3,200 SF
- 691 building clear height ranges 14’–16’ +/- and four 12’ x 12’ +/- grade level doors
- 697 building is 7,500 SF metal building built in 2023 and currently vacant
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
$109,249
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
5.77%
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%
$2,184,980
$2.2M
Cap Rate 7%
$1,560,700
$1.6M
Cap Rate 9%
$1,213,878
$1.2M
Market Conditions
NOI Build-Up for 10,700 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
$179.8K $16.80/SF
− Vacancy
−$11.7K −$1.09/SF
EGI
$168.1K $15.71/SF
− OpEx
−$58.8K −$5.50/SF
NOI
$109.2K $10.21/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,184,980
Cap Rate 7%
$1,560,700
Cap Rate 9%
$1,213,878
Alternative Uses
Best Use
Flex RnD
$1.56M
$1.37M – $1.82M
NOI $109,249 @ 7.0% cap · market cap 5.77%
Second Best
Warehouse
$1.05M
$921.6K – $1.23M
NOI $73,724 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,608 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32934, FL
18,355
Population
7,987
Households
2.3
Avg Household Size
51
Median Age
42%
College-Educated
94%
High-School Grad
22.9 sq mi
ZIP Area
802
Density / Sq Mi
$102,871
Median Household Income
$51,988
Median Earnings
$1,782
Median Rent
$392,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two flex buildings zoned M-1 with city water and sewer, 1-phase electric, and multiple grade level doors.
Where is this flex space located?
The property is located at 691 & 697 Washburn Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 691 building estimated 240 SF office and 2,960 SF warehouse, total 3,200 SF; 691 building clear height ranges 14’–16’ +/- and four 12’ x 12’ +/- grade level doors; 697 building is 7,500 SF metal building built in 2023 and currently vacant
