Triplex with Separate Laundry
For Sale
$569,900
1620-1622 Peachtree Street, Melbourne, FL 32901
Three residential units offer a varied floor-plan mix and individual washer-and-dryer connections.
Property Size2,118 SF
Days on Market460
Property Features for 1620-1622 Peachtree Street
General Information
Standard status
Active
Size
2,118 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,608
Amenities
washer and dryer hookup
Building Details
Building Size
2,118 SF
Year Built
1959
Buildings
2
Stories
1
Units
3
Listing Agency:
Blue Marlin Real Estate
(321) 543-7246
Listed By:
Justin Luke · License #3234313
(321) 543-7246
Source:
Jedwardsfl
Added: May 19, 2025
Changed: Aug 21
Last Checked: Aug 21 at 1:20PM
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 Blue Marlin Real Estate
Investment Insights
Based on property information with market context.
This Melbourne triplex contains three separate residential units: a front three-bedroom, two-bath residence and two rear one-bedroom, one-bath units. Each unit includes washer and dryer hookups, while two units have newer water heaters. A replacement roof is planned before closing, and the property is occupied by long-term tenants.
The property is located at 1620-1622 Peachtree Street in Melbourne, with Downtown Melbourne within walking distance. The river and US1 are less than four minutes away, Melbourne International Airport is less than four minutes away, and the beach is under ten minutes away. I-95 is less than 15 minutes from the property. Schools, shopping, restaurants, churches, businesses, and infrastructure are located in the surrounding area.
The property is located at 1620-1622 Peachtree Street in Melbourne, with Downtown Melbourne within walking distance. The river and US1 are less than four minutes away, Melbourne International Airport is less than four minutes away, and the beach is under ten minutes away. I-95 is less than 15 minutes from the property. Schools, shopping, restaurants, churches, businesses, and infrastructure are located in the surrounding area.
Key Highlights
- Triplex with a 3‑bedroom, 2‑bath front unit and two 1‑bedroom, 1‑bath units
- Individual washer and dryer hookups in all three units
- Two units have new water heaters
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
$24,120
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
4.23%
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%
$482,400
$482.4K
Cap Rate 7%
$344,571
$344.6K
Cap Rate 9%
$268,000
$268.0K
Market Conditions
NOI Build-Up for 2,118 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
$36.9K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.5K $16.27/SF
− OpEx
−$10.3K −$4.88/SF
NOI
$24.1K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$482,400
Cap Rate 7%
$344,571
Cap Rate 9%
$268,000
Alternative Uses
Best Use
Multifamily LT 5
$344.6K
$301.5K – $402.0K
NOI $24,120 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$309.7K
$271.0K – $361.4K
NOI $21,681 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$558.8K
$488.9K – $651.9K
NOI $39,115 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,897
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer a varied floor-plan mix and individual washer-and-dryer connections.
Where is this triplex located?
The property is located at 1620-1622 Peachtree Street Melbourne, FL.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Triplex with a 3‑bedroom, 2‑bath front unit and two 1‑bedroom, 1‑bath units; Individual washer and dryer hookups in all three units; Two units have new water heaters
