Flex Space with Grade-Level
For Sale
Contact for pricing
8 S John Rodes Blvd, Melbourne, FL 32904
Configured for office operations, warehouse functions, light assembly, and manufacturing under M-1 zoning.
Property Size5,376 SF
Price / SF$79.06
Days on Market501
Property Features for 8 S John Rodes Blvd
General Information
Standard status
Active
Size
5,376 SF
Total Parking Spaces
6
Property subtype
INDUSTRIAL
Zoning
M-1
Financials
Gross Income
$75,600
HOA Fee
$322
Warehouse & Industrial
Warehouse Space
1,151 SF
Office Build-Out
4,225 SF
Drive-In Doors
2
Three-Phase Power
No
Additional Details
Utilities to Site
Yes
Office Units
1
Building Details
Buildings
1
Stories
2
Building Size
5,376 SF
Tenancy
Single
Owner Occupied
No
Listing Agency:
The Ullian Realty Corporation
(321) 750-3439
Listed By:
Zachary Ullian · License #3445627
(321) 750-3439
Source:
Moodyscre
Added: Apr 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:42PM
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 5,376-square-foot flex property combines approximately 1,151 square feet of warehouse area with 4,225 square feet of HVAC office space. The two-level layout includes reception, six offices, a conference room, bullpen, and break room, along with two approximately 9-foot-wide by 10-foot-tall grade-level doors. The building footprint is 2,688 square feet, with an additional 2,688 square feet upstairs.
Located at 8 S John Rodes Blvd in Melbourne, the property is zoned M-1 for light assembly, manufacturing, office, warehouse, and other stated uses. Improvements include city water and sewer, 1-phase FPL electric, and six paved, striped, lighted asphalt parking spaces. Three-phase power is nearby. The existing term expires 9/30/25 and includes two 1-year renewal options with 2% annual escalators.
Located at 8 S John Rodes Blvd in Melbourne, the property is zoned M-1 for light assembly, manufacturing, office, warehouse, and other stated uses. Improvements include city water and sewer, 1-phase FPL electric, and six paved, striped, lighted asphalt parking spaces. Three-phase power is nearby. The existing term expires 9/30/25 and includes two 1-year renewal options with 2% annual escalators.
Key Highlights
- 5,376 SF total, including approximately 1,151 SF warehouse and 4,225 SF HVAC office
- Two 9’ wide x 10’ tall +/- grade‑level doors
- M‑1 zoning supports light assembly/manufacturing, office, warehouse & more
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
$37,041
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
8.72%
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%
$740,820
$740.8K
Cap Rate 7%
$529,157
$529.2K
Cap Rate 9%
$411,567
$411.6K
Market Conditions
NOI Build-Up for 5,376 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
$45.2K $8.40/SF
− Vacancy
−$1.6K −$0.29/SF
EGI
$43.6K $8.11/SF
− OpEx
−$6.5K −$1.22/SF
NOI
$37.0K $6.89/SF
Area
Brevard County, FL
Vacancy
3.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$740,820
Cap Rate 7%
$529,157
Cap Rate 9%
$411,567
Alternative Uses
Best Use
Office B
$1.05M
$914.5K – $1.22M
NOI $73,157 @ 7.0% cap · market cap 17.21%
Second Best
Flex RnD
$784.1K
$686.1K – $914.8K
NOI $54,890 @ 7.0% cap · market cap 12.92%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,284 @ 7.0% cap · market cap 23.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
1
Office units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32904, FL
35,399
Population
15,117
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
217.1 sq mi
ZIP Area
163
Density / Sq Mi
$86,943
Median Household Income
$42,451
Median Earnings
$1,763
Median Rent
$334,400
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?
Flex space - Configured for office operations, warehouse functions, light assembly, and manufacturing under M-1 zoning.
Where is this flex space located?
The property is located at 8 S John Rodes Blvd Melbourne, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 5,376 SF total, including approximately 1,151 SF warehouse and 4,225 SF HVAC office; Two 9’ wide x 10’ tall +/- grade‑level doors; M‑1 zoning supports light assembly/manufacturing, office, warehouse & more
