Medical Office Near Holmes
For Sale
$650,000
1405 Pine Street, Melbourne, FL 32901
Medical office space for sale near Health First Holmes.
Property Size2,004 SF
Days on Market160
Property Features for 1405 Pine Street
General Information
Standard status
Active
Size
2,004 SF
Class
B
Property subtype
Office
Building Details
Building Size
2,004 SF
Listing Agency:
(321) 258-7556
Listed By:
Michael S. Ullian, President, CCIM, SIOR · License #FL #BK447039
(321) 258-7556
Source:
Ullianrealty
Added: Mar 6
Changed: Aug 9
Last Checked: Aug 12 at 4:13AM
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 Michael S. Ullian, President, CCIM, SIOR
Investment Insights
Based on property information with market context.
This commercial property is suitable for medical office space. It features a waiting room, check-in/out area, a lab, four plumbed exam rooms, and a doctor’s office. The property is conveniently located within walking distance of Health First Holmes Regional Medical Center and the broader Melbourne medical community. Downtown Melbourne, Melbourne Square Mall, and Melbourne International Airport are a short drive away. The surrounding area offers a variety of shopping, dining, schools, and employers.
Key Highlights
- Walking distance to Health First Holmes Regional Medical Center
- Features 4 Plumbed Exam Rooms
- Proximity to Melbourne medical community
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
$27,270
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
4.20%
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%
$545,400
$545.4K
Cap Rate 7%
$389,571
$389.6K
Cap Rate 9%
$303,000
$303.0K
Market Conditions
NOI Build-Up for 2,004 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
$43.3K $21.60/SF
− Vacancy
−$6.9K −$3.46/SF
EGI
$36.4K $18.14/SF
− OpEx
−$9.1K −$4.54/SF
NOI
$27.3K $13.61/SF
Area
Brevard County, 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%
$545,400
Cap Rate 7%
$389,571
Cap Rate 9%
$303,000
Alternative Uses
Best Use
Office B
$389.6K
$340.9K – $454.5K
NOI $27,270 @ 7.0% cap · market cap 4.20%
Second Best
Healthcare Medical
$360.3K
$315.3K – $420.4K
NOI $25,222 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$528.7K
$462.6K – $616.8K
NOI $37,010 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,550
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space for sale near Health First Holmes.
Where is this medical office space located?
The property is located at 1405 Pine Street Melbourne, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Walking distance to Health First Holmes Regional Medical Center; Features 4 Plumbed Exam Rooms; Proximity to Melbourne medical community
