Two-Unit Duplex Near
For Sale
$610,000
148 OCEAN VIEW LANE, Melbourne, FL 32903
Income-producing duplex with two leased residences and a recently replaced roof.
Property Size1,768 SF
Price / SF$345.02
Days on Market13
Property Features for 148 OCEAN VIEW LANE
General Information
Standard status
Active
Size
1,768 SF
Property subtype
Half Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1979
Buildings
1
Tenancy
Multi
Listing Agency:
SUCCESS PROPERTY MANAGEMENT IN
(352) 610-4369
Listed By:
Jill Lancon · License #3290429
(352) 817-8422
Source:
Dennisrealty
Added: Sep 9
Changed: Sep 20
Last Checked: Sep 20 at 9:08AM
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 SUCCESS PROPERTY MANAGEMENT IN
Investment Insights
Based on property information with market context.
This two-unit duplex contains two residences, each configured with two bedrooms and one bathroom. The property was built in 1979 and has a total size of 1,768 square feet, with both units currently rented to monthly-paying tenants.
Located one block from the beach in Melbourne, the property offers a compact residential income configuration with an updated roof installed in 2018. Tenant privacy is requested during visits.
Located one block from the beach in Melbourne, the property offers a compact residential income configuration with an updated roof installed in 2018. Tenant privacy is requested during visits.
Key Highlights
- Two‑unit duplex with 1,768 square feet
- Each unit offers 2 bedrooms and 1 bathroom
- Both units are currently rented to monthly‑paying tenants
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
$20,135
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
3.30%
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%
$402,700
$402.7K
Cap Rate 7%
$287,643
$287.6K
Cap Rate 9%
$223,722
$223.7K
Market Conditions
NOI Build-Up for 1,768 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
$30.8K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$28.8K $16.27/SF
− OpEx
−$8.6K −$4.88/SF
NOI
$20.1K $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%
$402,700
Cap Rate 7%
$287,643
Cap Rate 9%
$223,722
Alternative Uses
Best Use
Multifamily LT 5
$287.6K
$251.7K – $335.6K
NOI $20,135 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$258.5K
$226.2K – $301.6K
NOI $18,098 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$466.4K
$408.1K – $544.2K
NOI $32,651 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 32903, FL
13,880
Population
7,469
Households
1.9
Avg Household Size
52
Median Age
51%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
3,856
Density / Sq Mi
$101,549
Median Household Income
$55,718
Median Earnings
$1,700
Median Rent
$495,700
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?
Duplex - Income-producing duplex with two leased residences and a recently replaced roof.
Where is this duplex located?
The property is located at 148 OCEAN VIEW LANE Melbourne, FL.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,768 square feet; Each unit offers 2 bedrooms and 1 bathroom; Both units are currently rented to monthly‑paying tenants
