Leased Two-Story Retail
For Sale
$675,000
1504 NE Palm Bay Road, Palm Bay, FL 32905
Concrete-block retail center with restaurant and barber shop tenants, storefront windows, and on-site parking.
Property Size2,108 SF
Price / SF$320.21
Days on Market130
Property Features for 1504 NE Palm Bay Road
General Information
Standard status
Active
Size
2,108 SF
Occupancy
100%
Building Details
Buildings
1
Stories
2
Construction
concrete block
Tenancy
Multi
Listing Agency:
Blue Marlin Real Estate
(321) 543-7246
Listed By:
Justin Luke
(321) 543-7246
Source:
Startbrevardsearch
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 25 at 9:57AM
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.
Built in 1988, this two-story shopping center is a concrete-block property with a large storefront and expansive windows that bring natural light into the customer-facing areas. The building has a 2023 metal roof and is fully leased, with a restaurant occupying the first floor under a long-term lease and a barber shop on the upper level.
The property is located on Palm Bay Road NE in Palm Bay, Florida, between Interstate 95 and Highway US1. On-site parking serves customers and employees, while the surrounding area includes residential and commercial development. The configuration combines established retail occupancy with a visible storefront and separate uses across two floors.
The property is located on Palm Bay Road NE in Palm Bay, Florida, between Interstate 95 and Highway US1. On-site parking serves customers and employees, while the surrounding area includes residential and commercial development. The configuration combines established retail occupancy with a visible storefront and separate uses across two floors.
Key Highlights
- Fully leased two‑story shopping center
- Restaurant tenant on the first floor under a long‑term lease
- Barber shop occupies the upper level
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
$24,303
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
3.60%
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%
$486,060
$486.1K
Cap Rate 7%
$347,186
$347.2K
Cap Rate 9%
$270,033
$270.0K
Market Conditions
NOI Build-Up for 2,108 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
$37.9K $18.00/SF
− Vacancy
−$3.2K −$1.53/SF
EGI
$34.7K $16.47/SF
− OpEx
−$10.4K −$4.94/SF
NOI
$24.3K $11.53/SF
Area
Palm Bay, FL
Vacancy
8.50%
Lease Rate
$18.00 /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%
$486,060
Cap Rate 7%
$347,186
Cap Rate 9%
$270,033
Alternative Uses
Best Use
Retail
$347.2K
$303.8K – $405.1K
NOI $24,303 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.2K
$486.6K – $648.9K
NOI $38,931 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
259k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 34%
Groceries 14%
Office Supplies 5%
Publix
Groceries
35,401 visits/mo
0.4 miles
McDonald's
Dining
32,246 visits/mo
0.3 miles
Chili's Grill & Bar
Dining
22,444 visits/mo
0.3 miles
Cumberland Farms
Shops & Services
17,336 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,365 visits/mo
0.2 miles
Demographics for 32905, FL
26,064
Population
12,635
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,687
Density / Sq Mi
$56,671
Median Household Income
$31,688
Median Earnings
$1,361
Median Rent
$206,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Concrete-block retail center with restaurant and barber shop tenants, storefront windows, and on-site parking.
Where is this shopping center located?
The property is located at 1504 NE Palm Bay Road Palm Bay, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Fully leased two‑story shopping center; Restaurant tenant on the first floor under a long‑term lease; Barber shop occupies the upper level
