Renovated Medical Office
For Sale
Contact for pricing
1532 North Harbor City Blvd, Melbourne, FL 32935
Predominantly medical space with direct US-1 frontage, fully renovated in 2020, and delivered vacant at closing.
Property Size3,200 SF
Price / SF$296.88
Days on Market509
Property Features for 1532 North Harbor City Blvd
General Information
Standard status
Active
Size
3,200 SF
Property subtype
OFFICE
Building Details
Year Renovated
2020
Listing Agency:
Lightle Beckner Robison, Inc.
(321) 722-0707
Listed By:
Vitor De Sousa · License ##BK3478927
(321) 419-9088
Source:
Moodyscre
Added: Apr 23, 2025
Changed: Sep 8
Last Checked: Sep 13 at 6:44AM
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 Lightle Beckner Robison, Inc.
Investment Insights
Based on property information with market context.
Located at 1532 N Harbor City Blvd in Melbourne, this fully renovated medical office building is predominantly built out for healthcare use. The property is currently occupied by MedFast Urgent Care but will be delivered vacant at the time of closing. Fully renovated in 2020, the facility includes modern medical buildout.
The building offers direct frontage on US-1 for visibility and convenient access. Additional parking is available at 836 Creel Street, located directly across the street and being sold separately.
The offering includes a medical-oriented configuration supported by the existing improvements, with the space positioned for a straightforward transition to a new healthcare operator upon closing.
The building offers direct frontage on US-1 for visibility and convenient access. Additional parking is available at 836 Creel Street, located directly across the street and being sold separately.
The offering includes a medical-oriented configuration supported by the existing improvements, with the space positioned for a straightforward transition to a new healthcare operator upon closing.
Key Highlights
- Commercial property at 1532 N Harbor City Blvd, Melbourne, FL with direct frontage/access on US‑1
- Currently occupied by MedFast Urgent Care and will be delivered vacant at closing
- Predominantly built out as medical space with modern medical facilities
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
$43,546
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
4.58%
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%
$870,920
$870.9K
Cap Rate 7%
$622,086
$622.1K
Cap Rate 9%
$483,844
$483.8K
Market Conditions
NOI Build-Up for 3,200 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
$69.1K $21.60/SF
− Vacancy
−$11.1K −$3.46/SF
EGI
$58.1K $18.14/SF
− OpEx
−$14.5K −$4.54/SF
NOI
$43.5K $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%
$870,920
Cap Rate 7%
$622,086
Cap Rate 9%
$483,844
Alternative Uses
Best Use
Office B
$622.1K
$544.3K – $725.8K
NOI $43,546 @ 7.0% cap · market cap 4.58%
Second Best
Healthcare Medical
$575.3K
$503.4K – $671.2K
NOI $40,274 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- trueVETS Melbourne — 1029 Sarno Rd, Melbourne, FL 32935
- Anderson Debbie DVM — 741 Creel St, Melbourne, FL 32935
- Florida Aid To Animals — 741 Creel St, Melbourne, FL 32935
Frequently Asked Questions
What type of property is this?
Medical Office Space - Predominantly medical space with direct US-1 frontage, fully renovated in 2020, and delivered vacant at closing.
Where is this medical office space located?
The property is located at 1532 North Harbor City Blvd Melbourne, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Commercial property at 1532 N Harbor City Blvd, Melbourne, FL with direct frontage/access on US‑1; Currently occupied by MedFast Urgent Care and will be delivered vacant at closing; Predominantly built out as medical space with modern medical facilities
