Freestanding Medical
New
For Sale
$550,000
1589 S Wickham Road, West Melbourne, FL 32904
SINGLE_FAMILY - West Melbourne, FL
Property Size1,815 SF
Lot Size0.35 Acres
Price / SF$303.03
Days on Market2
Property Features for 1589 S Wickham Road
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Parking Lot
Subdivision
L S T Estates
Lot features
Corner Lot
Directions
From US-192/New Haven, go south on Wickham. Property will be located on the east side of Wickham just north of Nasa Blvd.
Standard status
Active
APN
28-36-01-01-00000.0-000e.04
Size
1,815 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L S T ESTATES LOT E4 EXX ORB 5723 PG 8933 & RD R/W
Tax Annual Amount
4328
Legal Description
L S T ESTATES LOT E4 EXX ORB 5723 PG 8933 & RD R/W
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Well
Building Details
Year built
1963
Number of units
1
Flooring type
Vinyl, Carpet
Building materials
Concrete
Roof type
Shingle
Listing Agency:
Waterman Real Estate Inc.
(321) 244-7653
Listed By:
Meili Viera Porter
(321) 848-7344
Added: Aug 13
Last Checked: Aug 14 at 4:06AM
MLS# 1084907
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,815-square-foot freestanding medical office, built in 1963, includes five exam or treatment rooms, a reception and waiting area, a private office, multiple storage areas, and four restrooms. The interior combines vinyl and carpet flooring, with central heating and central air. Concrete construction and a shingle roof complete the building’s primary improvements.
The property occupies a hard corner along S. Wickham Road in West Melbourne, with access to the surrounding corridor and 11 parking spaces in a recently resurfaced lot. Public sewer service and a well water source are provided. The layout includes plumbing options that support medical and other professional office configurations, while the site also has room for parking expansion.
The property occupies a hard corner along S. Wickham Road in West Melbourne, with access to the surrounding corridor and 11 parking spaces in a recently resurfaced lot. Public sewer service and a well water source are provided. The layout includes plumbing options that support medical and other professional office configurations, while the site also has room for parking expansion.
Key Highlights
- 1,815 SF freestanding medical office built in 1963
- Five exam or treatment rooms with reception and waiting area
- Four restrooms, including a private restroom off the office
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
$24,699
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
4.49%
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%
$493,980
$494.0K
Cap Rate 7%
$352,843
$352.8K
Cap Rate 9%
$274,433
$274.4K
Market Conditions
NOI Build-Up for 1,815 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
$39.2K $21.60/SF
− Vacancy
−$6.3K −$3.46/SF
EGI
$32.9K $18.14/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$24.7K $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%
$493,980
Cap Rate 7%
$352,843
Cap Rate 9%
$274,433
Alternative Uses
Best Use
Office B
$352.8K
$308.7K – $411.7K
NOI $24,699 @ 7.0% cap · market cap 4.49%
Second Best
Healthcare Medical
$326.3K
$285.5K – $380.7K
NOI $22,843 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$478.8K
$419.0K – $558.7K
NOI $33,519 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Balanced
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Maybeck Animal Hospital — 2600 W New Haven Ave, Melbourne, FL 32904
- Maybeck Animal Hospital: David R. Fogelberg, DVM — 2600 W New Haven Ave, Melbourne, FL 32904
Frequently Asked Questions
What type of property is this?
Medical Office Space - Five exam and treatment rooms support a flexible professional office layout.
Where is this medical office space located?
The property is located at 1589 S Wickham Road West Melbourne, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,815 SF freestanding medical office built in 1963; Five exam or treatment rooms with reception and waiting area; Four restrooms, including a private restroom off the office
