Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Melbourne Shell Space For Lease Title is generated by Realmo AI

    1801 Penn Street, Melbourne, FL 32901

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $12 SF/Yr $3,552/Mo (calc)

    Shell space available for lease in central Melbourne location.

    Type:High-Tech / Office / Engineering / R&D
    Property size:
    3,292 SF
    Added:
    Mar 6, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 6 at 1:19 am

    Property Features for 1801 Penn Street

    General Information

    Standard status
    Active
    Size
    3,292 SF
    Property subtype
    High-Tech / Office / Engineering / R&D

    Building Details

    Year Built
    1988

    Spaces For Lease

    at 1801 Penn Street Contact us

    We can help!

    Listing Contact
    Michael S. Ullian, President, CCIM, SIOR

    Listing agent Michael S. Ullian, President, CCIM, SIOR License #FL #BK447039

    Listing office

    Listing date Mar 6, 2026

    Source Ullianrealty

    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

    HighLights

    • 3,292 SF Shell Space with 16' Clear Height
    • Located in the heart of Melbourne
    • Easily accessible via I‑95, US Highway 1, and US 192
    • Close proximity to Melbourne International Airport
    • Near L3Harris and Northrop Grumman
    • Located approximately halfway between Nasa Boulevard & Hibiscus Boulevard

    Overview

    Located in the heart of Melbourne, this shell space offers 3,292 square feet. The dimensions are approximately 50 feet by 66 feet, with an estimated 16-foot clear height. The property is situated approximately halfway between Nasa Boulevard and Hibiscus Boulevard, providing convenient access to Interstate 95, US Highway 1, and US 192. Its location offers close proximity to the Melbourne International Airport, L3Harris, Northrop Grumman, and other high-tech, engineering, and R&D employers in the area. This space is suitable for a variety of business uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Solis Emergency Furnace ... Big Box & Wholesale Store CTG (Bike/Boat/Book/etc) Store Gauzy Industrial Manufacturer Subaru training center Association / Organization Adma Wilson-Romans Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.651
    Latitude
    28.0875

    Nearby Similar for Lease

    • $6,800/Mo
      4,800 SF

      Versatile Space in Melbourne Hub

      4,800 sq ft flex space with office and warehouse.
      3290 Suntree Boulevard, Melbourne, FL 32940
      View Details
    • $5,100/Mo
      2,500 SF

      Melbourne Office Suite with Sinks

      Turnkey office suite with sinks, ideal for medical or spa.
      336 N Babcock Street, Melbourne, FL 32935
      View Details
    • $23,506 SF/Yr
      10,902 SF

      Single-Tenant Office Building in Viera

      Corporate office building in Viera's Corporate Park, Melbourne, Florida.
      7351 Office Park Place, Melbourne, FL 32940
      View Details
    • $600/Mo
      3,456 SF

      Private Office in Arts District

      Lockable office suite in Melbourne's vibrant Eau Gallie Arts District.
      540 Montreal Avenue, Melbourne, FL 32935
      View Details
    • $17,401/Mo
      13,921 SF

      Renovated Office/Warehouse Flex Space

      Modernized office/warehouse with flexible layout in Melbourne, Florida.
      2500 S Harbor City Boulevard, Melbourne, FL 32901
      View Details
    • $3,050/Mo
      2,440 SF

      Renovated Office/Warehouse in Melbourne, FL

      Meticulously renovated office/warehouse with drive-in doors and flexible layout.
      2490 S Harbor City Boulevard, Melbourne, FL 32901
      View Details
    • $350/Mo
      6,000 SF

      Retail Space on Aurora Road

      Retail space available on high-traffic Aurora Road in Melbourne.
      2722 Aurora Road, Melbourne, FL 32935
      View Details
    • $2,900/Mo
      1,496 SF

      Updated Medical Office in Melbourne

      Updated 1,492 SF medical office in a prime downtown location.
      315 E Strawbridge Avenue, Melbourne, FL 32901
      View Details
    • $11,450/Mo
      161,500 SF

      Melbourne Warehouse with Office Space

      10,000 SF unit with office and warehouse space for lease.
      7400 Technology Drive, Melbourne, FL 32904
      View Details
    • Sponsored
      Contact for pricing

      FL, Melbourne - W New Haven Ave

      3020 New Haven Ave, Melbourne, FL 32904
      View Details
    • $15 SF/Yr
      4,991 SF

      Medical Office Space Available

      Medical office with multiple exam rooms in central Melbourne.
      2200-2290 W. Eau Gallie Blvd, Melbourne, FL 32935
      View Details
    • $14 SF/Yr
      1,814 SF

      Office and Warehouse Space Available

      Office and warehouse space near Eau Gallie Arts District.
      3030-3070 Venture Lane, Melbourne, FL 32934
      View Details

    FAQs

    What type of property is this?
    Office units - Shell space available for lease in central Melbourne location.
    Where is this office units located?
    The property is located at 1801 Penn Street Melbourne, FL.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 3,292 SF Shell Space with **16' Clear Height**; Located in the heart of Melbourne; Easily accessible via I‑95, US Highway 1, and US 192
    (321) 258-7556
    We can help!
    Listing Contact
    Michael S. Ullian, President, CCIM, SIOR
    Real Estate License ID: FL #BK447039
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1801 Penn Street, Melbourne, FL 32901
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!