New-Build Flex
New
For Sale
$2,850,000
1922 NE Palm Bay Road, Palm Bay, FL 32905
Palm Bay, FL
Property Size10,000 SF
Price / SF$285
Days on Market2
Property Features for 1922 NE Palm Bay Road
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Building Details
Year built
2026
Listing Agency:
Engel & Volkers Hutchinson Island · Engel & Völkers
(772) 410-4155
Listed By:
Richard Angelo Bettencourt · License #F10556324
(772) 643-0889
Added: Sep 9
Last Checked: Sep 10 at 1:06PM
MLS# F10555949
Copyright © 2026 Engel & Völkers. 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.
Scheduled for completion in 2026, this freestanding 10K flex-space property combines front-facing retail space with a planned multi-bay layout. The concept allows for build-to-suit occupancy by an end user or a multi-tenant configuration, with as many as 10 bays contemplated.
Water and electric are stubbed to each unit, supporting the proposed bay arrangement. The property is located on Palm Bay Road in Palm Bay, Florida, providing a commercial setting for the planned retail and flex-space components.
Water and electric are stubbed to each unit, supporting the proposed bay arrangement. The property is located on Palm Bay Road in Palm Bay, Florida, providing a commercial setting for the planned retail and flex-space components.
Key Highlights
- 10K freestanding flex‑space build scheduled for 2026
- Front retail component with a planned configuration of up to 10 bays
- Build‑to‑suit concept supports end‑user or multi‑tenant occupancy
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
$115,290
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
4.05%
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%
$2,305,800
$2.3M
Cap Rate 7%
$1,647,000
$1.6M
Cap Rate 9%
$1,281,000
$1.3M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$15.3K −$1.53/SF
EGI
$164.7K $16.47/SF
− OpEx
−$49.4K −$4.94/SF
NOI
$115.3K $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%
$2,305,800
Cap Rate 7%
$1,647,000
Cap Rate 9%
$1,281,000
Alternative Uses
Best Use
Retail
$1.65M
$1.44M – $1.92M
NOI $115,290 @ 7.0% cap · market cap 4.05%
Second Best
Flex RnD
$1.46M
$1.28M – $1.70M
NOI $102,102 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,680 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding commercial property with front retail space and a flexible multi-bay configuration.
Where is this flex space located?
The property is located at 1922 NE Palm Bay Road Palm Bay, FL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 10K freestanding flex‑space build scheduled for 2026; Front retail component with a planned configuration of up to 10 bays; Build‑to‑suit concept supports end‑user or multi‑tenant occupancy
