Building Details

Year built 2026

Listing Agency: Engel & Volkers Hutchinson Island · Engel & Völkers h***@engelvoelkers.com Show Phone

Listed By: Richard Angelo Bettencourt

Added: Sep 9 Changed: Oct 9 Last Checked: Oct 26 at 2:06PM

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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.

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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.

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 / Yr

$115,290

Cap Rate

4.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,305,800 $2.3M

Cap Rate 7%

$1,647,000 $1.6M

Cap Rate 9%

$1,281,000 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,000 SF

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 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 (±1% cap)

NOI $115,290 @ 7.0% cap · market cap 4.05%

Second Best

Flex RnD

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,102 @ 7.0% cap · market cap 3.58%

Theoretical Best

Office A

$2.64M

$2.31M – $3.08M (±1% cap)

NOI $184,680 @ 7.0% cap · market cap 6.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage Cafe & Coffee Shop (Bike/Boat/Book/etc) Store Bakery Locksmith Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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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