Freestanding Flex Retail
For Sale
$2,850,000
1922 NE Palm Bay Road, Palm Bay, FL 32905
New build freestanding flex facility with retail frontage and bay units, suited for build-to-suit leasing or owner use.
Property Size10,000 SF
Days on Market54
Property Features for 1922 NE Palm Bay Road
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
33
Zoning
Com Commercial
Building Details
Building Size
10,000 SF
Year Built
2026
Buildings
1
Stories
1
Listing Agency:
Engel & Voelkers Hutchinson Is
(772) 643-0889
Listed By:
Richard Bettencourt · License #B26013278
(772) 643-0889
Source:
Laerrealty
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 29 at 6:14AM
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 Engel & Voelkers Hutchinson Is
Investment Insights
Based on property information with market context.
This freestanding new-build flex facility offers retail space up front and warehouse/bay space configured for tenant-ready development. The building is described as a 10K offering with a build-to-suit framework, suitable for an end user or for a developer/user seeking a multi-tenant build-to-suit approach. The retail/front portion and the bay areas are available in a vanilla shell finish with water and electric stubbed in for each unit, supporting tenant metering and customization during fit-out.
The property is located on Palm Bay Rd, with public remarks noting heavy traffic counts along the corridor. This roadside positioning is intended to support both retail visibility needs and the practical requirements of servicing distribution or back-of-house operations.
For tenants or buyers, the layout can accommodate a range of light industrial and flex users that want retail presence alongside functional bay space. With the utility stubs already in place for each unit and the shell condition identified for the bay areas, the space can be evaluated for either single-tenant occupancy or a multi-tenant build-to-suit scenario depending on the end user’s or operator’s needs.
The property is located on Palm Bay Rd, with public remarks noting heavy traffic counts along the corridor. This roadside positioning is intended to support both retail visibility needs and the practical requirements of servicing distribution or back-of-house operations.
For tenants or buyers, the layout can accommodate a range of light industrial and flex users that want retail presence alongside functional bay space. With the utility stubs already in place for each unit and the shell condition identified for the bay areas, the space can be evaluated for either single-tenant occupancy or a multi-tenant build-to-suit scenario depending on the end user’s or operator’s needs.
Key Highlights
- Freestanding new build with retail frontage and bay units built in 2026
- Up to 10 bays planned with a vanilla shell finish
- Water and electric stubbed in for each unit
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
Warehouse
$1.53M
$1.34M – $1.79M
NOI $107,151 @ 7.0% cap · market cap 3.76%
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
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - New build freestanding flex facility with retail frontage and bay units, suited for build-to-suit leasing or owner use.
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: Freestanding new build with retail frontage and bay units built in 2026; Up to 10 bays planned with a vanilla shell finish; Water and electric stubbed in for each unit
