Shopping Center with Multiple
For Sale
Contact for pricing
2000-2040 Palm Bay Road NE, Palm Bay, FL 32905
Well-kept office and retail suites with storefront parking and two Palm Bay Road entrances for straightforward customer access.
Property Size17,760 SF
Price / SF$140.77
Days on Market102
Property Features for 2000-2040 Palm Bay Road NE
General Information
Standard status
Active
Size
17,760 SF
Property subtype
Retail, Office
Zoning
CC Community Commercial
Lease Type
Modified Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1978
Buildings
3
Stories
1
Units
21
Tenancy
Multi
Listing Agency:
Charles A. Von Stein, Inc
Listed By:
Kirk Von Stein
(772) 778-4885
Source:
Crexi
Added: May 27
Changed: Aug 25
Last Checked: Sep 4 at 11:28AM
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 Charles A. Von Stein, Inc
Investment Insights
Based on property information with market context.
This shopping center offers office and retail suites in excellent condition, with recent exterior visibility upgrades including new facade signs and a newly installed monument sign. The center is composed of three buildings, with parking positioned in front of each storefront and additional parking located in the middle of the three buildings.
The property is located on Palm Bay Road, with covenantal location near major connections including U.S. Highway One (0.75 miles away) and I-95 (2 miles away). There are two entrances on Palm Bay Road providing access into the plaza.
For tenants, the combination of well-maintained suites and dedicated storefront-front parking supports day-to-day operations and customer visits. The availability of both office and retail space within the same center may appeal to businesses looking for a flexible commercial setting, and the on-site access via two entrances can help streamline arrival and wayfinding for customers and staff.
The property is located on Palm Bay Road, with covenantal location near major connections including U.S. Highway One (0.75 miles away) and I-95 (2 miles away). There are two entrances on Palm Bay Road providing access into the plaza.
For tenants, the combination of well-maintained suites and dedicated storefront-front parking supports day-to-day operations and customer visits. The availability of both office and retail space within the same center may appeal to businesses looking for a flexible commercial setting, and the on-site access via two entrances can help streamline arrival and wayfinding for customers and staff.
Key Highlights
- 1978‑built office and retail plaza with suites available for immediate occupancy
- Two entrances on Palm Bay Road providing customer access to the plaza
- Parking in front of each storefront plus additional parking in the center of the three buildings
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
$204,755
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
8.19%
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%
$4,095,100
$4.1M
Cap Rate 7%
$2,925,071
$2.9M
Cap Rate 9%
$2,275,056
$2.3M
Market Conditions
NOI Build-Up for 17,760 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
$319.7K $18.00/SF
− Vacancy
−$27.2K −$1.53/SF
EGI
$292.5K $16.47/SF
− OpEx
−$87.8K −$4.94/SF
NOI
$204.8K $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%
$4,095,100
Cap Rate 7%
$2,925,071
Cap Rate 9%
$2,275,056
Alternative Uses
Best Use
Office B
$3.45M
$3.02M – $4.03M
NOI $241,678 @ 7.0% cap · market cap 9.67%
Second Best
Retail
$2.93M
$2.56M – $3.41M
NOI $204,755 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$4.69M
$4.10M – $5.47M
NOI $327,992 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,191
Businesses Nearby
Balanced
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Well-kept office and retail suites with storefront parking and two Palm Bay Road entrances for straightforward customer access.
Where is this shopping center located?
The property is located at 2000-2040 Palm Bay Road NE Palm Bay, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 1978‑built office and retail plaza with suites available for immediate occupancy; Two entrances on Palm Bay Road providing customer access to the plaza; Parking in front of each storefront plus additional parking in the center of the three buildings
