Downtown Melbourne Commercial Building For
For Sale
$3,900,000
2015 Waverly Pl, Melbourne, FL 32901
Premier 13,765 SF commercial building in Downtown Melbourne.
Property Size13,765 SF
Lot Size0.77 Acres
Price / SF$283.33
Days on Market402
Property Features for 2015 Waverly Pl
General Information
Standard status
Active
Size
13,765 SF
Lot size
0.77 Acres
Taxes and HOA fees
Annual Taxes
$26,098
Listing Agency:
LIV Signature Real Estate, LLC
(321) 917-7450
Listed By:
Anthony M Romero · License #BK695178
(321) 917-7450
Source:
Exprealty
Added: Jul 16, 2025
Changed: Aug 21
Last Checked: Aug 21 at 1:57PM
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 LIV Signature Real Estate, LLC
Investment Insights
Based on property information with market context.
Located in Downtown Melbourne's business district, this commercial building offers 13,765 square feet of space. The property was extensively remodeled in 2016 with updates including new electrical systems, A/C units, hurricane-impact windows and doors, and premium fixtures and finishes. The Class-A property features showrooms, office space, a fully equipped kitchen, and warehouse areas with a loading dock. Situated on a 0.77-acre lot spanning a full city block, the property has dual access from Waverly Place and Vernon Place, with parking. This sale includes the real estate.
Key Highlights
- Prime Downtown Melbourne location in the heart of the business district.
- Substantial 13,765 sq ft Class‑A commercial building.
- Extensive 2016 remodel with new electrical, A/C, hurricane‑impact windows/doors, and premium finishes.
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
$187,314
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
4.80%
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%
$3,746,280
$3.7M
Cap Rate 7%
$2,675,914
$2.7M
Cap Rate 9%
$2,081,267
$2.1M
Market Conditions
NOI Build-Up for 13,765 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
$297.3K $21.60/SF
− Vacancy
−$47.6K −$3.46/SF
EGI
$249.8K $18.14/SF
− OpEx
−$62.4K −$4.54/SF
NOI
$187.3K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$3,746,280
Cap Rate 7%
$2,675,914
Cap Rate 9%
$2,081,267
Alternative Uses
Best Use
Office B
$2.68M
$2.34M – $3.12M
NOI $187,314 @ 7.0% cap · market cap 4.80%
Second Best
Retail
$2.27M
$1.98M – $2.64M
NOI $158,697 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,212 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,950
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32901, FL
26,286
Population
13,241
Households
2
Avg Household Size
46
Median Age
31%
College-Educated
90%
High-School Grad
12.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$50,646
Median Household Income
$31,929
Median Earnings
$1,349
Median Rent
$244,500
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?
Showroom - Premier 13,765 SF commercial building in Downtown Melbourne.
Where is this showroom located?
The property is located at 2015 Waverly Pl Melbourne, FL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Prime Downtown Melbourne location in the heart of the business district.; Substantial 13,765 sq ft Class‑A commercial building.; Extensive 2016 remodel with new electrical, A/C, hurricane‑impact windows/doors, and premium finishes.
