Remodeled Flex Warehouse
For Sale
$3,900,000
2015 Waverly Place, Melbourne, FL 32901
COMMERCIAL - Melbourne, FL
Property Size13,765 SF
Lot Size0.77 Acres
Price / SF$283.33
Days on Market394
Property Features for 2015 Waverly Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial/Residential/Office
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Parking features
Parking Lot
Subdivision
Powells and Henleys Resubd
Lot features
Sprinklers In Front
Directions
From 192 head south on Waverly Pl. 2015 Waverly is on the left.
Standard status
Active
APN
28-37-03-82-00046.0-0006.00
Size
13,765 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
26099
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
2
Number of units
1
Flooring type
Carpet, Tile
Building materials
Block
Roof type
Rolled Hot Mop
Listing Agency:
LIV Signature Real Estate, LLC
(321) 241-4429
Listed By:
Anthony M Romero · License #695178
(321) 917-7450
Added: Jul 16, 2025
Changed: Aug 4
Last Checked: Aug 13 at 9:06AM
MLS# 1051895
Copyright © 2026 Space Coast Association of Realtors. 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.
Remodeled in 2016, this 13,765-square-foot flex warehouse building includes updated electrical systems, A/C units, hurricane-impact windows and doors, and premium fixtures and finishes. The interior is arranged with showrooms and office space, along with a fully equipped kitchen and warehouse areas supported by a convenient loading dock.
The property sits on a 0.77-acre lot that spans a full city block and provides dual access from Waverly Place and Vernon Place. Abundant parking supports day-to-day operations.
Offered for sale as real estate only, this downtown Melbourne building provides a versatile layout for tenants needing both office and warehouse space within the same structure.
The property sits on a 0.77-acre lot that spans a full city block and provides dual access from Waverly Place and Vernon Place. Abundant parking supports day-to-day operations.
Offered for sale as real estate only, this downtown Melbourne building provides a versatile layout for tenants needing both office and warehouse space within the same structure.
Key Highlights
- 13,765‑SF downtown commercial building remodeled in 2016 with new electrical systems and updated A/C units
- Hurricane‑impact windows and doors plus premium fixtures and finishes (as part of 2016 remodel)
- Warehouse area with a convenient loading dock, plus separated showrooms and office space
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
Flex RnD
$2.01M
$1.76M – $2.34M
NOI $140,543 @ 7.0% cap · market cap 3.60%
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
Lease Details
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Extensively remodeled in 2016 with office/showroom space, a fully equipped kitchen, and warehouse areas with a loading dock.
Where is this flex space located?
The property is located at 2015 Waverly Place 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: 13,765‑SF downtown commercial building remodeled in 2016 with new electrical systems and updated A/C units; Hurricane‑impact windows and doors plus premium fixtures and finishes (as part of 2016 remodel); Warehouse area with a convenient loading dock, plus separated showrooms and office space
