Two-Unit Office
For Sale
Contact for pricing
2020 West Eau Gallie Boulevard, Melbourne, FL 32935
Office condo ownership includes one suite leased through 2028 and another occupied under a month-to-month arrangement.
Property Size3,341 SF
Price / SF$222.99
Days on Market23
Property Features for 2020 West Eau Gallie Boulevard
General Information
Standard status
Active
Size
3,341 SF
Property subtype
Office
Occupancy
100%
Additional Details
HOA Fee
$399.40
Office Units
2
Building Details
Year Built
2014
Units
2
Tenancy
Multi
Listing Agency:
Lightle Beckner Robison Inc
Listed By:
Hayden Brouillette · License #SL3587660
(321) 722-0707
Source:
Crexi
Added: Aug 12
Changed: Aug 31
Last Checked: Aug 31 at 3:42AM
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 Lightle Beckner Robison Inc
Investment Insights
Based on property information with market context.
This office condominium offering includes two units totaling 3,341 SF. Unit 102 contains 1,752 SF and is leased to a medical group through 2028. Unit 101 provides 1,589 SF and is subject to a month-to-month lease. The property was built in 2014, providing a modern office setting for continued occupancy or owner use.
The property is located at 2020 West Eau Gallie Boulevard in Melbourne, with nearby businesses, cafes, and parks. Downtown Melbourne, Melbourne International Airport, and the Atlantic Ocean are also identified as nearby destinations.
The property is located at 2020 West Eau Gallie Boulevard in Melbourne, with nearby businesses, cafes, and parks. Downtown Melbourne, Melbourne International Airport, and the Atlantic Ocean are also identified as nearby destinations.
Key Highlights
- Two office condominium units totaling 3,341 SF
- Unit 102 includes 1,752 SF and is leased through 2028
- Unit 101 contains 1,589 SF with a month‑to‑month lease
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
$45,464
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
6.10%
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%
$909,280
$909.3K
Cap Rate 7%
$649,486
$649.5K
Cap Rate 9%
$505,156
$505.2K
Market Conditions
NOI Build-Up for 3,341 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
$72.2K $21.60/SF
− Vacancy
−$11.5K −$3.46/SF
EGI
$60.6K $18.14/SF
− OpEx
−$15.2K −$4.54/SF
NOI
$45.5K $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%
$909,280
Cap Rate 7%
$649,486
Cap Rate 9%
$505,156
Alternative Uses
Best Use
Office B
$649.5K
$568.3K – $757.7K
NOI $45,464 @ 7.0% cap · market cap 6.10%
Second Best
Healthcare Medical
$600.7K
$525.6K – $700.8K
NOI $42,048 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$881.5K
$771.3K – $1.03M
NOI $61,702 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
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?
Office units - Office condo ownership includes one suite leased through 2028 and another occupied under a month-to-month arrangement.
Where is this office units located?
The property is located at 2020 West Eau Gallie Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Two office condominium units totaling 3,341 SF; Unit 102 includes 1,752 SF and is leased through 2028; Unit 101 contains 1,589 SF with a month‑to‑month lease
