Restaurant Building with Performance
For Sale
$1,250,000
2021 Melbourne Court, Melbourne, FL 32901
Commercial Sale, Melbourne, FL
Property Size5,027 SF
Lot Size0.09 Acres
Price / SF$248.66
Days on Market97
Property Features for 2021 Melbourne Court
General Information
Property type
Residential
Property subtype
Retail
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Parking features
On Street
Subdivision
Phillips and Campbells Resubd
Lot features
Zero Lot Line
Directions
New Haven Ave (Hwy 192) or East Melbourne Ave to Melbourne Ct.
Standard status
Active
APN
28-37-03-80-00025.0-0001.00
Size
5,027 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PHILLIPS & CAMPBELLS RESUBD LOT 1 EX E 5 FT BLK 25
Tax Annual Amount
8626
Legal Description
PHILLIPS & CAMPBELLS RESUBD LOT 1 EX E 5 FT BLK 25
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1924
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Frame, Stucco
Listing Agency:
RE/MAX Alternative Realty · RE/MAX International
(321) 777-4111
Listed By:
Thomas V Donnelly · License #3365774
(321) 431-3799
Added: Jun 30
Changed: Sep 13
Last Checked: Oct 4 at 5:06AM
MLS# 1081359
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.
This vacant restaurant property contains 5,027 square feet on a 0.09-acre parcel. The interior includes a broad open area, a substantial bar, a commercial-ready kitchen, and a raised stage suited to live performances. Concrete flooring, central heating, central air, three bathrooms, and frame-and-stucco construction are also in place. The building dates to 1924 and previously operated as the Iron Oak Post bar and restaurant.
Located in downtown Melbourne, the property is served by public water and public sewer, with on-street parking available. C-C3 commercial zoning allows a wide range of uses, while the future land-use designation is Mixed-Use. The building’s prior identity as Melbourne’s original post office adds a documented historic component to the existing restaurant-oriented improvements.
Located in downtown Melbourne, the property is served by public water and public sewer, with on-street parking available. C-C3 commercial zoning allows a wide range of uses, while the future land-use designation is Mixed-Use. The building’s prior identity as Melbourne’s original post office adds a documented historic component to the existing restaurant-oriented improvements.
Key Highlights
- 5,027‑square‑foot vacant restaurant building on 0.09 acres
- Commercial‑ready kitchen, large bar, open interior, and raised performance stage
- C‑C3 commercial zoning with Mixed‑Use future land‑use designation
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
$66,960
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
5.36%
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%
$1,339,200
$1.3M
Cap Rate 7%
$956,571
$956.6K
Cap Rate 9%
$744,000
$744.0K
Market Conditions
NOI Build-Up for 5,027 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
$96.5K $19.20/SF
− Vacancy
−$7.2K −$1.44/SF
EGI
$89.3K $17.76/SF
− OpEx
−$22.3K −$4.44/SF
NOI
$67.0K $13.32/SF
Area
Brevard County, FL
Vacancy
7.50%
Lease Rate
$19.20 /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%
$1,339,200
Cap Rate 7%
$956,571
Cap Rate 9%
$744,000
Alternative Uses
Best Use
Specialty Retail
$956.6K
$837.0K – $1.12M
NOI $66,960 @ 7.0% cap · market cap 5.36%
Second Best
Industrial
$438.9K
$384.0K – $512.0K
NOI $30,720 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,839 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,950
Businesses Nearby
97k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 37%
Hotels & Casinos 2%
Wawa
Shops & Services
55,583 visits/mo
0.2 miles
7 Brew Coffee
Dining
10,630 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,808 visits/mo
0.4 miles
Chart House
Dining
8,441 visits/mo
0.5 miles
Einstein Bros Bagels
Dining
5,863 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Vacant restaurant property with a commercial kitchen, bar area, open interior, and C-C3 zoning supporting varied uses.
Where is this conventional restaurant located?
The property is located at 2021 Melbourne Court Melbourne, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,027‑square‑foot vacant restaurant building on 0.09 acres; Commercial‑ready kitchen, large bar, open interior, and raised performance stage; C‑C3 commercial zoning with Mixed‑Use future land‑use designation
