Landmark Downtown Restaurant
For Sale
$1,250,000
2021 Melbourne Ct, Melbourne, FL 32901
Vacant former post office with a large open interior, commercial kitchen, and raised stage, previously operated as a restaurant and bar.
Property Size5,027 SF
Price / SF$248.66
Days on Market61
Property Features for 2021 Melbourne Ct
General Information
Standard status
Active
Size
5,027 SF
Zoning
C-C3
Taxes and HOA fees
Annual Taxes
$8,625
Listing Agency:
RE/MAX Alternative Realty
(321) 431-3799
Listed By:
Thomas V Donnelly · License #3365774
(321) 431-3799
Source:
Exprealty
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 28 at 2:54PM
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 RE/MAX Alternative Realty
Investment Insights
Based on property information with market context.
This vacant, landmark downtown building was previously home to the Iron Oak Post bar and restaurant. The property features a large open interior, a huge bar area, and a commercially ready kitchen, along with a raised stage for performers.
The building is located at 2021 Melbourne Ct, Melbourne, FL. It is zoned C-C3, and future land use is listed as Mixed-Use, which can support a wide range of uses.
Available for sale, the space offers a straightforward restaurant build-out configuration with bar, kitchen, and performance space already in place for an operator looking to resume food and beverage use.
The building is located at 2021 Melbourne Ct, Melbourne, FL. It is zoned C-C3, and future land use is listed as Mixed-Use, which can support a wide range of uses.
Available for sale, the space offers a straightforward restaurant build-out configuration with bar, kitchen, and performance space already in place for an operator looking to resume food and beverage use.
Key Highlights
- Vacant former Melbourne Post Office building previously operated as the Iron Oak Post bar and restaurant.
- Large open interior with a huge bar area and a commercial‑ready kitchen.
- Raised stage included for performers.
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
—
—
no second resolved use
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
Property Profile
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Vacant former post office with a large open interior, commercial kitchen, and raised stage, previously operated as a restaurant and bar.
Where is this conventional restaurant located?
The property is located at 2021 Melbourne Ct 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: Vacant former Melbourne Post Office building previously operated as the Iron Oak Post bar and restaurant.; Large open interior with a huge bar area and a commercial‑ready kitchen.; Raised stage included for performers.
