Two-Unit Second Floor
For Sale
$585,000
209-2955 Pineda Plaza Way, Melbourne, FL 32940
Second floor office suites 209 and 210 offer a reception, private offices, breakroom, and two restrooms.
Property Size1,839 SF
Price / SF$318.11
Days on Market57
Property Features for 209-2955 Pineda Plaza Way
General Information
Standard status
Active
Size
1,839 SF
Listing Agency:
Relentless Real Estate Co.
(321) 302-0763
Listed By:
Burlew Team
(321) 302-0763
Source:
Exprealty
Added: Jun 11
Changed: Jul 26
Last Checked: Jul 31 at 12:03PM
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 Relentless Real Estate Co.
Investment Insights
Based on property information with market context.
Second floor office units #209 and #210 are available together as a combined 1,839-square-foot space, or they can be separated. An interior door connects the two units and can be filled in if two distinct suites are preferred. The layout includes a reception area, eight private offices, a breakroom, and two restrooms.
The property provides lighted parking and multiple good sign locations, with easy access directly off Pineda Causeway and Wickham Road.
The overall configuration supports a traditional office environment, with a reception entry leading to a series of private offices, plus shared amenities including a breakroom and restrooms.
The property provides lighted parking and multiple good sign locations, with easy access directly off Pineda Causeway and Wickham Road.
The overall configuration supports a traditional office environment, with a reception entry leading to a series of private offices, plus shared amenities including a breakroom and restrooms.
Key Highlights
- Two second‑floor office suites: #209 (890 SF) and #210 (949 SF) totaling 1,839 SF
- Both suites share an interior door that can be filled in to create two separate units if desired
- Suite layout includes a reception area, eight (8) private offices, breakroom, and two (2) restrooms
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
$25,025
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
4.28%
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%
$500,500
$500.5K
Cap Rate 7%
$357,500
$357.5K
Cap Rate 9%
$278,056
$278.1K
Market Conditions
NOI Build-Up for 1,839 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
$39.7K $21.60/SF
− Vacancy
−$6.4K −$3.46/SF
EGI
$33.4K $18.14/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$25.0K $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%
$500,500
Cap Rate 7%
$357,500
Cap Rate 9%
$278,056
Alternative Uses
Best Use
Office B
$357.5K
$312.8K – $417.1K
NOI $25,025 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$485.2K
$424.5K – $566.1K
NOI $33,963 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 32940, FL
44,869
Population
21,433
Households
2.1
Avg Household Size
51
Median Age
52%
College-Educated
97%
High-School Grad
57.3 sq mi
ZIP Area
783
Density / Sq Mi
$106,511
Median Household Income
$56,072
Median Earnings
$1,904
Median Rent
$444,100
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 - Second floor office suites 209 and 210 offer a reception, private offices, breakroom, and two restrooms.
Where is this office units located?
The property is located at 209-2955 Pineda Plaza Way Melbourne, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two second‑floor office suites: #209 (890 SF) and #210 (949 SF) totaling 1,839 SF; Both suites share an interior door that can be filled in to create two separate units if desired; Suite layout includes a reception area, eight (8) private offices, breakroom, and two (2) restrooms
