Seven-Unit Office
For Sale
$1,350,000
21 W Fee Ave, Melbourne, FL 32901
C2-zoned property with one remaining office space and access to major roadways.
Property Size7,078 SF
Price / SF$190.73
Days on Market194
Property Features for 21 W Fee Ave
General Information
Standard status
Active
Size
7,078 SF
Class
C
Property subtype
Multi Tenant Office
Zoning
C2
Additional Details
Highway Access
Yes
Office Units
7
Building Details
Building Size
7,078 SF
Year Built
1984
Buildings
1
Tenancy
Multi
Properties For Sale
at 21 W Fee Ave Contact us- Size
- 855 SF
- Lease Type
- NNN
Unit G
Listing Agency:
Lightle Beckner Robison, Inc
(321) 722-0707
Listed By:
Jeffery Robison · License ##BK3113472
(321) 722-0707
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 6:26AM
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 7,078-square-foot office building was constructed in 1984 and is configured with seven units within C2 zoning. One space remains available, while the property also provides ample parking for occupants and visitors.
The building is positioned near major roadways, including US-1, with dining and retail options nearby. Historic downtown Melbourne and Melbourne International Airport are also within the surrounding area, adding established commercial and civic context to the property.
The building is positioned near major roadways, including US-1, with dining and retail options nearby. Historic downtown Melbourne and Melbourne International Airport are also within the surrounding area, adding established commercial and civic context to the property.
Key Highlights
- 7,078 SF office building constructed in 1984
- Seven‑unit configuration within C2 zoning
- One remaining 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
$96,317
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
7.13%
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%
$1,926,340
$1.9M
Cap Rate 7%
$1,375,957
$1.4M
Cap Rate 9%
$1,070,189
$1.1M
Market Conditions
NOI Build-Up for 7,078 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
$152.9K $21.60/SF
− Vacancy
−$24.5K −$3.46/SF
EGI
$128.4K $18.14/SF
− OpEx
−$32.1K −$4.54/SF
NOI
$96.3K $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%
$1,926,340
Cap Rate 7%
$1,375,957
Cap Rate 9%
$1,070,189
Alternative Uses
Best Use
Office B
$1.38M
$1.20M – $1.61M
NOI $96,317 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,717 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Office building - C2-zoned property with one remaining office space and access to major roadways.
Where is this office building located?
The property is located at 21 W Fee Ave Melbourne, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 7,078 SF office building constructed in 1984; Seven‑unit configuration within C2 zoning; One remaining office space
