Concrete Block Office
For Sale
Contact for pricing
2103 Grant Pl, Melbourne, FL 32901
C-3 zoning supports office, civic, retail, food service, and professional uses.
Property Size3,118 SF
Price / SF$320.40
Days on Market153
Property Features for 2103 Grant Pl
General Information
Standard status
Active
Size
3,118 SF
Class
C
Property subtype
Office
Zoning
C3
Investment Type
Owner/User
Building Details
Year Built
1962
Buildings
1
Stories
1
Listing Agency:
Cassandra Hartford
(321) 300-4773
Listed By:
Cassandra Hartford · License #3296024
Source:
Crexi
Added: Mar 31
Changed: Aug 29
Last Checked: Apr 2 at 9:31PM
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 Cassandra Hartford
Investment Insights
Based on property information with market context.
This 1962 concrete block office building occupies 0.39 acres and includes a private parking lot with direct street access. The property requires updating, while the roof and structural system are described as sound. It previously housed a CPA practice operated by the owner for more than 60 years.
Located at 2103 Grant Place on a quiet side street, the property sits one block from E. New Haven Avenue in Historic Downtown Melbourne. Restaurants, retail, and professional services are within walking distance, while US-1 is nearby for access across the Space Coast and to Melbourne Orlando International Airport. Florida Institute of Technology is approximately 1.5 miles away.
C-3 zoning places the site within Melbourne’s commercial and civic core and supports a range of stated use categories, including professional services, medical, financial, retail, and food service.
Located at 2103 Grant Place on a quiet side street, the property sits one block from E. New Haven Avenue in Historic Downtown Melbourne. Restaurants, retail, and professional services are within walking distance, while US-1 is nearby for access across the Space Coast and to Melbourne Orlando International Airport. Florida Institute of Technology is approximately 1.5 miles away.
C-3 zoning places the site within Melbourne’s commercial and civic core and supports a range of stated use categories, including professional services, medical, financial, retail, and food service.
Key Highlights
- 0.39‑acre office property in Melbourne’s Central Business District
- 1962 concrete block construction with a sound roof and structure
- Private parking lot and direct street access
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
$42,430
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
4.25%
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%
$848,600
$848.6K
Cap Rate 7%
$606,143
$606.1K
Cap Rate 9%
$471,444
$471.4K
Market Conditions
NOI Build-Up for 3,118 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
$67.3K $21.60/SF
− Vacancy
−$10.8K −$3.46/SF
EGI
$56.6K $18.14/SF
− OpEx
−$14.1K −$4.54/SF
NOI
$42.4K $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%
$848,600
Cap Rate 7%
$606,143
Cap Rate 9%
$471,444
Alternative Uses
Best Use
Office B
$606.1K
$530.4K – $707.2K
NOI $42,430 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$822.6K
$719.8K – $959.7K
NOI $57,583 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,077
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
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Frequently Asked Questions
What type of property is this?
Office building - C-3 zoning supports office, civic, retail, food service, and professional uses.
Where is this office building located?
The property is located at 2103 Grant Pl Melbourne, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 0.39‑acre office property in Melbourne’s Central Business District; 1962 concrete block construction with a sound roof and structure; Private parking lot and direct street access
