Flexible Office
For Sale
$250,000
2115 PALM BAY Rd NE 2E, Palm Bay, FL 32905
Association coverage includes water, sewer, trash, the roof, and exterior maintenance.
Property Size1,100 SF
Price / SF$227.27
Days on Market114
Property Features for 2115 PALM BAY Rd NE 2E
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,003
Building Details
Building Size
1,100 SF
Year Built
1981
Listing Agency:
Mutter Realty
(321) 269-9855
Listed By:
James Mutter · License #3091715
(321) 269-9855
Source:
Elliman
Added: May 8
Changed: Aug 29
Last Checked: May 10 at 5:25AM
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 Mutter Realty
Investment Insights
Based on property information with market context.
This 1,100-square-foot office unit was built in 1981 and previously served as a church. Its adaptable interior can be configured for professional offices, medical use, or service-based businesses. The property also includes ample parking for clients and employees.
Positioned along Palm Bay Road NE, the unit benefits from visibility on a major roadway and access to an area with established medical and professional facilities, shopping centers, and restaurants. Association services include water, sewer, trash, exterior maintenance, and roof care, providing a defined set of property responsibilities for the owner.
Positioned along Palm Bay Road NE, the unit benefits from visibility on a major roadway and access to an area with established medical and professional facilities, shopping centers, and restaurants. Association services include water, sewer, trash, exterior maintenance, and roof care, providing a defined set of property responsibilities for the owner.
Key Highlights
- 1,100 SF office unit with an adaptable interior layout
- Previously used as a church; suitable for professional, medical, or service‑based uses
- Major roadway visibility along Palm Bay Road NE
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
$14,969
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
5.99%
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%
$299,380
$299.4K
Cap Rate 7%
$213,843
$213.8K
Cap Rate 9%
$166,322
$166.3K
Market Conditions
NOI Build-Up for 1,100 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
$23.8K $21.60/SF
− Vacancy
−$3.8K −$3.46/SF
EGI
$20.0K $18.14/SF
− OpEx
−$5.0K −$4.54/SF
NOI
$15.0K $13.61/SF
Area
Palm Bay, 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%
$299,380
Cap Rate 7%
$213,843
Cap Rate 9%
$166,322
Alternative Uses
Best Use
Office B
$213.8K
$187.1K – $249.5K
NOI $14,969 @ 7.0% cap · market cap 5.99%
Second Best
Healthcare Medical
$197.8K
$173.1K – $230.7K
NOI $13,844 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$290.2K
$253.9K – $338.6K
NOI $20,315 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 32905, FL
26,064
Population
12,635
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,687
Density / Sq Mi
$56,671
Median Household Income
$31,688
Median Earnings
$1,361
Median Rent
$206,200
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 - Association coverage includes water, sewer, trash, the roof, and exterior maintenance.
Where is this office units located?
The property is located at 2115 PALM BAY Rd NE 2E Palm Bay, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,100 SF office unit with an adaptable interior layout; Previously used as a church; suitable for professional, medical, or service‑based uses; Major roadway visibility along Palm Bay Road NE
