Office Unit with Flexible
For Sale
$250,000
2115 Palm Bay Road Northeast Unit 2E, Palm Bay, FL 32905
The unit includes central air, varied flooring, and association-covered building maintenance and utilities.
Property Size1,100 SF
Price / SF$227.27
Days on Market129
Property Features for 2115 Palm Bay Road Northeast Unit 2E
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial Sale / Mixed Use
Taxes and HOA fees
Annual Taxes
$2,004
Amenities
Central Air
Central
Carpet, Laminate, Tile
No
Square Feet
Public Records
Slab
Block, Stucco
Building Details
Year Built
1981
Listing Agency:
Mutter Realty
(321) 269-9855
Listed By:
Jacqueline M Edens · License #3047121
(321) 269-9855
Source:
Compass
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 29 at 2:58PM
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 offers an adaptable interior with central air and carpet, laminate, and tile flooring. The concrete-block and stucco building was constructed in 1981, with the unit situated on a slab foundation. Its prior meeting-oriented use and flexible configuration support consideration for professional office, medical, or service-based operations.
The property is located at 2115 Palm Bay Road Northeast, Unit 2E, in Palm Bay. The site benefits from visibility along a major roadway and is surrounded by medical and professional facilities, shopping centers, and restaurants. Parking is available for clients and employees.
Association services include water, sewer, trash removal, exterior maintenance, and roof maintenance, providing a defined set of property services for the ownership structure.
The property is located at 2115 Palm Bay Road Northeast, Unit 2E, in Palm Bay. The site benefits from visibility along a major roadway and is surrounded by medical and professional facilities, shopping centers, and restaurants. Parking is available for clients and employees.
Association services include water, sewer, trash removal, exterior maintenance, and roof maintenance, providing a defined set of property services for the ownership structure.
Key Highlights
- 1,100 SF office unit in Palm Bay
- Flexible layout with prior meeting‑oriented use
- Central air with carpet, laminate, and tile flooring
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
Property Profile
Current Use
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 - The unit includes central air, varied flooring, and association-covered building maintenance and utilities.
Where is this office units located?
The property is located at 2115 Palm Bay Road Northeast Unit 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 in Palm Bay; Flexible layout with prior meeting‑oriented use; Central air with carpet, laminate, and tile flooring
