Remodeled Professional Office
For Sale
$315,000
Pending
2149 Aurora Rd, Melbourne, FL 32935
Recently remodeled space supports professional office, residential, or commercial use.
Property Size1,244 SF
Lot Size0.46 Acres
Days on Market233
Property Features for 2149 Aurora Rd
General Information
Standard status
Pending
Size
1,244 SF
Lot size
0.46 Acres
Taxes and HOA fees
Annual Taxes
$1,977
Listing Agency:
ITG Realty
(321) 622-2701
Listed By:
Nathan Doyle · License #3127048
(321) 695-4175
Source:
Exprealty
Added: Jan 29
Changed: Sep 15
Last Checked: Sep 18 at 11:05AM
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 ITG Realty
Investment Insights
Based on property information with market context.
This recently remodeled office unit contains 1,244 square feet and supports professional office, residential, or commercial use. The property includes a parking lot positioned behind the building for client and staff access.
The site fronts Aurora Road in Melbourne, FL and includes approximately ±0.46 acres in total. An adjacent ±0.23-acre lot lies to the south, providing additional land within the property offering. The configuration combines an office building, rear parking, and adjoining land in a flexible commercial setting.
The site fronts Aurora Road in Melbourne, FL and includes approximately ±0.46 acres in total. An adjacent ±0.23-acre lot lies to the south, providing additional land within the property offering. The configuration combines an office building, rear parking, and adjoining land in a flexible commercial setting.
Key Highlights
- 1,244‑square‑foot recently remodeled office unit
- Supports professional office, residential, or commercial use
- Approximately ±0.46 acres of total land area
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
$16,928
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
5.37%
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%
$338,560
$338.6K
Cap Rate 7%
$241,829
$241.8K
Cap Rate 9%
$188,089
$188.1K
Market Conditions
NOI Build-Up for 1,244 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
$26.9K $21.60/SF
− Vacancy
−$4.3K −$3.46/SF
EGI
$22.6K $18.14/SF
− OpEx
−$5.6K −$4.54/SF
NOI
$16.9K $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%
$338,560
Cap Rate 7%
$241,829
Cap Rate 9%
$188,089
Alternative Uses
Best Use
Office B
$241.8K
$211.6K – $282.1K
NOI $16,928 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$328.2K
$287.2K – $382.9K
NOI $22,974 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
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Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Recently remodeled space supports professional office, residential, or commercial use.
Where is this office units located?
The property is located at 2149 Aurora Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,244‑square‑foot recently remodeled office unit; Supports professional office, residential, or commercial use; Approximately ±0.46 acres of total land area
