Two-Story Triplex with Private
New
For Sale
$650,000
2264 W New Haven Avenue, West Melbourne, FL 32904
MULTI_FAMILY - West Melbourne, FL
Property Size4,160 SF
Lot Size0.21 Acres
Price / SF$156.25
Days on Market3
Property Features for 2264 W New Haven Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Commercial/Residential/Office
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Parking
6
Appliances
Dishwasher, Electric Range, Refrigerator
Subdivision
Laila Park Estates Sec A
Elementary school
Roy Allen
Middle school
Central
High school
Melbourne
Directions
West on W New Haven Ave Pull into driveway between 2 buildings that face the road right after Cheddars restaurant
Standard status
Active
APN
28-37-06-02-0000h.0-0001.07
Size
4,160 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
LAILA PARK ESTATES SEC A N 100 FT OF S 200 FT OF E 91.7 FT OF LOT 1 BLK H
Tax Annual Amount
5782
Legal Description
LAILA PARK ESTATES SEC A N 100 FT OF S 200 FT OF E 91.7 FT OF LOT 1 BLK H
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private outdoor space
Building Details
Year built
1980
Floors in Building
2
Number of units
3
Flooring type
Carpet, Tile
Building materials
Stucco
Listing Agency:
Waterman Real Estate, Inc.
(321) 215-2100
Listed By:
Wendy Harpp · License #3241852
(321) 474-3848
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 13 at 1:06AM
MLS# 1084865
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1980-built triplex contains 4,160 square feet on a 0.21-acre parcel. Each residence is arranged across two levels, with the living area and kitchen on the first floor and two bedrooms plus a full bathroom upstairs. Glass sliders provide access to an individual backyard for each unit. Interior finishes include carpet and tile, while central heating and central air conditioning serve the property. Dishwashers, electric ranges, and refrigerators are included.
The property is located in West Melbourne, Florida, along W New Haven Avenue. Public water and public sewer serve the site, with cable available. All three units are currently occupied by long-term tenants.
The property is located in West Melbourne, Florida, along W New Haven Avenue. Public water and public sewer serve the site, with cable available. All three units are currently occupied by long-term tenants.
Key Highlights
- Triplex totaling 4,160 square feet on a 0.21‑acre parcel
- Three occupied units with long‑term tenants
- Two‑story layouts with living areas and kitchens downstairs
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
$47,375
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
7.29%
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%
$947,500
$947.5K
Cap Rate 7%
$676,786
$676.8K
Cap Rate 9%
$526,389
$526.4K
Market Conditions
NOI Build-Up for 4,160 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
$72.4K $17.40/SF
− Vacancy
−$4.7K −$1.13/SF
EGI
$67.7K $16.27/SF
− OpEx
−$20.3K −$4.88/SF
NOI
$47.4K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$947,500
Cap Rate 7%
$676,786
Cap Rate 9%
$526,389
Alternative Uses
Best Use
Multifamily LT 5
$676.8K
$592.2K – $789.6K
NOI $47,375 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$608.3K
$532.3K – $709.7K
NOI $42,584 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$1.10M
$960.3K – $1.28M
NOI $76,827 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 32904, FL
35,399
Population
15,117
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
217.1 sq mi
ZIP Area
163
Density / Sq Mi
$86,943
Median Household Income
$42,451
Median Earnings
$1,763
Median Rent
$334,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully leased property with separate outdoor areas and public water and sewer service.
Where is this triplex located?
The property is located at 2264 W New Haven Avenue West Melbourne, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Triplex totaling 4,160 square feet on a 0.21‑acre parcel; Three occupied units with long‑term tenants; Two‑story layouts with living areas and kitchens downstairs
