Three-Unit Triplex
For Sale
$275,000
2270 Wood Street, Melbourne, FL 32904
Residential Income, Melbourne, FL
Property Size1,774 SF
Lot Size0.40 Acres
Price / SF$155.02
Days on Market9
Property Features for 2270 Wood Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Appliances
Refrigerator
Subdivision
Pine Grove No 1
Lot features
Many Trees
Elementary school
Meadowlane
Middle school
Central
High school
Melbourne
Directions
I95 Take exit 180 toward Melbourne, turn left onto US-192 E/W New Haven Ave, Turn right onto Wood St, Turn right onto Caton Ave, property at the end to the right
Standard status
Active
APN
28-36-01-52-00000.0-0348.00
Size
1,774 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PINE GROVE NO 1 LOTS 348,349,350
Tax Annual Amount
2484
Legal Description
PINE GROVE NO 1 LOTS 348,349,350
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Well
Building Details
Year built
1952
Floors in Building
1
Number of units
3
Flooring type
Tile
Building materials
Frame
Roof type
Metal, Shingle
Listing Agency:
ITG Realty
(321) 622-2701
Listed By:
Rusty E Melle · License #3185860
(321) 474-0400
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 22 at 3:06PM
MLS# 1087770
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 three-unit residential property at 2270 Wood Street offers 1,774 square feet on a 0.4-acre lot. Built in 1952, the frame construction includes three bedrooms and three bathrooms, with tile flooring throughout portions of the property. The home features electric heating, wall and window unit cooling, a refrigerator, and a combination of metal and shingle roofing.
The property uses well water and a septic tank. It is situated in the West Melbourne area of Melbourne, with access to shopping, dining, major roadways, schools, and nearby employment centers. The three-unit layout supports residential income use or multigenerational living.
The property uses well water and a septic tank. It is situated in the West Melbourne area of Melbourne, with access to shopping, dining, major roadways, schools, and nearby employment centers. The three-unit layout supports residential income use or multigenerational living.
Key Highlights
- Three‑unit configuration with 3 bedrooms and 3 bathrooms
- 1,774 square feet on a 0.4‑acre lot
- Built in 1952 with frame construction
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
$20,203
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
7.35%
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%
$404,060
$404.1K
Cap Rate 7%
$288,614
$288.6K
Cap Rate 9%
$224,478
$224.5K
Market Conditions
NOI Build-Up for 1,774 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
$30.9K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$28.9K $16.27/SF
− OpEx
−$8.7K −$4.88/SF
NOI
$20.2K $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%
$404,060
Cap Rate 7%
$288,614
Cap Rate 9%
$224,478
Alternative Uses
Best Use
Multifamily LT 5
$288.6K
$252.5K – $336.7K
NOI $20,203 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$259.4K
$227.0K – $302.7K
NOI $18,160 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$468.0K
$409.5K – $546.0K
NOI $32,762 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
275
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential configuration with flexible rental income and multigenerational living potential.
Where is this triplex located?
The property is located at 2270 Wood Street Melbourne, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three‑unit configuration with 3 bedrooms and 3 bathrooms; 1,774 square feet on a 0.4‑acre lot; Built in 1952 with frame construction
