Flexible Small Office
For Sale
$269,500
2299 Sarno Rd, Melbourne, FL 32935
Small freestanding office building offering adaptable suite configurations plus a detached garage for storage or added income.
Property Size1,429 SF
Price / SF$188.59
Days on Market332
Property Features for 2299 Sarno Rd
General Information
Standard status
Active
Size
1,429 SF
Additional Details
Heavy Power
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$2,920
Listing Agency:
S & D Realty Exchange, Inc.
(321) 223-5046
Listed By:
Donald DeLucas
(321) 223-5046
Source:
Exprealty
Added: Sep 15, 2025
Changed: Aug 8
Last Checked: Aug 11 at 11:40AM
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 S & D Realty Exchange, Inc.
Investment Insights
Based on property information with market context.
This for-sale property is a small office building with flexible interior options. It can be operated as a two-office suite configuration for separate use, or arranged as a single larger office setup. The building includes a detached CBS garage of approximately 308 square feet, which can support storage, a workshop or work area, or additional rental uses depending on tenant needs.
Recent improvements support day-to-day functionality. The metal roof was installed in 2023, and the electrical system received a 200-amp service upgrade in 2023. Plumbing was upgraded in 2024 with new flooring, and the A/C was replaced in 2020 with damper system updates in 2025. The space is currently vacant and is described as easy to show, with listing agent availability noted for scheduling.
For buyers, the configuration flexibility can suit different office user requirements, from separate team offices to a unified single-tenant arrangement. The detached garage adds practical space for equipment, overflow storage, or an optional secondary use consistent with small-area hobby, work, or storage needs. The seller also notes rental income potential in the available suite configuration, subject to buyer and tenant planning.
Recent improvements support day-to-day functionality. The metal roof was installed in 2023, and the electrical system received a 200-amp service upgrade in 2023. Plumbing was upgraded in 2024 with new flooring, and the A/C was replaced in 2020 with damper system updates in 2025. The space is currently vacant and is described as easy to show, with listing agent availability noted for scheduling.
For buyers, the configuration flexibility can suit different office user requirements, from separate team offices to a unified single-tenant arrangement. The detached garage adds practical space for equipment, overflow storage, or an optional secondary use consistent with small-area hobby, work, or storage needs. The seller also notes rental income potential in the available suite configuration, subject to buyer and tenant planning.
Key Highlights
- Small freestanding office building with adaptable layout: two‑office suite configuration or one single larger office (1429 SF)
- Detached CBS garage (308 SF) for storage, work area, or possible additional rental income
- Metal roof installed in 2023
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
$19,446
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
7.22%
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%
$388,920
$388.9K
Cap Rate 7%
$277,800
$277.8K
Cap Rate 9%
$216,067
$216.1K
Market Conditions
NOI Build-Up for 1,429 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 $21.60/SF
− Vacancy
−$4.9K −$3.46/SF
EGI
$25.9K $18.14/SF
− OpEx
−$6.5K −$4.54/SF
NOI
$19.4K $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%
$388,920
Cap Rate 7%
$277,800
Cap Rate 9%
$216,067
Alternative Uses
Best Use
Office B
$277.8K
$243.1K – $324.1K
NOI $19,446 @ 7.0% cap · market cap 7.22%
Second Best
Warehouse
$140.7K
$123.1K – $164.1K
NOI $9,846 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$377.0K
$329.9K – $439.9K
NOI $26,391 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
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
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 - Small freestanding office building offering adaptable suite configurations plus a detached garage for storage or added income.
Where is this office units located?
The property is located at 2299 Sarno Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $269,500.
What are key features of this property?
This property features: Small freestanding office building with adaptable layout: two‑office suite configuration or one single larger office (1429 SF); Detached CBS garage (308 SF) for storage, work area, or possible additional rental income; Metal roof installed in 2023
