Flex Building With Private
For Sale
$1,779,900
2705 N Harbor City Boulevard, Melbourne, FL 32935
COMMERCIAL - Melbourne, FL
Property Size15,162 SF
Lot Size1.30 Acres
Price / SF$117.39
Days on Market460
Property Features for 2705 N Harbor City Boulevard
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Parking Lot
Directions
From the intersection of US1 & Lake Washington Road, go north a few blocks and the building will be on the east side of US1.
Subdivision
321 - Lake Washington/S of Post
Standard status
Active
APN
27-37-08-00-00013.0-0000.00
Size
15,162 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S 330 FT OF SE 1/4 OF NE 1/4 E OF NEW US 1 EX ORB 2592 PG 1071
Tax Annual Amount
927
Legal Description
S 330 FT OF SE 1/4 OF NE 1/4 E OF NEW US 1 EX ORB 2592 PG 1071
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
reception area
private offices
wet bar area
14-foot ceilings
monument sign
Building Details
Year built
1979
Number of units
1
Flooring type
Carpet, Tile
Building materials
Block, Stucco
Roof type
Membrane, Mixed
Listing Agency:
Waterman Real Estate Inc.
(321) 244-7653
Listed By:
Meili Viera Porter
(321) 848-7344
Added: May 7, 2025
Changed: Aug 4
Last Checked: Aug 9 at 3:06PM
MLS# 1045531
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 15,162-square-foot flex building occupies 1.3 acres at 2705 N Harbor City Boulevard in Melbourne. The interior includes a reception area, approximately 18 private offices, a wet bar, two bathrooms, and 14-foot ceilings. Block-and-stucco construction, carpet and tile flooring, central air, electric heating, and a parking lot support a range of commercial configurations.
The property fronts US Highway 1 and includes a monument sign along with on-site parking. Built in 1979, the building is served by public water and a septic tank, with cable available. The roof consists of membrane and mixed materials. Its existing office-oriented layout and open ceiling height provide a foundation for customization within a flex-space setting.
The property fronts US Highway 1 and includes a monument sign along with on-site parking. Built in 1979, the building is served by public water and a septic tank, with cable available. The roof consists of membrane and mixed materials. Its existing office-oriented layout and open ceiling height provide a foundation for customization within a flex-space setting.
Key Highlights
- 15,162‑square‑foot commercial building on a 1.3‑acre lot
- Approximately 18 private offices with reception area and wet bar
- 14‑foot ceilings and two bathrooms
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
$154,807
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
8.70%
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%
$3,096,140
$3.1M
Cap Rate 7%
$2,211,529
$2.2M
Cap Rate 9%
$1,720,078
$1.7M
Market Conditions
NOI Build-Up for 15,162 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
$254.7K $16.80/SF
− Vacancy
−$16.6K −$1.09/SF
EGI
$238.2K $15.71/SF
− OpEx
−$83.4K −$5.50/SF
NOI
$154.8K $10.21/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,096,140
Cap Rate 7%
$2,211,529
Cap Rate 9%
$1,720,078
Alternative Uses
Best Use
Office B
$2.95M
$2.58M – $3.44M
NOI $206,324 @ 7.0% cap · market cap 11.59%
Second Best
Retail
$2.50M
$2.19M – $2.91M
NOI $174,803 @ 7.0% cap · market cap 9.82%
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,012 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Block-and-stucco construction offers reception space, a wet bar, private offices, and on-site parking.
Where is this flex space located?
The property is located at 2705 N Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $1,779,900.
What are key features of this property?
This property features: 15,162‑square‑foot commercial building on a 1.3‑acre lot; Approximately 18 private offices with reception area and wet bar; 14‑foot ceilings and two bathrooms
