Multi-Tenant Warehouse with Grade
For Sale
$2,850,000
2720 Kirby Circle Ne Palm Bay, Palm Bay, FL 32905
Multi-tenant warehouse built in 2023 featuring 10' x 10' grade level doors and concrete floors with individually metered electric.
Property Size17,482 SF
Price / SF$163.02
Days on Market40
Property Features for 2720 Kirby Circle Ne Palm Bay
General Information
Standard status
Active
Size
17,482 SF
Lease Type
NNN
Net Operating Income
$248,736
Taxes and HOA fees
Annual Taxes
$2,871
Amenities
Concrete
3
Building & Land
Other
Public
1.78
false
Parking Lot
17482
Building Details
Building Size
17,482 SF
Year Built
2023
Listing Agency:
THE REAL ESTATE COLLECTION LLC
(407) 656-7814
Listed By:
Ellyn Siviglia · License #SL3533505
(407) 656-7814
Source:
Therealestatecollection
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 8 at 2:52AM
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 THE REAL ESTATE COLLECTION LLC
Investment Insights
Based on property information with market context.
This 100% occupied, income-producing multi-tenant warehouse was constructed in 2023 and is currently leased to 11 tenants totaling 17,482 +/- SF. The building includes 45 10' x 10' +/- grade level doors, with concrete flooring throughout and clear heights ranging from 11' to 14'. Each unit is individually metered for electric, while water is common and included in CAM. Utilities include City Water/Sewer and 3-phase FPL electric.
The property is positioned just off Palm Bay Road, described as a primary area connector between Interstate 95, Babcock Street, and US1. The surrounding area includes employers such as L3Harris, ABC Supply, Tibbetts Lumber, and Leonardo DRS, along with schools, restaurants, healthcare, and childcare.
From a tenant/operations standpoint, the warehouse’s unit-by-unit electric metering and common water arrangement are designed to support independent utility management within the multi-tenant configuration.
The property is positioned just off Palm Bay Road, described as a primary area connector between Interstate 95, Babcock Street, and US1. The surrounding area includes employers such as L3Harris, ABC Supply, Tibbetts Lumber, and Leonardo DRS, along with schools, restaurants, healthcare, and childcare.
From a tenant/operations standpoint, the warehouse’s unit-by-unit electric metering and common water arrangement are designed to support independent utility management within the multi-tenant configuration.
Key Highlights
- 100% occupied multi‑tenant warehouse with 11 tenants totaling 17,482 +/- SF
- Built in 2023 with clear height of 11'–14' and concrete flooring throughout
- Total of 45 +/- 10' x 10' grade level doors
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
$187,321
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
6.57%
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%
$3,746,420
$3.7M
Cap Rate 7%
$2,676,014
$2.7M
Cap Rate 9%
$2,081,344
$2.1M
Market Conditions
NOI Build-Up for 17,482 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
$230.8K $13.20/SF
− Vacancy
−$10.4K −$0.59/SF
EGI
$220.4K $12.61/SF
− OpEx
−$33.1K −$1.89/SF
NOI
$187.3K $10.72/SF
Area
Palm Bay, FL
Vacancy
4.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$3,746,420
Cap Rate 7%
$2,676,014
Cap Rate 9%
$2,081,344
Alternative Uses
Best Use
Warehouse
$2.68M
$2.34M – $3.12M
NOI $187,321 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.04M – $5.38M
NOI $322,858 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32905, FL
26,064
Population
12,635
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,687
Density / Sq Mi
$56,671
Median Household Income
$31,688
Median Earnings
$1,361
Median Rent
$206,200
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - Multi-tenant warehouse built in 2023 featuring 10' x 10' grade level doors and concrete floors with individually metered electric.
Where is this warehouse located?
The property is located at 2720 Kirby Circle Ne Palm Bay Palm Bay, FL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 100% occupied multi‑tenant warehouse with 11 tenants totaling 17,482 +/- SF; Built in 2023 with clear height of 11'–14' and concrete flooring throughout; Total of 45 +/- 10' x 10' grade level doors
