Two-Story Flex Building with
For Sale
$2,900,000
Pending
2725 Center Place Melbourne, Melbourne, FL 32940
Well-maintained two-story flex building combines office space with a rear warehouse and secured fenced yard access.
Property Size20,187 SF
Days on Market47
Property Features for 2725 Center Place Melbourne
General Information
Standard status
Pending
Size
20,187 SF
Total Parking Spaces
55
Zoning
Commercial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
22 ft
Dock-High Doors
2
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$31,539
Amenities
Carpet,Tile,Vinyl
true
8
2
Building & Land
Cul-De-Sac,Dead End Street
Public
2.06
321-473-7199
false
Parking Lot
City Street
20187
Building Details
Building Size
20,187 SF
Year Built
1986
Stories
2
Tenancy
Multi
Listing Agency:
(321) 800-4656
Listed By:
JOHN CURRI
(321) 800-4656
Source:
Curriproperties
Added: Jul 14
Changed: Aug 17
Last Checked: Aug 29 at 6:28AM
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 JOHN CURRI
Investment Insights
Based on property information with market context.
This well-maintained two-story commercial building totals 20,187 SF and is currently configured as professional office space with rear warehouse space, supporting multiple occupancy options. Common areas include a reception lobby, conference room, break room, and restrooms. The second floor is owner-occupied and available for leaseback or immediate buyer use. On the first floor, there is a 3,868 SF tenant space, with additional office and warehouse space available.
The warehouse includes two dock-high bays and three roll-up doors (14' x 10'), along with a 400 SF mezzanine storage area and an 800 SF air-conditioned workspace. Clear height ceilings range from 20' to 22'. Outdoor amenities include a 1,350 SF fenced patio and access to a 16,000 SF gated yard, and the property offers 155 parking spaces. Roof and HVAC are noted as well-maintained, and the building is located in Melbourne’s Pineda/Wickham Rd corridor with easy access to I-95, US-1, and the beaches.
The warehouse includes two dock-high bays and three roll-up doors (14' x 10'), along with a 400 SF mezzanine storage area and an 800 SF air-conditioned workspace. Clear height ceilings range from 20' to 22'. Outdoor amenities include a 1,350 SF fenced patio and access to a 16,000 SF gated yard, and the property offers 155 parking spaces. Roof and HVAC are noted as well-maintained, and the building is located in Melbourne’s Pineda/Wickham Rd corridor with easy access to I-95, US-1, and the beaches.
Key Highlights
- Well‑maintained 20,187 SF two‑story commercial building on a 2.06‑acre lot, built in 1986
- Flexible light industrial zoning with office‑to‑warehouse configuration: professional office with rear warehouse space
- First floor includes a 3,868 SF tenant space leased at $22/SF; additional office and warehouse space available
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
$206,113
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
7.11%
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%
$4,122,260
$4.1M
Cap Rate 7%
$2,944,471
$2.9M
Cap Rate 9%
$2,290,144
$2.3M
Market Conditions
NOI Build-Up for 20,187 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
$339.1K $16.80/SF
− Vacancy
−$22.0K −$1.09/SF
EGI
$317.1K $15.71/SF
− OpEx
−$111.0K −$5.50/SF
NOI
$206.1K $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%
$4,122,260
Cap Rate 7%
$2,944,471
Cap Rate 9%
$2,290,144
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.58M
NOI $274,705 @ 7.0% cap · market cap 9.47%
Second Best
Flex RnD
$2.94M
$2.58M – $3.44M
NOI $206,113 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$5.33M
$4.66M – $6.21M
NOI $372,814 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
2
Dock-high doors
3
Drive-in doors
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32940, FL
44,869
Population
21,433
Households
2.1
Avg Household Size
51
Median Age
52%
College-Educated
97%
High-School Grad
57.3 sq mi
ZIP Area
783
Density / Sq Mi
$106,511
Median Household Income
$56,072
Median Earnings
$1,904
Median Rent
$444,100
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?
Flex space - Well-maintained two-story flex building combines office space with a rear warehouse and secured fenced yard access.
Where is this flex space located?
The property is located at 2725 Center Place Melbourne Melbourne, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Well‑maintained 20,187 SF two‑story commercial building on a 2.06‑acre lot, built in 1986; Flexible light industrial zoning with office‑to‑warehouse configuration: professional office with rear warehouse space; First floor includes a 3,868 SF tenant space leased at $22/SF; additional office and warehouse space available
