Retail Building with Highway
For Sale
$449,000
2814 S Harbor City Boulevard, Melbourne, FL 32901
SINGLE_FAMILY - Melbourne, FL
Property Size1,500 SF
Price / SF$299.33
Days on Market221
Property Features for 2814 S Harbor City Boulevard
General Information
Property type
Residential
Property subtype
Retail
Zoning
, C-1
Zoning description
Commercial
Lot features
Half To One Acre Lot
Directions
US HIghway 1 northbound --becomes S Harbor City Blvd. Bldg on the left.
Subdivision
Brevard east of IR
Standard status
Active
APN
28371112K27
Taxes and HOA fees
Tax Description
RIVERVIEW HEIGHTS SUBD LOTS 7,8,9 E OF RR EX HWY R/W BLK K 2
Legal Description
RIVERVIEW HEIGHTS SUBD LOTS 7,8,9 E OF RR EX HWY R/W BLK K 2
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Flooring type
Terrazzo
Building materials
Block, Concrete
Listing Agency:
Mac Evoy Real Estate Co
(772) 589-0400
Listed By:
Carolyn E Mac Evoy · License #3149016
(772) 925-4791
Added: Jan 7
Changed: Jul 22
Last Checked: Aug 16 at 8:06AM
MLS# 293855
Copyright © 2026 Realtors Association of Indian River County. 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.
Retail building constructed of CBS, featuring a newer roof, terrazzo floors, and good natural light with a vaulted ceiling and wood trim. The interior layout includes a large open front room and two offices.
The property is located on a thriving continuation of US Highway 1 / S Harbor City Blvd, with nearly 200 feet of highway frontage and a stated high traffic count. Access is available from the highway or from the alley/Irwin Street just behind the site. There is plenty of side and rear parking, and the property is completely fenced.
At the back of the building, there is a thick concrete pad described as suitable for expansion, with CBS wall enclosure. The property is also noted as being located in an Opportunity Zone. Zoning is listed as C-1.
The property is located on a thriving continuation of US Highway 1 / S Harbor City Blvd, with nearly 200 feet of highway frontage and a stated high traffic count. Access is available from the highway or from the alley/Irwin Street just behind the site. There is plenty of side and rear parking, and the property is completely fenced.
At the back of the building, there is a thick concrete pad described as suitable for expansion, with CBS wall enclosure. The property is also noted as being located in an Opportunity Zone. Zoning is listed as C-1.
Key Highlights
- 200 ft of Highway Frontage on US Highway 1/S Harbor City Blvd with high traffic count.
- Located in an up and coming Opportunity Zone.
- 1500 sq ft CBS building with newer roof.
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
$17,294
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
3.85%
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%
$345,880
$345.9K
Cap Rate 7%
$247,057
$247.1K
Cap Rate 9%
$192,156
$192.2K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$24.7K $16.47/SF
− OpEx
−$7.4K −$4.94/SF
NOI
$17.3K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /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%
$345,880
Cap Rate 7%
$247,057
Cap Rate 9%
$192,156
Alternative Uses
Best Use
Retail
$247.1K
$216.2K – $288.2K
NOI $17,294 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$395.7K
$346.3K – $461.7K
NOI $27,702 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,729
Businesses Nearby
96k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 37%
Hotels & Casinos 2%
Wawa
Shops & Services
55,583 visits/mo
0.1 miles
7 Brew Coffee
Dining
10,630 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,808 visits/mo
0.5 miles
Chart House
Dining
8,441 visits/mo
0.3 miles
Einstein Bros Bagels
Dining
5,863 visits/mo
0.4 miles
Demographics for 32901, FL
26,286
Population
13,241
Households
2
Avg Household Size
46
Median Age
31%
College-Educated
90%
High-School Grad
12.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$50,646
Median Household Income
$31,929
Median Earnings
$1,349
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - CBS retail building offers nearly 200 feet of highway frontage, fenced grounds, and a large open front room with offices.
Where is this retail space located?
The property is located at 2814 S Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 200 ft of Highway Frontage on US Highway 1/S Harbor City Blvd with high traffic count.; Located in an up and coming Opportunity Zone.; 1500 sq ft CBS building with newer roof.
