Retail/Commercial Building on Highway
For Sale
$499,000
2814 S Harbor City Blvd, Melbourne, FL 32935
1400 sq ft building on half-acre lot with parking.
Property Size1,400 SF
Lot Size0.50 Acres
Price / SF$356.43
Days on Market229
Property Features for 2814 S Harbor City Blvd
General Information
Standard status
Active
Size
1,400 SF
Lot size
0.50 Acres
Taxes and HOA fees
Annual Taxes
$3,722
Listing Agency:
Mac Evoy Real Estate Co.
(772) 925-4791
Listed By:
Carolyn Mac Evoy · License #3149016
(772) 925-4791
Source:
Exprealty
Added: Jan 12
Changed: Aug 27
Last Checked: Aug 28 at 1:45PM
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 Mac Evoy Real Estate Co.
Investment Insights
Based on property information with market context.
This 1400 sq ft concrete block building is zoned for retail or commercial use and features a newer roof. Situated on a half-acre lot with nearly 200 feet of highway frontage and generous parking, the property includes metal fencing around the perimeter. The interior features Terrazzo floors and a soaring wood-trimmed vaulted ceiling. It contains two private office spaces and two bathrooms. The rear yard includes a CBS wall fence. Previously used as a restaurant and auto parts store, the building is currently vacant and ready for business.
Key Highlights
- High‑visibility location with nearly 200 feet of highway frontage.
- Zoned for retail or commercial use, offering versatile business opportunities.
- Generous parking 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
$16,141
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
3.23%
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%
$322,820
$322.8K
Cap Rate 7%
$230,586
$230.6K
Cap Rate 9%
$179,344
$179.3K
Market Conditions
NOI Build-Up for 1,400 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
$25.2K $18.00/SF
− Vacancy
−$2.1K −$1.53/SF
EGI
$23.1K $16.47/SF
− OpEx
−$6.9K −$4.94/SF
NOI
$16.1K $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%
$322,820
Cap Rate 7%
$230,586
Cap Rate 9%
$179,344
Alternative Uses
Best Use
Retail
$230.6K
$201.8K – $269.0K
NOI $16,141 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$369.4K
$323.2K – $430.9K
NOI $25,855 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
3k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon
Shops & Services
3,276 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 1400 sq ft building on half-acre lot with parking.
Where is this retail space located?
The property is located at 2814 S Harbor City Blvd Melbourne, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: High‑visibility location with nearly 200 feet of highway frontage.; Zoned for retail or commercial use, offering versatile business opportunities.; Generous parking space available.
