Renovated Warehouse
For Sale
Contact for pricing
2840 Allen Hill Ave, Melbourne, FL 32940
Eight-unit industrial complex with office areas, overhead doors, parking, and updated interior and exterior finishes.
Property Size13,875 SF
Price / SF$165.77
Days on Market56
Property Features for 2840 Allen Hill Ave
General Information
Standard status
Active
Size
13,875 SF
Property subtype
Industrial
Zoning
Heavy Industrial
Occupancy
86%
Lease Type
Modified Gross
Building Details
Year Built
1998
Buildings
2
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Charles A. Von Stein, Inc
(772) 778-4885
Listed By:
Kirk Von Stein · License #FL
Source:
Crexi
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 30 at 7:42AM
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 Charles A. Von Stein, Inc
Investment Insights
Based on property information with market context.
This Heavy Industrial-zoned warehouse property comprises 8 units with office areas and overhead doors. Parking is positioned on both sides of each warehouse, supporting practical access across the complex. Built in 1998, the property has received extensive interior and exterior renovations, including new paint and signage.
The site is accessed from Allen Hill Avenue, near US Highway One. Pineda Causeway is 1 mile away, while I-95 is 3.8 miles from the property, providing direct regional connectivity for industrial operations and distribution uses.
The site is accessed from Allen Hill Avenue, near US Highway One. Pineda Causeway is 1 mile away, while I-95 is 3.8 miles from the property, providing direct regional connectivity for industrial operations and distribution uses.
Key Highlights
- 8 warehouse units with office areas and overhead doors
- Heavy Industrial zoning
- Parking on both sides of each warehouse
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
$141,667
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
6.16%
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%
$2,833,340
$2.8M
Cap Rate 7%
$2,023,814
$2.0M
Cap Rate 9%
$1,574,078
$1.6M
Market Conditions
NOI Build-Up for 13,875 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
$233.1K $16.80/SF
− Vacancy
−$15.2K −$1.09/SF
EGI
$217.9K $15.71/SF
− OpEx
−$76.3K −$5.50/SF
NOI
$141.7K $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%
$2,833,340
Cap Rate 7%
$2,023,814
Cap Rate 9%
$1,574,078
Alternative Uses
Best Use
Flex RnD
$2.02M
$1.77M – $2.36M
NOI $141,667 @ 7.0% cap · market cap 6.16%
Second Best
Warehouse
$1.37M
$1.20M – $1.59M
NOI $95,600 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$3.66M
$3.20M – $4.27M
NOI $256,244 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Well-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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Life Storage — 6005 N Wickham Rd, Melbourne, FL 32940
- Pineda Self Storage — N Harbor City Blvd, 6190 N US Hwy 1, Melbourne, FL 32940
- StorSafe of Melbourne — 6400 N US Hwy 1, Melbourne, FL 32940
Frequently Asked Questions
What type of property is this?
Warehouse - Eight-unit industrial complex with office areas, overhead doors, parking, and updated interior and exterior finishes.
Where is this warehouse located?
The property is located at 2840 Allen Hill Ave Melbourne, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 8 warehouse units with office areas and overhead doors; Heavy Industrial zoning; Parking on both sides of each warehouse
