Updated Triplex with
New
For Sale
Under Contract
$698,000
293 PROVINCIAL DRIVE, Melbourne, FL 32903
MULTI_FAMILY - MELBOURNE, FL
Property Size4,318 SF
Price / SF$161.65
Days on Market2
Property Features for 293 PROVINCIAL DRIVE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Elementary school
INDIALANTIC
Middle school
HOOVER
High school
MELBOURNE
Standard status
Active Under Contract
Size
4,318 SF
Amenities
fenced backyard
pool
laundry room
walk-in closets
covered lanai
private balcony
Building Details
Year built
1991
Listing Agency:
Coldwell Banker Paradise - Indialantic · Coldwell Banker Real Estate
(321) 951-3300
Listed By:
Bea Jaffe
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 859375
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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.
This 1991 triplex contains 4,318 square feet across three residences, each arranged with two bedrooms and two baths. The units include spacious kitchens, combined living and dining areas, laundry rooms, walk-in bedroom closets, and granite countertops. Two residences have covered lanais, while the second-floor unit includes a private balcony overlooking the pool. The property also features a fenced backyard and air-conditioning systems installed in 2015.
All three units are currently leased on annual terms. The property is positioned across from Paradise Beach Ocean Park, and short-term rentals are allowed under the stated zoning framework if a future conversion is pursued.
All three units are currently leased on annual terms. The property is positioned across from Paradise Beach Ocean Park, and short-term rentals are allowed under the stated zoning framework if a future conversion is pursued.
Key Highlights
- Three‑unit property totaling 4,318 square feet
- All units currently leased annually
- Each residence offers two bedrooms and two baths
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
$49,175
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
7.05%
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%
$983,500
$983.5K
Cap Rate 7%
$702,500
$702.5K
Cap Rate 9%
$546,389
$546.4K
Market Conditions
NOI Build-Up for 4,318 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
$75.1K $17.40/SF
− Vacancy
−$4.9K −$1.13/SF
EGI
$70.2K $16.27/SF
− OpEx
−$21.1K −$4.88/SF
NOI
$49.2K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /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%
$983,500
Cap Rate 7%
$702,500
Cap Rate 9%
$546,389
Alternative Uses
Best Use
Multifamily LT 5
$702.5K
$614.7K – $819.6K
NOI $49,175 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$631.5K
$552.5K – $736.7K
NOI $44,202 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.14M
$996.8K – $1.33M
NOI $79,745 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 32903, FL
13,880
Population
7,469
Households
1.9
Avg Household Size
52
Median Age
51%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
3,856
Density / Sq Mi
$101,549
Median Household Income
$55,718
Median Earnings
$1,700
Median Rent
$495,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three annually leased residences offer two-bedroom, two-bath layouts, private outdoor areas, and shared pool access.
Where is this triplex located?
The property is located at 293 PROVINCIAL DRIVE Melbourne, FL.
What is the asking price?
The asking price for this property is $698,000.
What are key features of this property?
This property features: Three‑unit property totaling 4,318 square feet; All units currently leased annually; Each residence offers two bedrooms and two baths
