Connected Two-Unit Office
New
For Sale
$585,000
2955 Pineda Plaza Way 209, Melbourne, FL 32940
Second-floor office space with flexible separation, private offices, parking, and access from Pineda Causeway and Wickham Road.
Property Size1,839 SF
Price / SF$318.11
Days on Market6
Property Features for 2955 Pineda Plaza Way 209
General Information
Standard status
Active
Size
1,839 SF
Additional Details
Floor
2
Road Access
Yes
Office Units
2
Building Details
Buildings
1
Listing Agency:
Relentless Real Estate Co.
(321) 302-0763
Listed By:
Burlew Team
Source:
Startbrevardsearch
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 5:31PM
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 Relentless Real Estate Co.
Investment Insights
Based on property information with market context.
This second-floor office offering combines Units 209 and 210 for a total of 1,839 square feet. An interior connection joins the suites, while the layout can be reconfigured into two separate units by filling the connecting doorway. The existing plan includes a reception area, eight private offices, a breakroom, and two restrooms.
Lighted parking and available sign locations support daily business operations. The property is accessed directly from Pineda Causeway and Wickham Road, providing convenient connectivity to both corridors.
Lighted parking and available sign locations support daily business operations. The property is accessed directly from Pineda Causeway and Wickham Road, providing convenient connectivity to both corridors.
Key Highlights
- Two connected second‑floor units totaling 1,839 square feet
- Units 209 and 210 measure 890 and 949 square feet, respectively
- Interior connection can be filled to create two separate units
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
$25,025
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
4.28%
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%
$500,500
$500.5K
Cap Rate 7%
$357,500
$357.5K
Cap Rate 9%
$278,056
$278.1K
Market Conditions
NOI Build-Up for 1,839 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
$39.7K $21.60/SF
− Vacancy
−$6.4K −$3.46/SF
EGI
$33.4K $18.14/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$25.0K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$500,500
Cap Rate 7%
$357,500
Cap Rate 9%
$278,056
Alternative Uses
Best Use
Office B
$357.5K
$312.8K – $417.1K
NOI $25,025 @ 7.0% cap · market cap 4.28%
Second Best
Healthcare Medical
$330.6K
$289.3K – $385.8K
NOI $23,145 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$485.2K
$424.5K – $566.1K
NOI $33,963 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
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?
Office units - Second-floor office space with flexible separation, private offices, parking, and access from Pineda Causeway and Wickham Road.
Where is this office units located?
The property is located at 2955 Pineda Plaza Way 209 Melbourne, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two connected second‑floor units totaling 1,839 square feet; Units 209 and 210 measure 890 and 949 square feet, respectively; Interior connection can be filled to create two separate units
