Updated 2-Bedroom Residential Income
For Sale
Contact for pricing
3135 Shady Dell Lane, Melbourne, FL 32935
Second-floor unit offers renovated baths, a screened balcony, community amenities, and an in-place lease through December 2026.
Property Size977 SF
Price / SF$151.48
Days on Market106
Property Features for 3135 Shady Dell Lane
General Information
Standard status
Active
Size
977 SF
Property subtype
Retail, Multifamily
Investment Type
Owner/User
Net Operating Income
$1,500
Listing Agency:
Four Star Real Estate LLC
Listed By:
Shellie Raymond · License #3325835
(321) 325-9974
Source:
Crexi
Added: May 21
Changed: Aug 31
Last Checked: Sep 1 at 6:07AM
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 Four Star Real Estate LLC
Investment Insights
Based on property information with market context.
This 977-square-foot, second-floor residential unit features two bedrooms, two bathrooms, vinyl flooring, refreshed baths, and a comfortable living room adjoining the dining area. The kitchen is fully equipped and connects to a laundry area; the sale includes all appliances, including the washer and dryer. A screened balcony with separate storage adds outdoor utility.
Community amenities include a pool and clubhouse. The association fee covers cable, internet, water, sewer, and exterior insurance. The property is near shopping, restaurants, and Wickham Park, with the beach a short drive away. It is currently income producing with a tenant under lease through the end of December 2026.
Community amenities include a pool and clubhouse. The association fee covers cable, internet, water, sewer, and exterior insurance. The property is near shopping, restaurants, and Wickham Park, with the beach a short drive away. It is currently income producing with a tenant under lease through the end of December 2026.
Key Highlights
- 977‑square‑foot, 2‑bedroom, 2‑bath second‑floor unit
- Updated baths and vinyl flooring throughout the living areas
- Fully equipped kitchen with washer and dryer included
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
$10,001
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
6.76%
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%
$200,020
$200.0K
Cap Rate 7%
$142,871
$142.9K
Cap Rate 9%
$111,122
$111.1K
Market Conditions
NOI Build-Up for 977 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
$19.3K $19.80/SF
− Vacancy
−$1.2K −$1.19/SF
EGI
$18.2K $18.61/SF
− OpEx
−$8.2K −$8.38/SF
NOI
$10.0K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$200,020
Cap Rate 7%
$142,871
Cap Rate 9%
$111,122
Alternative Uses
Best Use
Apartment 5plus
$142.9K
$125.0K – $166.7K
NOI $10,001 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.8K
$225.5K – $300.7K
NOI $18,043 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor unit offers renovated baths, a screened balcony, community amenities, and an in-place lease through December 2026.
Where is this residential income property located?
The property is located at 3135 Shady Dell Lane Melbourne, FL.
What is the asking price?
The asking price for this property is $148,000.
What are key features of this property?
This property features: 977‑square‑foot, 2‑bedroom, 2‑bath second‑floor unit; Updated baths and vinyl flooring throughout the living areas; Fully equipped kitchen with washer and dryer included
