Flex Space with Finished
For Sale
$649,000
3526 Ellis Lane, Mims, FL 32754
COMMERCIAL - Mims, FL
Property Size3,128 SF
Lot Size1.38 Acres
Price / SF$207.48
Days on Market102
Property Features for 3526 Ellis Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial/Residential/Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street, Parking Lot
Security features
Security System
Fencing
Fenced
Lot features
Cleared, Corner Lot
Directions
From Highway 1 & SR 46 go north, property is just past the True Value on the west side of the road.
Subdivision
101 - Mims/Scottsmoor
Standard status
Active
APN
21-35-07-00-00035.0-0000.00
Size
3,128 SF
Lot size
1.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF S 1/2 OF NE 1/4 AS DES IN DB 303 PGS 286 & 570 EX 394 PG 591,404 PG 356 & 407 PG 46,ORB 53 PG 476,2485 PG 1524
Tax Annual Amount
4073
Legal Description
PART OF S 1/2 OF NE 1/4 AS DES IN DB 303 PGS 286 & 570 EX 394 PG 591,404 PG 356 & 407 PG 46,ORB 53 PG 476,2485 PG 1524
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Well
Amenities
covered entry
reception/common area
private offices
open workspace
kitchen/break area
restroom
open yard space
covered storage/display areas
LED monument sign
Building Details
Year built
1953
Floors in Building
1
Number of units
1
Flooring type
Laminate, Carpet, Tile
Building materials
Block
Roof type
Metal
Listing Agency:
Flag Agency Inc. · Century 21 Real Estate
(321) 267-3600
Listed By:
Chad P Conner · License #3142967
(321) 267-3600
Added: May 13
Changed: Aug 4
Last Checked: Aug 22 at 8:06AM
MLS# 1077198
Copyright © 2026 Space Coast Association of 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.
Flex space offering a finished office building with a covered entry, reception/common area, multiple private offices, open workspace, kitchen/break area, and restroom. The property also includes open yard space, covered storage/display areas, and room for equipment, inventory, outdoor storage, or future expansion. Construction is block with a metal roof, flooring of carpet, tile, and laminate, and electric central air with electric heating. Multiple detached structures may convey, and the site is fenced.
Situated on approx. 1.38 acres at the corner of Ellis Lane and US-1 in Mims, the property benefits from LED monument sign visibility and ample off-street parking. In addition to Ellis Lane access, there is additional access off US-1. Highway 1 frontage is over 400' and described as unobstructed along one of North Brevard’s major corridors.
Served by well water and a septic tank, the building was constructed in 1953. Approx. 3,128 SF (per the provided property size) supports uses ranging from owner-user or contractor/service operations to showroom, equipment/building sales, specialty retail, or investment scenarios.
Situated on approx. 1.38 acres at the corner of Ellis Lane and US-1 in Mims, the property benefits from LED monument sign visibility and ample off-street parking. In addition to Ellis Lane access, there is additional access off US-1. Highway 1 frontage is over 400' and described as unobstructed along one of North Brevard’s major corridors.
Served by well water and a septic tank, the building was constructed in 1953. Approx. 3,128 SF (per the provided property size) supports uses ranging from owner-user or contractor/service operations to showroom, equipment/building sales, specialty retail, or investment scenarios.
Key Highlights
- Over 400' of Highway 1 unobstructed frontage
- BU‑2 zoning on approx. 1.38‑acre corner lot at Ellis Lane and US‑1
- Finished office building with covered entry, reception/common area, and multiple private offices
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
$42,566
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
6.56%
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%
$851,320
$851.3K
Cap Rate 7%
$608,086
$608.1K
Cap Rate 9%
$472,956
$473.0K
Market Conditions
NOI Build-Up for 3,128 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
$67.6K $21.60/SF
− Vacancy
−$10.8K −$3.46/SF
EGI
$56.8K $18.14/SF
− OpEx
−$14.2K −$4.54/SF
NOI
$42.6K $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%
$851,320
Cap Rate 7%
$608,086
Cap Rate 9%
$472,956
Alternative Uses
Best Use
Office B
$608.1K
$532.1K – $709.4K
NOI $42,566 @ 7.0% cap · market cap 6.56%
Second Best
Flex RnD
$456.3K
$399.2K – $532.3K
NOI $31,938 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$825.3K
$722.1K – $962.8K
NOI $57,768 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32754, FL
11,996
Population
5,657
Households
2.1
Avg Household Size
50
Median Age
20%
College-Educated
91%
High-School Grad
136.9 sq mi
ZIP Area
88
Density / Sq Mi
$69,960
Median Household Income
$41,758
Median Earnings
$1,004
Median Rent
$260,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - BU-2 zoned flex space on a corner lot with a finished office, ample off-street parking, and covered entry.
Where is this flex space located?
The property is located at 3526 Ellis Lane Mims, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Over 400' of Highway 1 unobstructed frontage; BU‑2 zoning on approx. 1.38‑acre corner lot at Ellis Lane and US‑1; Finished office building with covered entry, reception/common area, and multiple private offices
