Professional Office Condominium with Monument Sign
For Sale
$285,000
Pending
4-3200 N Wickham Rd, Melbourne, FL 32904
1,439 SF office suite on N Wickham Road with private entry, five offices, and panel space on a multi-tenant monument sign.
Property Size1,439 SF
Days on Market68
Property Features for 4-3200 N Wickham Rd
General Information
Standard status
Pending
Size
1,439 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$2,993
Building Details
Tenancy
Multi
Listing Agency:
Sperry CGA-Flint Brokers
Listed By:
James Flint · License ##BK3313539
(321) 252-9090
Source:
Exprealty
Added: Jul 22
Changed: Sep 8
Last Checked: Sep 26 at 12:32PM
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 Sperry CGA-Flint Brokers
Investment Insights
Based on property information with market context.
This professional office condominium offers 1,439 SF of well-appointed space within a small commercial association. The suite includes a private front entry, reception area, five private offices, a conference room, breakroom, and a private restroom, with a rear exit for additional egress. Panel space on a prominent multi-tenant monument sign provides available building directory visibility, and the property is served by ample surface parking.
The suite is located directly on N Wickham Road, a primary Melbourne commercial corridor, with exposure to approximately 34,000 vehicles per day. It is positioned across from Wickham Park and adjacent to Addison Pointe, a 370-unit Class A apartment community. The surrounding area includes strong demographics of approximately 24,797 residents within a 5-minute radius and 116,121 residents within a 15-minute radius.
Convenient access to I-95, Melbourne Orlando International Airport, the beaches, and the broader Space Coast employment base supports day-to-day business operations. Association dues include exterior maintenance, property insurance, landscaping, trash removal, and water.
The suite is located directly on N Wickham Road, a primary Melbourne commercial corridor, with exposure to approximately 34,000 vehicles per day. It is positioned across from Wickham Park and adjacent to Addison Pointe, a 370-unit Class A apartment community. The surrounding area includes strong demographics of approximately 24,797 residents within a 5-minute radius and 116,121 residents within a 15-minute radius.
Convenient access to I-95, Melbourne Orlando International Airport, the beaches, and the broader Space Coast employment base supports day-to-day business operations. Association dues include exterior maintenance, property insurance, landscaping, trash removal, and water.
Key Highlights
- 1,439 SF professional office condominium suite on N Wickham Road
- Private front entry plus reception, five private offices, conference room, breakroom, and private restroom
- Rear exit for additional egress
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
$19,582
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
6.87%
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%
$391,640
$391.6K
Cap Rate 7%
$279,743
$279.7K
Cap Rate 9%
$217,578
$217.6K
Market Conditions
NOI Build-Up for 1,439 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
$31.1K $21.60/SF
− Vacancy
−$5.0K −$3.46/SF
EGI
$26.1K $18.14/SF
− OpEx
−$6.5K −$4.54/SF
NOI
$19.6K $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%
$391,640
Cap Rate 7%
$279,743
Cap Rate 9%
$217,578
Alternative Uses
Best Use
Office B
$279.7K
$244.8K – $326.4K
NOI $19,582 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.6K
$332.2K – $442.9K
NOI $26,575 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 32904, FL
35,399
Population
15,117
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
217.1 sq mi
ZIP Area
163
Density / Sq Mi
$86,943
Median Household Income
$42,451
Median Earnings
$1,763
Median Rent
$334,400
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 - 1,439 SF office suite on N Wickham Road with private entry, five offices, and panel space on a multi-tenant monument sign.
Where is this office units located?
The property is located at 4-3200 N Wickham Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,439 SF professional office condominium suite on N Wickham Road; Private front entry plus reception, five private offices, conference room, breakroom, and private restroom; Rear exit for additional egress
