Multi-Suite Office Building with Ramp
For Sale
$740,000
407 S Washington Avenue, Titusville, FL 32796
SINGLE_FAMILY - Titusville, FL
Property Size5,100 SF
Lot Size0.13 Acres
Price / SF$144.45
Days on Market47
Property Features for 407 S Washington Avenue
General Information
Property type
Residential
Property subtype
Office
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Parking features
Parking Lot
Accessibility
Accessible Approach with Ramp
Subdivision
Hutchinsons Subd of Blk D
Lot features
Cleared, Historic Area
Directions
US 1 North of South Street - first building on right beyond city hall. Located just minutes from Parrish Medical Center, Brevard County Government offices, the courthouse, downtown dining, and the Indian River waterfront, this property offers outstanding accessibility in the heart of Titusville's growing business district.
Standard status
Active
APN
22-35-03-05-0000d.0-0001.00
Size
5,123 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HUTCHINSONS SUBD OF BLK D LOT 1, PART OF LOT 2 & W 6 FT OF VAC ALLEY ON EAST AS DESC IN ORB 5134 PAGE 815
Tax Annual Amount
9657
Legal Description
HUTCHINSONS SUBD OF BLK D LOT 1, PART OF LOT 2 & W 6 FT OF VAC ALLEY ON EAST AS DESC IN ORB 5134 PAGE 815
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1901
Floors in Building
1
Number of units
3
Flooring type
Carpet, Vinyl
Building materials
Block, Frame, Stucco
Roof type
Composition
Listing Agency:
Coldwell Banker Paradise · Coldwell Banker Real Estate
(321) 222-9449
Listed By:
Tami Leliuga · License #686160
(321) 863-2233
Added: Jul 8
Changed: Aug 3
Last Checked: Aug 23 at 8:06AM
MLS# 1081902
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.
Multi-suite office building offering flexibility for investors or owner-users in downtown Titusville. Total building size is 5,123 SF on a 0.13-acre lot. The front (North) suite is approximately 700 SF and includes open reception/showroom, two offices, a restroom, a kitchenette, and updated flooring. The rear suite is approximately 1,700 SF with an open layout and rear building ramp access. The physician suite is currently configured with a lobby, reception, several offices, five exam rooms, two restrooms, and a kitchen area.
The property is on highly visible US-1 with ample front and rear parking. All three units can remain independent or connect easily through shared doorways. Accessibility includes an accessible approach with ramp.
Updates include roof replacement and replacement of all four HVAC units in 2026. Construction is block with frame and stucco elements, with composition roofing and central electric heating. Cooling is central air, and the property is served by public water and public sewer with cable available.
The property is on highly visible US-1 with ample front and rear parking. All three units can remain independent or connect easily through shared doorways. Accessibility includes an accessible approach with ramp.
Updates include roof replacement and replacement of all four HVAC units in 2026. Construction is block with frame and stucco elements, with composition roofing and central electric heating. Cooling is central air, and the property is served by public water and public sewer with cable available.
Key Highlights
- 5,123 SF office building on 0.13‑acre lot
- Front (North) suite approx 700 SF with reception/showroom, two offices, restroom, kitchenette
- Rear suite approx 1,700 SF with open layout and rear building ramp access
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
$64,476
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
8.71%
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%
$1,289,520
$1.3M
Cap Rate 7%
$921,086
$921.1K
Cap Rate 9%
$716,400
$716.4K
Market Conditions
NOI Build-Up for 5,123 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
$116.8K $22.80/SF
− Vacancy
−$9.3K −$1.82/SF
EGI
$107.5K $20.98/SF
− OpEx
−$43.0K −$8.39/SF
NOI
$64.5K $12.59/SF
Area
Brevard County, FL
Vacancy
8.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,289,520
Cap Rate 7%
$921,086
Cap Rate 9%
$716,400
Alternative Uses
Best Use
Office B
$995.9K
$871.4K – $1.16M
NOI $69,714 @ 7.0% cap · market cap 9.42%
Second Best
Healthcare Medical
$921.1K
$806.0K – $1.07M
NOI $64,476 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,612 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 32796, FL
20,818
Population
9,670
Households
2.2
Avg Household Size
50
Median Age
28%
College-Educated
90%
High-School Grad
14.4 sq mi
ZIP Area
1,446
Density / Sq Mi
$67,399
Median Household Income
$40,368
Median Earnings
$1,305
Median Rent
$243,700
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 building - Well-maintained multi-suite office building with accessible ramp and parking lot, located on highly visible US-1.
Where is this office building located?
The property is located at 407 S Washington Avenue Titusville, FL.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: 5,123 SF office building on 0.13‑acre lot; Front (North) suite approx 700 SF with reception/showroom, two offices, restroom, kitchenette; Rear suite approx 1,700 SF with open layout and rear building ramp access
