Two-Unit
For Sale
$247,000
421 Butler Street, Melbourne, FL 32901
Separate residences offer adaptable living arrangements in an established Melbourne neighborhood near downtown amenities and major roadways.
Property Size1,125 SF
Days on Market10
Property Features for 421 Butler Street
General Information
Standard status
Active
Size
1,125 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,770
Building Details
Building Size
1,125 SF
Year Built
1955
Buildings
1
Stories
1
Units
2
Listing Agency:
Keller Williams Realty Brevard
(321) 587-0948
Listed By:
Thomas Taranto
(321) 587-0948
Source:
Jedwardsfl
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 6 at 12:43PM
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 Keller Williams Realty Brevard
Investment Insights
Based on property information with market context.
This duplex contains two separate residential units with a combined layout of 3 bedrooms and 2 full bathrooms. Built in 1955, the property provides distinct living spaces within an established neighborhood setting. Its configuration supports separate occupancy and offers flexibility for residential use.
The property is located at 421 Butler Street in Melbourne, Florida, near downtown Melbourne, shopping, dining, schools, and major roadways. The surrounding context places everyday services and transportation connections within the broader area. Each unit is described as having comfortable living areas and functional layouts, providing a straightforward two-unit residential configuration.
The property is located at 421 Butler Street in Melbourne, Florida, near downtown Melbourne, shopping, dining, schools, and major roadways. The surrounding context places everyday services and transportation connections within the broader area. Each unit is described as having comfortable living areas and functional layouts, providing a straightforward two-unit residential configuration.
Key Highlights
- Two separate residential units
- Combined total of 3 bedrooms and 2 full bathrooms
- Built in 1955
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
$12,812
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
5.19%
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%
$256,240
$256.2K
Cap Rate 7%
$183,029
$183.0K
Cap Rate 9%
$142,356
$142.4K
Market Conditions
NOI Build-Up for 1,125 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
$19.6K $17.40/SF
− Vacancy
−$1.3K −$1.13/SF
EGI
$18.3K $16.27/SF
− OpEx
−$5.5K −$4.88/SF
NOI
$12.8K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$256,240
Cap Rate 7%
$183,029
Cap Rate 9%
$142,356
Alternative Uses
Best Use
Multifamily LT 5
$183.0K
$160.2K – $213.5K
NOI $12,812 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$164.5K
$144.0K – $191.9K
NOI $11,516 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$296.8K
$259.7K – $346.3K
NOI $20,777 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Explore this area
Business Placement
Demographics for 32901, FL
26,286
Population
13,241
Households
2
Avg Household Size
46
Median Age
31%
College-Educated
90%
High-School Grad
12.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$50,646
Median Household Income
$31,929
Median Earnings
$1,349
Median Rent
$244,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - Separate residences offer adaptable living arrangements in an established Melbourne neighborhood near downtown amenities and major roadways.
Where is this duplex located?
The property is located at 421 Butler Street Melbourne, FL.
What is the asking price?
The asking price for this property is $247,000.
What are key features of this property?
This property features: Two separate residential units; Combined total of 3 bedrooms and 2 full bathrooms; Built in 1955
