Absolute NNN Office
For Sale
Contact for pricing
4343 Fortune Pl, West Melbourne, FL 32904
Freestanding office asset leased to Parsons Service Company under an absolute NNN structure.
Property Size9,000 SF
Price / SF$207.44
Days on Market213
Property Features for 4343 Fortune Pl
General Information
Standard status
Active
Size
9,000 SF
Class
B
Property subtype
Mixed Use, Office
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Stabilized
Net Operating Income
$126,000
Building Details
Year Built
1992
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3834
Listed By:
Tarek Chbeir · License #SL3449535
Source:
Crexi
Added: Jan 30
Changed: Aug 31
Last Checked: Aug 30 at 11:15PM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
The property is a 9,000-square-foot office building constructed in 1992 and leased to Parsons Service Company, an engineering and professional services firm. The absolute NNN lease places operating and capital expense responsibility with the tenant, leaving no landlord responsibilities as described in the lease structure.
The asset is located in West Melbourne with access to I-95, US-192, and US Highway 1, connecting the property with Brevard County and Florida’s Space Coast. The surrounding employment base includes aerospace, defense, engineering, healthcare, and technology sectors.
The lease includes scheduled annual rent increases and option periods. The investment has a Year 1 cap rate of 6.75% and a blended cap rate of 7.17%.
The asset is located in West Melbourne with access to I-95, US-192, and US Highway 1, connecting the property with Brevard County and Florida’s Space Coast. The surrounding employment base includes aerospace, defense, engineering, healthcare, and technology sectors.
The lease includes scheduled annual rent increases and option periods. The investment has a Year 1 cap rate of 6.75% and a blended cap rate of 7.17%.
Key Highlights
- 9,000‑square‑foot office building constructed in 1992
- Absolute NNN lease with no landlord responsibilities for operating or capital expenses
- Leased to Parsons Service Company, an engineering and professional services firm
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
$122,472
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%
$2,449,440
$2.4M
Cap Rate 7%
$1,749,600
$1.7M
Cap Rate 9%
$1,360,800
$1.4M
Market Conditions
NOI Build-Up for 9,000 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
$194.4K $21.60/SF
− Vacancy
−$31.1K −$3.46/SF
EGI
$163.3K $18.14/SF
− OpEx
−$40.8K −$4.54/SF
NOI
$122.5K $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%
$2,449,440
Cap Rate 7%
$1,749,600
Cap Rate 9%
$1,360,800
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,472 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,212 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
282
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 building - Freestanding office asset leased to Parsons Service Company under an absolute NNN structure.
Where is this office building located?
The property is located at 4343 Fortune Pl West Melbourne, FL.
What is the asking price?
The asking price for this property is $1,867,000.
What are key features of this property?
This property features: 9,000‑square‑foot office building constructed in 1992; Absolute NNN lease with no landlord responsibilities for operating or capital expenses; Leased to Parsons Service Company, an engineering and professional services firm
