Multi-Unit Office Building with
For Sale
$799,000
47 W New Haven Avenue Melbourne, Melbourne, FL 32901
Two-story office building with individually metered units, two restrooms per floor, and 15 illuminated parking spaces.
Property Size3,294 SF
Price / SF$242.56
Days on Market58
Property Features for 47 W New Haven Avenue Melbourne
General Information
Standard status
Active
Size
3,294 SF
Total Parking Spaces
15
Site & Location
Traffic Count
44,500 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$11,526
Amenities
4
2
true
Building & Land
Corner Lot
Public
0.19
false
Parking Lot
3294
Building Details
Building Size
3,294 SF
Year Built
1985
Stories
2
Tenancy
Multi
Listed By:
Gerald Renick
(321) 800-4656
Source:
Curriproperties
Added: Jul 10
Changed: Sep 4
Last Checked: Sep 4 at 2:40AM
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 Gerald Renick
Investment Insights
Based on property information with market context.
This multi-unit, two-story office building totals 3,294 SF and is divided into 1,539 SF on the first floor and 1,755 SF on the second floor. Each level includes a reception area, multiple offices, conference space, and restrooms, along with storage/mechanical rooms on the first floor and a break room on the second floor. The interior features a drop ceiling with a mix of vinyl tile and carpet, and both floors have lots of windows.
The building has one water meter and electrical service that is individually metered for each unit. Ample parking is available with 15 paved, striped, illuminated spaces. The property is located directly on New Haven Avenue, with a per FDOT traffic count of 44,500 VPD, providing convenient access between Interstate 95, US1, and the beaches.
The surrounding area includes proximity to Downtown Melbourne, Melbourne International Airport, Melbourne Square Mall, and Holmes Regional Medical Center, with additional shopping, dining, schools, and childcare nearby.
The building has one water meter and electrical service that is individually metered for each unit. Ample parking is available with 15 paved, striped, illuminated spaces. The property is located directly on New Haven Avenue, with a per FDOT traffic count of 44,500 VPD, providing convenient access between Interstate 95, US1, and the beaches.
The surrounding area includes proximity to Downtown Melbourne, Melbourne International Airport, Melbourne Square Mall, and Holmes Regional Medical Center, with additional shopping, dining, schools, and childcare nearby.
Key Highlights
- 2‑story multi‑unit office building with 3,294 SF total building area on a 0.19‑acre corner lot
- 1st floor offers 1,539 SF with reception, 3 offices, conference room, 2 storage/mechanical rooms, and 2 restrooms
- 2nd floor offers 1,755 SF with reception, 5 offices, large conference room, break room, and 2 restrooms
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
$44,825
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
5.61%
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%
$896,500
$896.5K
Cap Rate 7%
$640,357
$640.4K
Cap Rate 9%
$498,056
$498.1K
Market Conditions
NOI Build-Up for 3,294 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
$71.2K $21.60/SF
− Vacancy
−$11.4K −$3.46/SF
EGI
$59.8K $18.14/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$44.8K $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%
$896,500
Cap Rate 7%
$640,357
Cap Rate 9%
$498,056
Alternative Uses
Best Use
Office B
$640.4K
$560.3K – $747.1K
NOI $44,825 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$869.1K
$760.4K – $1.01M
NOI $60,834 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
44,500 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,177
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 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?
Office building - Two-story office building with individually metered units, two restrooms per floor, and 15 illuminated parking spaces.
Where is this office building located?
The property is located at 47 W New Haven Avenue Melbourne Melbourne, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2‑story multi‑unit office building with 3,294 SF total building area on a 0.19‑acre corner lot; 1st floor offers 1,539 SF with reception, 3 offices, conference room, 2 storage/mechanical rooms, and 2 restrooms; 2nd floor offers 1,755 SF with reception, 5 offices, large conference room, break room, and 2 restrooms
