Single-Story Mixed-Use
New
For Sale
Contact for pricing
500 North Harbor City Boulevard, Melbourne, FL 32935
Five flexible office and retail units with central air, renovated exterior, and on-site parking.
Property Size6,092 SF
Price / SF$164.15
Days on Market7
Property Features for 500 North Harbor City Boulevard
General Information
Standard status
Active
Size
6,092 SF
Property subtype
Retail, Office
Zoning
Commercial Intensive Activity - permitted uses Retail and Office
Lease Type
Modified Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
5
Amenities
central air conditioning
city water and sewer
Building Details
Year Built
1963
Buildings
1
Stories
1
Units
5
Construction
CBS
Tenancy
Multi
Listing Agency:
Charles A. Von Stein, Inc
(772) 778-4885
Listed By:
Kirk Von Stein
Source:
Crexi
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 28 at 7:09AM
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 Charles A. Von Stein, Inc
Investment Insights
Based on property information with market context.
This 4,850-square-foot mixed-use building contains five office and retail units ranging from 700 to 1,500 square feet. The single-story property was built in 1963 with CBS construction and has central air conditioning throughout. City water and sewer serve the building, while a recently updated exterior and parking at the suites support daily occupancy.
The property fronts US-1 at 500 North Harbor City Blvd in Melbourne, positioned between Eau Gallie Blvd and 192 Bridges. Melbourne International Airport is 2.2 miles away. Zoning is C-IA, with permitted uses including retail and office.
The property fronts US-1 at 500 North Harbor City Blvd in Melbourne, positioned between Eau Gallie Blvd and 192 Bridges. Melbourne International Airport is 2.2 miles away. Zoning is C-IA, with permitted uses including retail and office.
Key Highlights
- 5 office and retail units ranging from 700 to 1,500 square feet
- 4,850‑square‑foot single‑story building constructed in 1963 with CBS construction
- C‑IA zoning with permitted retail and office uses
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
$82,900
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
8.29%
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%
$1,658,000
$1.7M
Cap Rate 7%
$1,184,286
$1.2M
Cap Rate 9%
$921,111
$921.1K
Market Conditions
NOI Build-Up for 6,092 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
$131.6K $21.60/SF
− Vacancy
−$21.1K −$3.46/SF
EGI
$110.5K $18.14/SF
− OpEx
−$27.6K −$4.54/SF
NOI
$82.9K $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%
$1,658,000
Cap Rate 7%
$1,184,286
Cap Rate 9%
$921,111
Alternative Uses
Best Use
Office B
$1.18M
$1.04M – $1.38M
NOI $82,900 @ 7.0% cap · market cap 8.29%
Second Best
Mixed Use
$1.01M
$883.5K – $1.18M
NOI $70,682 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,507 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 32935, FL
41,837
Population
20,338
Households
2.1
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
13.1 sq mi
ZIP Area
3,194
Density / Sq Mi
$63,841
Median Household Income
$38,094
Median Earnings
$1,404
Median Rent
$240,500
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?
Mixed-use property - Five flexible office and retail units with central air, renovated exterior, and on-site parking.
Where is this mixed-use property located?
The property is located at 500 North Harbor City Boulevard Melbourne, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 5 office and retail units ranging from 700 to 1,500 square feet; 4,850‑square‑foot single‑story building constructed in 1963 with CBS construction; C‑IA zoning with permitted retail and office uses
