Multi-Tenant Office
For Sale
$4,950,000
505 Brevard Ave., Cocoa, FL 32922
Multi-tenant office building anchored by Chase Bank, located on a full city-block site with zoned redevelopment potential.
Property Size15,575 SF
Lot Size1.33 Acres
Price / SF$317.82
Days on Market52
Property Features for 505 Brevard Ave.
General Information
Standard status
Active
Size
15,575 SF
Lot size
1.33 Acres
Property subtype
Other
Zoning
CBD-CVO
Building Details
Building Size
15,575 SF
Tenancy
Multi
Listing Agency:
JM Real Estate
Listed By:
Nicole Reed · License #BK3408136
(314) 795-4339
Source:
Commercialcafe
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 13 at 5:12AM
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 JM Real Estate
Investment Insights
Based on property information with market context.
This multi-tenant office building is offered as a redevelopment opportunity within Cocoa Village. The property includes a chase bank as the anchor tenant and is supported by recent zoning regulation changes that allow for higher density and height. The site consists of a 15,575-square-foot building and a parking lot that together encompass one full city block, positioned on a 1.33-acre lot.
The property is located near Cocoa Village and is adjacent to Cocoa City Hall and the Post Office. The zoning is CBD-CVO, described as a central business district with a Cocoa Village overlay.
The combination of an existing multi-tenant office configuration and updated zoning parameters may support future vertical mixed-use redevelopment on this block-scale parcel.
The property is located near Cocoa Village and is adjacent to Cocoa City Hall and the Post Office. The zoning is CBD-CVO, described as a central business district with a Cocoa Village overlay.
The combination of an existing multi-tenant office configuration and updated zoning parameters may support future vertical mixed-use redevelopment on this block-scale parcel.
Key Highlights
- Multi‑tenant office building anchored by Chase Bank
- 15,575 SF building on a 1.33‑acre lot
- Building and parking lot encompass 1 full city block
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
$211,945
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
4.28%
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%
$4,238,900
$4.2M
Cap Rate 7%
$3,027,786
$3.0M
Cap Rate 9%
$2,354,944
$2.4M
Market Conditions
NOI Build-Up for 15,575 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
$336.4K $21.60/SF
− Vacancy
−$53.8K −$3.46/SF
EGI
$282.6K $18.14/SF
− OpEx
−$70.6K −$4.54/SF
NOI
$211.9K $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%
$4,238,900
Cap Rate 7%
$3,027,786
Cap Rate 9%
$2,354,944
Alternative Uses
Best Use
Office B
$3.03M
$2.65M – $3.53M
NOI $211,945 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.11M
$3.60M – $4.79M
NOI $287,639 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,280
Businesses Nearby
Explore this area
Business Placement
Demographics for 32922, FL
15,923
Population
8,667
Households
1.8
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
5.4 sq mi
ZIP Area
2,949
Density / Sq Mi
$46,138
Median Household Income
$35,125
Median Earnings
$1,057
Median Rent
$176,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building anchored by Chase Bank, located on a full city-block site with zoned redevelopment potential.
Where is this office building located?
The property is located at 505 Brevard Ave. Cocoa, FL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Multi‑tenant office building anchored by Chase Bank; 15,575 SF building on a 1.33‑acre lot; Building and parking lot encompass 1 full city block
