Updated Stand-Alone Office
For Sale
$599,000
514 Loveridge Drive, Melbourne, FL 32935
Eight private offices, reception and waiting areas, a kitchen, and two restrooms create a flexible professional workspace.
Property Size2,038 SF
Price / SF$293.92
Days on Market9
Property Features for 514 Loveridge Drive
General Information
Standard status
Active
Size
2,038 SF
Total Parking Spaces
9
Property subtype
Commercial
Lease Term
[]
Additional Details
Condition
Newly Renovated
Road Access
Yes
Property Use
Professional Office
Building Details
Year Built
1952
Buildings
1
Listing Agency:
One Sotheby's International
Listed By:
James Edmunds · License #3414010
(321) 349-5068
Source:
Onesothebysrealty
Added: Oct 20
Changed: Oct 27
Last Checked: Oct 28 at 9:07AM
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 One Sotheby's International
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Investment Insights
Based on property information with market context.
This 2,038-square-foot office building, constructed in 1952, has eight private offices, a reception and waiting area, a kitchen, and two restrooms, including an ADA-compliant facility. Interior work includes new flooring, fresh paint, remodeled bathrooms, and an updated kitchen. Improvements also include new electrical wiring, Cat 6 wiring, HVAC components, high-impact hurricane-rated windows, and an interior and exterior security camera system. The property has a metal roof, fencing, irrigation, landscaping, and fresh exterior paint. Nine dedicated parking spaces and three signage opportunities are on site; supplemental on-street parking is also available.
The building is approximately 200 feet from US-1, with access to Melbourne Orlando International Airport, Downtown Melbourne, and surrounding business districts. Its existing office layout and building improvements are suited to professional and service-oriented uses, subject to applicable zoning and approvals.
The building is approximately 200 feet from US-1, with access to Melbourne Orlando International Airport, Downtown Melbourne, and surrounding business districts. Its existing office layout and building improvements are suited to professional and service-oriented uses, subject to applicable zoning and approvals.
Key Highlights
- 2,038‑square‑foot office building built in 1952
- Eight private offices, reception and waiting area, kitchen, and two restrooms
- Nine dedicated parking spaces, supplemental on‑street parking, and three signage opportunities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,733
Cap Rate
4.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$554,660
$554.7K
Cap Rate 7%
$396,186
$396.2K
Cap Rate 9%
$308,144
$308.1K
Market Conditions
NOI Build-Up for 2,038 SF
Gross rent
$44.0K $21.60/SF
− Vacancy
−$7.0K −$3.46/SF
EGI
$37.0K $18.14/SF
− OpEx
−$9.2K −$4.54/SF
NOI
$27.7K $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 Rate 5%
$554,660
Cap Rate 7%
$396,186
Cap Rate 9%
$308,144
Alternative Uses
Best Use
Office B
$396.2K
$346.7K – $462.2K
NOI $27,733 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$537.7K
$470.5K – $627.3K
NOI $37,638 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Eight private offices, reception and waiting areas, a kitchen, and two restrooms create a flexible professional workspace.
Where is this office building located?
The property is located at 514 Loveridge Drive Melbourne, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,038‑square‑foot office building built in 1952; Eight private offices, reception and waiting area, kitchen, and two restrooms; Nine dedicated parking spaces, supplemental on‑street parking, and three signage opportunities
