Building Details

Year Built 1952

Listing Agency: HomeSmart Coastal Realty

Listed By: Alison Mannting · License #3369290 Show Phone

Source: Viewfloridabeachhouses

Added: Aug 1 Changed: Oct 1 Last Checked: Oct 16 at 9:21AM

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Investment Insights

Based on property information with market context.

This office property offers five separate office or conference spaces along with an open reception and work area. A sizable waiting room serves the front portion of the layout, while two separate entrances provide access from both sides. Each side of the office has its own bathroom, creating a practical arrangement for day-to-day operations. Interior finishes include laminate and carpet, with electric fixtures and ceiling fans.

The property includes a large parking lot and is positioned directly on US 1 in Melbourne. The address is within a Historic Area, and the building dates to 1952. Its visible US 1 setting and dedicated parking are notable physical characteristics of the property.

Key Highlights

• Five separate offices or conference spaces
• Open receptionist and work area with a sizable waiting room
• Two separate entrances and two bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,270

Cap Rate

4.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$505,400 $505.4K

Cap Rate 7%

$361,000 $361.0K

Cap Rate 9%

$280,778 $280.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,857 SF

Gross rent

$40.1K $21.60/SF

− Vacancy

−$6.4K −$3.46/SF

EGI

$33.7K $18.14/SF

− OpEx

−$8.4K −$4.54/SF

NOI

$25.3K $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%

$505,400

Cap Rate 7%

$361,000

Cap Rate 9%

$280,778

Alternative Uses

Best Use

Office B

$361.0K

$315.9K – $421.2K (±1% cap)

NOI $25,270 @ 7.0% cap · market cap 4.68%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$489.9K

$428.7K – $571.6K (±1% cap)

NOI $34,295 @ 7.0% cap · market cap 6.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Michael Poe Law Law Firm

Suggested Use

Top Pick Pharmacy Parking Lot & Garage (Bike/Boat/Book/etc) Store Grocery & Convenience Store Hotel & Motel Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

685

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Configured with multiple private work areas, dual entrances, two bathrooms, and a dedicated waiting room.

Where is this office building located?

The property is located at 540 N Harbor City Blvd Melbourne, FL.

What is the asking price?

The asking price for this property is $539,600.

What are key features of this property?

This property features: Five separate offices or conference spaces; Open receptionist and work area with a sizable waiting room; Two separate entrances and two bathrooms