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Downtown Melbourne Mixed-Use Opportunity

604 E New Haven Avenue Melbourne, FL 32901

604 E New Haven Avenue, Melbourne, FL, 32901
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Mixed-use property in Downtown Melbourne with owner financing available.

Property Size4,160 SF
Price / SF$192.07
AddedSep 8, 2024
Days on Market676
Last RefreshJun 26 at 6:58 am

Property Features for 604 E New Haven Avenue

General Information

Standard status
Active
Size
4,160 SF
Property subtype
Mixed Use

Building Details

Year Built
1954

Listing office Engel & Völkers New Smyrna Beach

Listing date Sep 8, 2024

Source Crexi

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 Engel & Völkers New Smyrna Beach


Investment Insights

Based on property information with market context.

Located in Downtown Melbourne, this mixed-use property offers approximately 4,160 square feet of space. The block construction building is currently configured with 12 offices, a large reception area, and ample storage. The property is suitable for a multitude of uses, including retail, professional services, medical offices, or a bar/restaurant. The property includes two buildings with separate entrances, allowing for multi-tenant occupancy. A side drive provides on-site parking or an outdoor seating area. Owner financing is available with 30% down, a 5-year balloon, and 7% interest. The property is positioned within walking distance of downtown events, shops, restaurants, and bars.

Key Highlights

  • Priced $245k below market value and lowest price per sq. ft. in Downtown Melbourne.
  • Seller financing available: 30% down, 5‑year balloon, 7% interest.
  • Prime Downtown Melbourne location near shops, restaurants, bars, and events.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $89.9k $21.60
− Vacancy −$14.4k −$3.46
EGI $75.5k $18.14
− OpEx −$18.9k −$4.54
NOI $56.6k $13.61
4,160 SF · lease $21.60/SF/yr · vacancy 16.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$808.7K
$707.6K – $943.5K (±1% cap)
NOI $56,609 @ 7.0% cap · market cap 7.08%
Second Best
Mixed Use
$689.5K
$603.3K – $804.4K (±1% cap)
NOI $48,266 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.10M
$960.3K – $1.28M (±1% cap)
NOI $76,827 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Escape Room Entertainment-DT Arcade & Gaming Center

Suggested Use

(Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Locksmith Veterinary Clinic Tanning Salon Storage Facility Carpet & Flooring Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Catering Service

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Mixed-use property - Mixed-use property in Downtown Melbourne with owner financing available.
Where is this mixed-use property located?
The property is located at 604 E New Haven Avenue 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: Priced $245k below market value and lowest price per sq. ft. in Downtown Melbourne.; Seller financing available: 30% down, 5‑year balloon, 7% interest.; Prime Downtown Melbourne location near shops, restaurants, bars, and events.
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