Melbourne Flex Space For
For Sale
Contact for pricing
Pending
618 Washburn Rd, Melbourne, FL 32934
15,000 SF flex space near I-95 in Melbourne, FL.
Property Size15,000 SF
Lot Size1.00 Acre
Days on Market158
Property Features for 618 Washburn Rd
General Information
Standard status
Pending
Size
15,000 SF
Lot size
1.00 Acre
Property subtype
Industrial
Zoning
M-1
Lease Type
NNN
Building Details
Year Built
1984
Year Renovated
2025
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Lightle Beckner Robison Inc
(321) 722-0707
Listed By:
Luke Brown · License #SL3569606
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 7 at 10:46AM
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 Lightle Beckner Robison Inc
Investment Insights
Based on property information with market context.
The property at 618 Washburn Road in Melbourne, Florida, features 15,000 rentable square feet of flex space across 5 units, situated on 1.00 acre. The building is divided into five separate units ranging from 1,500 to 4,500 square feet. Currently, units B, C, and D are occupied by three tenants, while units A and E are vacant. This presents an opportunity for owner-users to establish their own facility, and also serves as a value-add investment opportunity for an owner-user to occupy a portion of the building and lease the remainder to other businesses, or for buyers to lease up the vacant units at market rates. The property is located off of Sarno Road, approximately 1.5 miles from I-95. The surrounding area within a two-mile radius contains over 6,100,000 square feet of industrial space and is occupied by manufacturers and distributors including Amazon, Pepsi-Cole, Microsoft, and Fed-Ex.
Key Highlights
- Value‑add investment opportunity with two vacant units (A & E) available for lease‑up at market rates.
- Suitable for owner‑users seeking to establish their own facility while leasing out the remaining units.
- Located in a high‑density industrial area with over 6,100,000 square feet of industrial space within a two‑mile radius.
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
$153,153
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
7.47%
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%
$3,063,060
$3.1M
Cap Rate 7%
$2,187,900
$2.2M
Cap Rate 9%
$1,701,700
$1.7M
Market Conditions
NOI Build-Up for 15,000 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
$252.0K $16.80/SF
− Vacancy
−$16.4K −$1.09/SF
EGI
$235.6K $15.71/SF
− OpEx
−$82.5K −$5.50/SF
NOI
$153.2K $10.21/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$3,063,060
Cap Rate 7%
$2,187,900
Cap Rate 9%
$1,701,700
Alternative Uses
Best Use
Flex RnD
$2.19M
$1.91M – $2.55M
NOI $153,153 @ 7.0% cap · market cap 7.47%
Second Best
Warehouse
$1.48M
$1.29M – $1.72M
NOI $103,352 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,020 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32934, FL
18,355
Population
7,987
Households
2.3
Avg Household Size
51
Median Age
42%
College-Educated
94%
High-School Grad
22.9 sq mi
ZIP Area
802
Density / Sq Mi
$102,871
Median Household Income
$51,988
Median Earnings
$1,782
Median Rent
$392,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 15,000 SF flex space near I-95 in Melbourne, FL.
Where is this flex space located?
The property is located at 618 Washburn Rd Melbourne, FL.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Value‑add investment opportunity with two vacant units (A & E) available for lease‑up at market rates.; Suitable for owner‑users seeking to establish their own facility while leasing out the remaining units.; Located in a high‑density industrial area with over 6,100,000 square feet of industrial space within a two‑mile radius.
