Single-Tenant Office
For Sale
$399,000
690 Thomas Barbour Drive, Melbourne, FL 32935
Office property in Ballard Park with flexibility for business relocation or customized interior improvements.
Property Size1,550 SF
Price / SF$257.42
Days on Market38
Property Features for 690 Thomas Barbour Drive
General Information
Standard status
Active
Size
1,550 SF
Building Details
Tenancy
Single
Listing Agency:
Ellingson Properties
(321) 536-1461
Listed By:
Jack C Jeffcoat III · License #3072354
(321) 536-1461
Source:
Startbrevardsearch
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 29 at 2:41PM
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 Ellingson Properties
Investment Insights
Based on property information with market context.
This 1,550-square-foot office property is designated for single-tenant office use and offers a dedicated setting for an operating business. The interior can accommodate a relocation or be reconfigured to reflect a user’s specific business requirements.
The property is located in Ballard Park in Melbourne, with beaches, river boat launches, tennis facilities, shopping, and dining in the surrounding area. Its address is 690 Thomas Barbour Drive, Melbourne, FL 32935.
The property is located in Ballard Park in Melbourne, with beaches, river boat launches, tennis facilities, shopping, and dining in the surrounding area. Its address is 690 Thomas Barbour Drive, Melbourne, FL 32935.
Key Highlights
- 1,550‑square‑foot office property
- Zoned for Single Tenant Office use
- Located in Ballard Park
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
$21,092
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
5.29%
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%
$421,840
$421.8K
Cap Rate 7%
$301,314
$301.3K
Cap Rate 9%
$234,356
$234.4K
Market Conditions
NOI Build-Up for 1,550 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
$33.5K $21.60/SF
− Vacancy
−$5.4K −$3.46/SF
EGI
$28.1K $18.14/SF
− OpEx
−$7.0K −$4.54/SF
NOI
$21.1K $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%
$421,840
Cap Rate 7%
$301,314
Cap Rate 9%
$234,356
Alternative Uses
Best Use
Office B
$301.3K
$263.7K – $351.5K
NOI $21,092 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.9K
$357.8K – $477.1K
NOI $28,625 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office property in Ballard Park with flexibility for business relocation or customized interior improvements.
Where is this office building located?
The property is located at 690 Thomas Barbour Drive Melbourne, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,550‑square‑foot office property; Zoned for Single Tenant Office use; Located in Ballard Park
