Office Building with Pond
New
For Sale
$3,850,000
7351 Office Park Place, Melbourne, FL 32940
Commercial Sale, Melbourne, FL
Property Size10,849 SF
Lot Size0.28 Acres
Price / SF$354.87
Days on Market3
Property Features for 7351 Office Park Place
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Parking Lot
Subdivision
Plat of Viera - Parcel TT and UU
Directions
The property located in the Corporate Park Viera which is on the northeast corner of Murrell Rd and Wickham Rd, approximately 1/2 mile from the I-95 exit.
Standard status
Active
APN
26-36-10-75-00000.0-0005.02
Size
10,849 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PLAT OF VIERA - PARCEL TT & UU PART OF LOT 5 AS DESC IN ORB 4273 PG 3618
Tax Annual Amount
34150
HOA Fee
$16,500 Annually
Legal Description
PLAT OF VIERA - PARCEL TT & UU PART OF LOT 5 AS DESC IN ORB 4273 PG 3618
Utilities
Sewer type
Public Sewer
Water source
Public
Water front features
Pond
Water front
1
Amenities
lakefront views
conference room
kitchen/employee lounge
Building Details
Year built
2001
Floors in Building
1
Number of units
1
Building materials
Concrete
Listing Agency:
SouthTrend Realty
(321) 752-1199
Listed By:
Adam Rathbun · License #601973
(321) 266-9200
Added: Aug 31
Last Checked: Sep 2 at 3:06AM
MLS# 1086352
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2001, this 10,849-square-foot office building provides a professional setting with 18 perimeter offices, including 8 with direct views toward the pond. Additional open workspace can be reconfigured into enclosed offices as operational needs change. A 700-square-foot conference room includes a movable dividing wall, allowing the space to function as one large room or two smaller meeting rooms. The property also includes a kitchen and employee lounge positioned near three bathrooms.
The building occupies 0.28 acres in Melbourne, Florida, and features concrete construction, a parking lot, public water, and public sewer. Its combination of private offices, flexible work areas, meeting space, and on-site support facilities creates a practical configuration for professional office operations.
The building occupies 0.28 acres in Melbourne, Florida, and features concrete construction, a parking lot, public water, and public sewer. Its combination of private offices, flexible work areas, meeting space, and on-site support facilities creates a practical configuration for professional office operations.
Key Highlights
- 10,849 SF office building constructed in 2001
- 18 perimeter offices, including 8 with direct pond views
- 700 SF conference room converts into two smaller meeting rooms
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
$147,633
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
3.83%
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%
$2,952,660
$3.0M
Cap Rate 7%
$2,109,043
$2.1M
Cap Rate 9%
$1,640,367
$1.6M
Market Conditions
NOI Build-Up for 10,849 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
$234.3K $21.60/SF
− Vacancy
−$37.5K −$3.46/SF
EGI
$196.8K $18.14/SF
− OpEx
−$49.2K −$4.54/SF
NOI
$147.6K $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%
$2,952,660
Cap Rate 7%
$2,109,043
Cap Rate 9%
$1,640,367
Alternative Uses
Best Use
Office B
$2.11M
$1.85M – $2.46M
NOI $147,633 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.50M – $3.34M
NOI $200,359 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 32940, FL
44,869
Population
21,433
Households
2.1
Avg Household Size
51
Median Age
52%
College-Educated
97%
High-School Grad
57.3 sq mi
ZIP Area
783
Density / Sq Mi
$106,511
Median Household Income
$56,072
Median Earnings
$1,904
Median Rent
$444,100
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 - Adaptable professional office layout with perimeter offices, reconfigurable conference space, and employee lounge facilities.
Where is this office building located?
The property is located at 7351 Office Park Place Melbourne, FL.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 10,849 SF office building constructed in 2001; 18 perimeter offices, including 8 with direct pond views; 700 SF conference room converts into two smaller meeting rooms
