Building Details

Buildings 2

Listing Agency: LIV Signature Real Estate, LLC Show Phone

Listed By: Anthony M Romero · License #BK695178 Show Phone

Source: Startbrevardsearch

Added: Nov 4 Last Checked: Nov 4 at 3:03PM

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Investment Insights

Based on property information with market context.

Two freestanding office buildings occupy a 0.34-acre corner parcel in downtown Melbourne. The 2,300-square-foot building is configured for pharmacy use, with a lab and offices. The second building contains 700 square feet, arranged with three offices, a reception area, a kitchenette, and a full bathroom.

The property has frontage on both Melbourne Avenue and Waverly Place and is zoned C-3 / Mixed Use. Potential future uses identified for the site include multifamily, residential, and commercial. Hotel Melby Tapestry Collection is a two-minute walk away.

Key Highlights

• Two freestanding office buildings on a 0.34‑acre corner lot
• Combined building area of 3,011 square feet
• Frontage on Melbourne Avenue and Waverly Place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,974

Cap Rate

4.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$819,480 $819.5K

Cap Rate 7%

$585,343 $585.3K

Cap Rate 9%

$455,267 $455.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,011 SF

Gross rent

$65.0K $21.60/SF

− Vacancy

−$10.4K −$3.46/SF

EGI

$54.6K $18.14/SF

− OpEx

−$13.7K −$4.54/SF

NOI

$41.0K $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%

$819,480

Cap Rate 7%

$585,343

Cap Rate 9%

$455,267

Alternative Uses

Best Use

Office B

$585.3K

$512.2K – $682.9K (±1% cap)

NOI $40,974 @ 7.0% cap · market cap 4.12%

Second Best

Specialty Retail

$573.0K

$501.3K – $668.5K (±1% cap)

NOI $40,107 @ 7.0% cap · market cap 4.03%

Theoretical Best

Office A

$794.4K

$695.1K – $926.8K (±1% cap)

NOI $55,607 @ 7.0% cap · market cap 5.59%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Storage Facility Locksmith Home Appliance Store Veterinary Clinic Grocery & Convenience Store

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

Paved road access

Location Intelligence

Trade Area within ½ mile

1,835

Businesses Nearby

Explore this area Business Placement

Demographics for 32901, FL

26,286

Population

13,241

Households

2

Avg Household Size

46

Median Age

31%

College-Educated

90%

High-School Grad

12.1 sq mi

ZIP Area

2,172

Density / Sq Mi

$50,646

Median Household Income

$31,929

Median Earnings

$1,349

Median Rent

$244,500

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 - C-3 / Mixed Use zoning supports commercial, residential, and multifamily uses.

Where is this office building located?

The property is located at 800 E Melbourne Avenue Melbourne, FL.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: Two freestanding office buildings on a 0.34‑acre corner lot; Combined building area of 3,011 square feet; Frontage on Melbourne Avenue and Waverly Place