Two-Storefront Retail
For Sale
$1,095,000
847 E New Haven Ave 847 & 849, Melbourne, FL 32901
Two leased storefronts benefit from a central downtown setting near restaurants, retail, civic facilities, and public parking.
Property Size4,133 SF
Price / SF$264.94
Days on Market15
Property Features for 847 E New Haven Ave 847 & 849
General Information
Standard status
Active
Size
4,133 SF
Property subtype
Commercial
Occupancy
100%
Building Details
Year Built
1954
Tenancy
Multi
Listing Agency:
National Rlty. Space Coast LLC
Listed By:
Michael F Corcoran · License #3056094
(321) 223-3334
Source:
Greaterorlandohomesforsale
Added: Sep 5
Changed: Sep 18
Last Checked: Sep 18 at 2:26PM
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 National Rlty. Space Coast LLC
Investment Insights
Based on property information with market context.
This 4,133-square-foot retail property contains two storefronts within a commercial building constructed in 1954. Both spaces are leased, providing an occupied retail asset with direct frontage along E New Haven Avenue.
The property is positioned in historic downtown Melbourne among restaurants and retail businesses, one block from Melbourne City Hall and a public parking garage. It fronts a three-way stop sign and benefits from activity associated with nearby festivals, events, and surrounding businesses.
The property is positioned in historic downtown Melbourne among restaurants and retail businesses, one block from Melbourne City Hall and a public parking garage. It fronts a three-way stop sign and benefits from activity associated with nearby festivals, events, and surrounding businesses.
Key Highlights
- Two storefronts within a 4,133‑square‑foot retail property
- 100% leased
- Constructed in 1954
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
$47,649
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
4.35%
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%
$952,980
$953.0K
Cap Rate 7%
$680,700
$680.7K
Cap Rate 9%
$529,433
$529.4K
Market Conditions
NOI Build-Up for 4,133 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
$74.4K $18.00/SF
− Vacancy
−$6.3K −$1.53/SF
EGI
$68.1K $16.47/SF
− OpEx
−$20.4K −$4.94/SF
NOI
$47.6K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$952,980
Cap Rate 7%
$680,700
Cap Rate 9%
$529,433
Alternative Uses
Best Use
Retail
$680.7K
$595.6K – $794.2K
NOI $47,649 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$954.1K – $1.27M
NOI $76,328 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,950
Businesses Nearby
97k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Dining 37%
Hotels & Casinos 2%
Wawa
Shops & Services
55,583 visits/mo
0.2 miles
7 Brew Coffee
Dining
10,630 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,808 visits/mo
0.4 miles
Chart House
Dining
8,441 visits/mo
0.5 miles
Einstein Bros Bagels
Dining
5,863 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Broom's Florist — 2542 S Harbor City Blvd, Melbourne, FL 32901
- Let's Plant It! — 724 E New Haven Ave, Melbourne, FL 32901
- Fleur des Champs — 820 E New Haven Ave #4, Melbourne, FL 32901
- Julie Miner Events — 905 E New Haven Ave #202, Melbourne, FL 32901
- Blossom House — 1003 E New Haven Ave, Melbourne, FL 32901
Frequently Asked Questions
What type of property is this?
Storefront property - Two leased storefronts benefit from a central downtown setting near restaurants, retail, civic facilities, and public parking.
Where is this storefront property located?
The property is located at 847 E New Haven Ave 847 & 849 Melbourne, FL.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Two storefronts within a 4,133‑square‑foot retail property; 100% leased; Constructed in 1954
