Former Nursing School in
For Sale
Contact for pricing
111 Scott Street, Melbourne, FL 32901
Centrally located former nursing school near Melbourne International Airport.
Property Size4,948 SF
Lot Size0.50 Acres
Price / SF$303.15
Days on Market633
Property Features for 111 Scott Street
General Information
Standard status
Active
Size
4,948 SF
Lot size
0.50 Acres
Property subtype
Special Purpose
Building Details
Year Built
1981
Units
1
Listing Agency:
Coldwell Banker Paradise
(772) 913-3426
Listed By:
Vance Brinkerhoff · License #SL686238
Source:
Crexi
Added: Nov 17, 2024
Changed: Aug 8
Last Checked: Jul 15 at 6:49PM
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 Coldwell Banker Paradise
Investment Insights
Based on property information with market context.
Located at 111 Scott Street in Melbourne, Florida, this former nursing school presents a commercial opportunity. The property includes an adjacent 0.5-acre lot. Its central location offers proximity to Melbourne International Airport, Route 1, and major hospitals. The property is positioned near the Space Coast corridor, offering accessibility and development potential. The site may be suitable for educational, medical, or professional use. The building has a size of 4948 square feet.
Key Highlights
- Prime commercial location in Melbourne, FL.
- Adjacent 1/2‑acre lot included.
- Ideal for educational, medical, or professional use.
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
$67,332
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
4.49%
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%
$1,346,640
$1.3M
Cap Rate 7%
$961,886
$961.9K
Cap Rate 9%
$748,133
$748.1K
Market Conditions
NOI Build-Up for 4,948 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
$106.9K $21.60/SF
− Vacancy
−$17.1K −$3.46/SF
EGI
$89.8K $18.14/SF
− OpEx
−$22.4K −$4.54/SF
NOI
$67.3K $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%
$1,346,640
Cap Rate 7%
$961,886
Cap Rate 9%
$748,133
Alternative Uses
Best Use
Office B
$961.9K
$841.7K – $1.12M
NOI $67,332 @ 7.0% cap · market cap 4.49%
Second Best
Healthcare Medical
$889.6K
$778.4K – $1.04M
NOI $62,274 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,380 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
641
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
School - Centrally located former nursing school near Melbourne International Airport.
Where is this school located?
The property is located at 111 Scott Street Melbourne, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime commercial location in Melbourne, FL.; Adjacent 1/2‑acre lot included.; Ideal for educational, medical, or professional use.
