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    2300 Degroodt Rd Palm Bay, FL 32908

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    For Sale
    Contact for pricing

    Modern, Class A office; 100+ parking spaces.

    Property Features for 2300 Degroodt Rd

    General Information

    Property type
    Land
    Lot Size
    130,680 SF

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    Listing Contact
    Vahid Rajabian
    Vahid Rajabian

    Listing Agency: M. David Moallem, Inc Listing Agent: Vahid Rajabian

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional Class A office space, totaling 30,964 square feet, presents a unique opportunity in Medford's vibrant Central Business District. Located in the prestigious One West Main Building, this single-tenant property boasts a prime location and modern amenities. Built in 2014, the space is currently vacant and available for lease or sale beginning December 2024. The property features 19,016 square feet of finished and furnished office space, ready for immediate occupancy, and an additional 9,972 square feet of cold shell space, offering flexibility for customization. An additional 1,976 square feet is dedicated to common areas and restrooms. The building's design caters to multiple prominent companies, as evidenced by the presence of Pacific Retirement Services and Rogue Disposal on other floors. A significant advantage is the attached private parking garage providing ample covered parking for employees, exceeding 100 spaces. The property sits on 0.71 acres of land and is zoned CC/Central Business District, offering significant potential for a variety of uses. This turn-key office space represents an unparalleled opportunity to establish a corporate headquarters or expand existing operations in a highly desirable location. The property's modern design and ample parking make it an attractive option for businesses seeking a prestigious and functional workspace. The APN is 11000934, located in Jackson County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Hotel & Motel Gym & Fitness Center Auto Parts Store Skin Care Clinic Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.675899926674
    Latitude
    27.943966144946

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    FAQs

    What type of property is this?
    Land - Modern, Class A office; 100+ parking spaces.
    Where is this land located?
    The property is located at 2300 Degroodt Rd Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: 30,964 SF Class A office building in Medford's Central Business District.; Single-tenant occupancy, fully vacant.; Located in a premier professional office setting.
    (321) 333-7230 Call to check price and availability
    Request Owner's contact information
    2300 Degroodt Rd Palm Bay, FL 32908
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    Palm Bay, FL 32908
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2300 Degroodt Rd Palm Bay, FL 32908
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Vahid Rajabian
    Vahid Rajabian
    (321) 333-7230 (321) 724-2424
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