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    The Largest CRE Database in the US with Over 1 Million Listings

    605 John Rodes Blvd Melbourne, FL 32934

    Sponsored
    For Sale
    $4,995,000

    30,780 SF Flex Space, 17.51 Acres

    Property size:
    30,780 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    This exceptional investment opportunity presents a 30,780-square-foot, single-tenant industrial property situated on approximately 17.51 acres of land in Melbourne, Florida. The property, built in 1970 and boasting a Class B rating, is currently 100% occupied under a net lease with a five-year term. The building features approximately 9,060 square feet of office space and 21,720 square feet of production/integration space, all under one roof. The building has a ceiling height of up to 18 feet, is fully air-conditioned (Symphony EMS System), and equipped with a fire sprinkler system. Utilities include city water and sewer, fiber optic capabilities, three-phase power (266/480V, 600 amps). The property is zoned for City of Melbourne Light Industrial (M1) and is strategically located between Ellis Road and Eau Gallie Boulevard, offering convenient access to Wickham Road, US1, and three Interstate 95 interchanges. Its proximity to Melbourne International Airport, L3Harris, Northrop Grumman, and other major employers adds to its appeal. The current tenant, Data Flow Systems, LLC (acquired by SmartCover Systems in 2023), specializes in remote monitoring and control systems for utilities. The property offers a strong net operating income (NOI) of $225,000, representing a compelling cap rate. The asking price is $4,995,000. The property's location and tenant history make it an attractive investment for discerning buyers seeking a stable, high-performing asset in a thriving industrial market. The city is exploring a connection to Digital Light Drive from the property's northern boundary.

    Property Features for 605 John Rodes Blvd

    General Information

    Property type
    Life science properties
    Square Feet
    30,780 SF
    Class
    B
    Lot Size
    762,736 SF

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Mike Ullian
    Mike Ullian

    Learn more

    Property Insight Report

    HighLights

    • 30,780 SF single‑tenant industrial building on ~17.51 acres in Melbourne, FL.
    • Class B building, 100% occupied under a 5‑year net lease, $225,000 NOI.
    • Features 9,060 SF office and 21,720 SF production/integration space; 18' ceilings, full HVAC, fire sprinklers.
    • Zoned M1, excellent access to major roadways and I‑95; near Melbourne International Airport and major employers.
    • Asking price: $4,995,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Indian River Engineering Engineer Data Flow Systems Water Works Equipment Supplier

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Building Supply Hair Salon Wholesale Shop Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.699279374001
    Latitude
    28.114138687031

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    FAQs

    What type of property is this?
    Life science property - 30,780 SF Flex Space, 17.51 Acres
    Where is this life science property located?
    The property is located at 605 John Rodes Blvd Melbourne, FL.
    What is the asking price?
    The asking price for this property is $4,995,000.
    What are key features of this property?
    This property features: 30,780 SF single-tenant industrial building on ~17.51 acres in Melbourne, FL.; Class B building, 100% occupied under a 5-year net lease, $225,000 NOI.; Features 9,060 SF office and 21,720 SF production/integration space; 18' ceilings, full HVAC, fire sprinklers.
    Request Owner's contact information
    605 John Rodes Blvd Melbourne, FL 32934
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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
    605 John Rodes Blvd Melbourne, FL 32934
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    Listing Contact
    Mike Ullian
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    Learn more
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