1112 New Haven Ave Melbourne, FL 32904
- Retail properties
- 11,400 SF
- 1.00 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1112 New Haven Ave
- Year built
- 1991
- Lot size
- 1.00 lot acres
- Property size
- 11,400 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This stabilized investment opportunity in Melbourne, Florida, presents a compelling mix of retail and office space. The property comprises two buildings totaling 11,400 square feet on a one-acre lot, situated at 1112 W New Haven Ave, 32904. Built in 1991 and 2009, the buildings feature eight units, currently occupied at 67.5% capacity. The property boasts a strong pro-forma net operating income (NOI) of $142,842, yielding a 6.49% cap rate. The asking price is $2,200,000, translating to $192.98 per square foot. The property is zoned C-NH Commercial New Haven and offers significant upside potential. Currently, 3,700 square feet of vacant space in the 1991 building (1106-1112 New Haven Ave) is available, previously occupied by the owner, and can be subdivided into two tenancies. The existing tenants enjoy a modified lease structure with 3% annual rent bumps. This high-visibility location features lighted signage on New Haven Avenue, ensuring optimal exposure for businesses. The property is ideal for owner-users seeking to occupy the vacant space while generating income from existing tenants, or for investors seeking a stable, cash-flowing asset with significant growth potential. The property includes 5,700 square feet in each building, with four units per building.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Melbourne
- County
- Brevard
- State
- Florida
- Longitude
- -80.6396
- Latitude
- 28.0792
