911-919 New Haven Ave, Melbourne, FL 32901
- Retail properties & Spaces
- 8,607 SF
- 0.15 lot acres
Current Use by Public Records
- Retail properties & Spaces
Property Details for 911-919 New Haven Ave
- Year built
- 1920
- Lot size
- 0.15 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use investment property, located at 911-919 E New Haven Ave, Melbourne, FL 32901, presents a compelling value-add opportunity. The 8,607 square foot building, constructed in 1920 and renovated in 2023, comprises two buildings on a 0.15-acre lot (APN: 28-37-03-FC-26-2). Currently operating at 60% occupancy with three tenants, the property features five units: two commercial spaces (a 1,548 sq ft ice cream store and a 2,169 sq ft gift shop on the first floor of one building, and an 864 sq ft coffee shop in the second building) and two residential apartments (a 3-bedroom/1-bathroom and a 3-bedroom/2-bathroom unit on the second floor of the first building). The property boasts a pro-forma NOI of $142,200, representing a 6.46% cap rate. Zoned C-3 (City of Melbourne Central Business District), the property allows for a variety of uses, including office, retail, short-term rentals, and restaurants. Its prime location in downtown Melbourne offers high visibility and foot traffic, with estimated exposure to 15,000 vehicles per day on New Haven Avenue. The property's proximity to Hotel Melby, Highline Apartments, beaches, restaurants, and shopping, along with its convenient location near Melbourne International Airport (less than a 10-minute drive), makes it an attractive investment. The asking price is $2,200,000 ($255.61/sq ft). Additional financial details are available to qualified buyers. Please note: Do not disturb tenants.
Value Estimations
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Melbourne
- County
- Brevard
- State
- Florida
- Longitude
- -80.6055
- Latitude
- 28.0783
