Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    51 Carolina St West Melbourne, FL 32904

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    51 Carolina St West Melbourne, FL 32904

    View on Map
    • Retail properties & Spaces
    For Lease
    $17 SF/Yr
    View Listing →
    Downtown Office Space - Perfect for Your Business For Lease
    $17 SF/Yr

    Downtown Office Space - Perfect for Your Business

    1425 sq ft Office, Retail Space Available

    51 Carolina St, West, Melbourne, FL 32904
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 51 Carolina St

    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    This exceptional 1,425 square foot commercial space, located at 51 NW Carolina Street #103, presents a unique opportunity for a single tenant. Situated on a 0.52-acre lot (APN: 28-37-05-01-0000d.0-0011.00), this versatile property is zoned for both office and retail use. The interior boasts an open layout, ideal for customization to suit various business needs. Pre-existing features include a kitchen, a bathroom, a dedicated office, and an IT room. The space has a rich history, previously serving as a dance studio and a tattoo parlor, showcasing its adaptability. Currently offered under a modified gross lease at a rate of $17 per square foot, the lease terms stipulate that the landlord covers dumpster services only. All other utilities are the responsibility of the tenant. This property offers a blend of character and functionality, making it an attractive option for businesses seeking a well-located and adaptable space in a vibrant area. The property's flexible layout and existing infrastructure provide a solid foundation for a variety of commercial ventures. The convenient location and competitive lease terms make this an exceptional opportunity for a discerning business owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6397
    Latitude
    28.0796

    Comparable in this City

    • Value Estimation by Request
      350,000 SF

      US-192 & St Johns Heritage Pkwy

      Office properties & Spaces • 350,000 SF
      US-192 & St Johns Heritage Pkwy, Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      46,884 SF

      1920-1922 Dairy Rd

      Office Units • 46,884 SF
      1920-1922 Dairy Rd, Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      11,400 SF

      1112 New Haven Ave

      Individual retail properties • 11,400 SF
      1112 New Haven Ave, Melbourne, FL 32904
      View Details
    • Value Estimation by Request

      3340 New Haven Ave

      Retail properties & Spaces
      3340 New Haven Ave, Melbourne, FL 32904
      View Details
    • Value Estimation
      $1,465,000
      105,962 SF

      1700 New Hvn Ave

      DEPARTMENT STORE (MULTI-STORY) • 105,962 SF
      1700 New Hvn Ave, Melbourne, FL 32904-3919
      View Details
    • Value Estimation by Request

      3008 New Haven Ave

      Retail properties & Spaces
      3008 New Haven Ave, West Melbourne, FL 32904
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Space Coast Town Center Development

      Mixed-use development opportunity in growing Space Coast region.
      US-192 & St Johns Heritage Pkwy, West Melbourne, FL 32904
      View Details
    • $3,600,000
      16,826 SF

      Retail and Industrial Space Available

      16,826 SqFt retail and industrial property for sale.
      3800 W New Haven Ave, Melbourne, FL 32904
      View Details
    • $1,800,000
      3,601 SF

      Palm Bay Commercial Property For Sale

      Well-maintained commercial property in prime Palm Bay location.
      1950 Palm Bay Rd NE, Palm Bay, FL 32904
      View Details
    • $2,395,000
      3,600 SF

      Office Building with Expansion Potential

      Office building for rent with room for expansion.
      9065 Ellis Rd, Melbourne, FL 32904
      View Details
    • $5,699,485
      25,531 SF

      Melbourne Retail Investment Opportunity

      Retail property in a dynamic growth market with long-term lease.
      3555 W New Haven Ave, Melbourne, FL 32904
      View Details
    • $950,000
      9,418 SF

      Multi-Building Commercial Property For Sale

      Three-building commercial property with bonus apartment, fully occupied, fenced.
      71-99 Sunset Dr, Melbourne, FL 32904
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,425 SF

      Downtown Office Space - Perfect for Your Business

      1425 sq ft Office, Retail Space Available
      51 Carolina St, West Melbourne, FL 32904
      View Details
    • Contact for pricing

      Space Coast Town Center

      Mixed-use development opportunity in growing Florida Space Coast region.
      US-192 & St Johns Heritage Pkwy, Melbourne, FL 32904
      View Details
    • $17 SF/Yr
      3,000 SF

      Melbourne Retail & Office Space

      Prime 3,000 SF Single-Tenant Retail/Office
      3300 New Haven Ave, Melbourne, FL 32904
      View Details
    • $27 SF/Yr
      542 SF

      Prime Office Space, US 192

      542 sq ft, Single Tenant Office
      115 Hickory St, Melbourne, FL 32904
      View Details
    • $22 SF/Yr
      542 SF

      Prime Office Space, US 192

      542 sq ft, 2nd floor office suite
      115 Hickory St, Melbourne, FL 32904
      View Details
    • Contact for pricing

      Prime Acre on Hollywood Blvd

      One acre commercial land available for lease or build-to-suit.
      Hollywood Blvd & Palm Bay Rd NE, West Melbourne, FL 32904
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    51 Carolina St
    West Melbourne, FL 32904
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!