1500 Main NE St Palm Bay, FL 32905-3645

Property Details for 1500 Main NE St

Year built

1977

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.55 lot acres

Property size

11,800 SF

Zone code

HC

Property type

Warehouses

APN

28-37-24-25-00018.0-0007.00

APU

9223372036854775807

Description

This exceptional mixed-use industrial property, located at 1500 Main St NE, Palm Bay, FL 32905, presents a compelling investment opportunity. The 12,000 square foot building, situated on a 0.55-acre corner lot, boasts two buildings and two stories. The property features approximately 6,720 square feet of finished space, including HVAC office space and warehouse area, plus an additional approximately 5,280 square feet of unfinished storage/attic space. The building includes three 9' wide x 7' tall and one 9' wide x 10' tall grade-level doors, a concrete warehouse floor with approximately 8'6" ceiling height, and city water/sewer and FPL electric service. Currently 100% occupied with a single tenant, generating a monthly income of $7,000 and a 2024 estimated NOI of $64,000, representing a 5.57% capitalization rate. The lease is a modified type with a remaining term of 0.7 years, expiring July 31, 2025. The property is fully fenced and gated, mostly cleared, and partially paved. It is zoned City of Palm Bay Highway Commercial (HC), allowing for a variety of uses including contractor's office with outdoor storage, automotive, retail, and daycare. The property's prime location in northeast Palm Bay, near major employers like L3Harris, Leonardo DRS, Tibbetts Lumber, and ABC Supply, offers excellent access to Downtown Melbourne, Hammock Landing Mall, and area beaches. The APN is 28-37-24-25-18-7. This is a Class B property with private ownership. Do not disturb the occupant.