665 Apollo Blvd Melbourne, FL 32901-1485
- Medical offices
- 10,722 SF
- 0.99 lot acres
Apr 07, 2025
Current Use by Public Records
- Rafael Trespalacios, M.D. / Doctor
- Fisher Mark R OD / Optometrist
- Tres Vision Group / Eye Care Center
- Brevard Surgery Center: Mintchell Paula S OD / Optometrist
- Brevard Surgery Center: / Surgical Center / Oral Surgeon
Property Details for 665 Apollo Blvd
- Year built
- 1994
- Construction
- WOOD
- Lot size
- 0.99 lot acres
- Property size
- 10,722 SF
- Zone code
- CCP
- Property type
- Medical offices
- Property subtype
- Medical space
- APN
- 27-37-34-00-00264.0-0000.00
- APU
- 9223372036854775807
Description
This exceptional investment opportunity presents a single-tenant, 9,028-square-foot medical office building situated on a 43,124-square-foot lot in Melbourne, Florida. The Class B building, constructed in 1994 and renovated in 2022, boasts 44 parking spaces and is currently 100% occupied by a corporate-guaranteed franchisee under a Net Lease agreement. The lease, commencing August 15, 2018, has a remaining term of approximately 4.1 years, extending to December 31, 2028, with a five-year renewal option. The current annual Net Operating Income (NOI) is $180,560, yielding a 6.69% capitalization rate at the asking price of $2,699,372 ($299 per square foot). Rent increases are tied to the Consumer Price Index (CPI). The property is zoned for OFFICE PROFESSIONAL use and features a single story. This is a strong, stable investment with a long-term tenant and significant upside potential. The property's location in Brevard County provides excellent access to a thriving medical community. This is a rare opportunity to acquire a well-maintained, single-tenant medical office building with a proven track record of success.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,780,000
- ML approach
- $2,600,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,250,000
- 6.5%
- $2,075,000
- 7%
- $1,930,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,819,000
Market price range: $1.03M - $2.27M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $1,715,000 Current use
- RESTAURANT
- $4,095,000 Change: +139% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $3,320,000 Change: +94% Conversion: Easy
- AUTO REPAIR, GARAGE
- $2,395,000 Change: +40% Conversion: Difficult
- OFFICE BUILDING
- $1,875,000 Change: +9% Conversion: Easy
- RETAIL STORES
- $1,840,000 Change: +7% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Melbourne
- County
- Brevard
- State
- Florida
- Longitude
- -80.6201
- Latitude
- 28.0982
- CBSA code
- 37340
- CBSA name
- PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
