665 Apollo BlvdMelbourne, FL 32901

Property Details for 665 Apollo Blvd

Year built

1994

Construction

WOOD

Lot size

0.99 AC

Property size (Sq ft)

10,722 SF

Zone code

CCP

Property type

Healthcare properties

Property subtype

Medical offices

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,946,836

  6.5%

  $2,720,157

  7%

  $2,525,860

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,683,676

  Geo Method

  $1,683,676

• Alternative Use

  Use

  Valuation

  Residential

  $3,372,994

  Hospitality

  $3,089,645

  Educational

  $2,570,548

  Medical

  $2,658,953

  Retail

  $3,998,630

Location Insight

City

Melbourne

County

Brevard

State

Florida

Latitude

28.0982

Longitude

-80.6201

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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