1478 Highland AveMelbourne, FL 32935
- Healthcare properties
- 2,782 SF
Property Details for 1478 Highland Ave
- Year built
- 1924
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.14 AC
- Property size (Sq ft)
- 2,782 SF
- Zone code
- C3
- Property type
- Healthcare properties
- Property subtype
- Medical offices
- APN
- 27-37-16-25-00022.0-0013.01
- APU
- 9223372036854775807
Description
This exceptional 4,733-square-foot commercial property in Melbourne, Florida, presents a unique investment opportunity. Ideally situated on Highland Avenue, just 200 feet from Eau Gallie Boulevard, it benefits from its prime location within the vibrant Eau Gallie Downtown Arts District (EGAD). The space offers versatile layout options, currently featuring a 2,800-square-foot area previously configured as professional office space, a 933-square-foot area formerly used as a bakery, and a sizable 1,000-square-foot patio. The existing office space could easily be converted to expand restaurant seating, complementing the existing patio area, perfect for outdoor dining. This adaptable space is suitable for a variety of uses, making it an attractive option for both restaurant and retail businesses. The property's high visibility and convenient location promise strong foot traffic and excellent exposure. Furthermore, the planned construction of a Marriott hotel directly across the street on Highland Avenue presents a significant opportunity for increased visibility and customer traffic in the future. This property offers a rare chance to establish a thriving business in a rapidly developing area with high growth potential. The single-tenant occupancy provides flexibility and control, while the Class B building offers a solid foundation for a successful venture. The property's size and layout provide ample space for a variety of business models.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $764,605
- 6.5%
- $705,790
- 7%
- $655,376
-
Comparable approach
- Method
- Valuation
- Relative Method
- $436,857
- Geo Method
- $436,857
-
Alternative Use
- Use
- Valuation
- Residential
- $875,179
- Hospitality
- $801,659
- Educational
- $666,971
- Medical
- $689,909
- Retail
- $1,037,511
Location Insight
- City
- Melbourne
- County
- Brevard
- State
- Florida
- Latitude
- 28.1309
- Longitude
- -80.6276
- CBSA code
- 37340
- CBSA name
- PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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