1478 Highland AveMelbourne, FL 32935

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

Medical offices

Property subtype

Medical space

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.

• 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

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