1565 Sarno RdMelbourne, FL 32935

Property Details for 1565 Sarno Rd

Year built

1989

Construction

WOOD

Lot size

0.61 AC

Property size (Sq ft)

4,898 SF

Zone code

C2

Property type

Office buildings

APN

27-37-20-00-00757.0-0000.00

APU

9223372036854775807

Description

This exceptional investment opportunity presents a 4-unit commercial building totaling 4,786 square feet situated on a 26,571.6 square foot lot in the heart of Melbourne, Florida. The property, built in 1989 and renovated in 2017, boasts a Class B designation and features a mix of office and restaurant spaces. Three office units (1,125 SF, 1,243 SF, and 1,126 SF) are configured with reception areas, multiple private offices, and two restrooms each. One unit is currently leased to a chiropractor until October 31, 2024, while two others will be vacant at closing. A 1,292 square foot restaurant space, with seating for 65 (43 inside, 22 outside), is also available, currently leased until December 31, 2024. Each unit has separate electric and water meters. The restaurant includes an above-ground grease trap and piped underground natural gas. The property offers 24 paved, striped, and lighted parking spaces. Its prime location, just off Sarno Road, provides easy access to US1, Wickham Road, and I-95 via Eau Gallie Boulevard. The building's proximity to the Brevard County Tax Collector and Sheriff's Office adds to its strategic appeal. The asking price is $895,000, representing $187 per square foot and $223,750 per unit. The property is zoned City of Melbourne General Commercial (C-2). This is a rare opportunity to acquire a multi-tenant commercial property with immediate income potential and significant upside.

• CAP approach

  CAP return

  Valuation

  6%

  $1,346,167

  6.5%

  $1,242,616

  7%

  $1,153,858

• Comparable approach

  Method

  Valuation

  Relative Method

  $769,133

  Geo Method

  $769,133

• Alternative Use

  Use

  Valuation

  Residential

  $1,540,844

  Hospitality

  $1,411,405

  Educational

  $1,174,272

  Medical

  $1,214,657

  Retail

  $1,826,646

Location Insight

City

Melbourne

County

Brevard

State

Florida

Latitude

28.1208

Longitude

-80.6457

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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