Shopping Strip
Cypress Professional Plaza
1363 Cypress Ave, Melbourne, FL 32935
Listing Price: $2,000,000
Investment Overview
Marcus & Millichap is pleased to present 1363, 1367, 1385 & 1395 Cypress Avenue in Melbourne, Florida. This ±14,260 square feet mixed use property is comprised of 16 small bay units averaging 891 square feet in size, offering flexible configurations ideal for local service and retail tenants.
Currently, roughly 92% of tenants are on short term leases averaging just $13 per square foot. This presents a value-add opportunity for an investor to reposition the tenancy and increase rental income to market levels.
The subject property is located just 1 minute from the Eau Gallie Arts District (EGAD). The EGAD, established in 2010, is an accredited Florida Main Streat program, which is a subsidiary of the National Trust for Historic Preservation. This program is designed to preserve and promote the area’s historic character while fostering arts-driven economic development.
Strategically positioned on Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1), the property is exposed to ±80,000 vehicles per day. These corridors serve as a vital connector between Indian Harbour Beach and the East Coast of Florida. Additionally, the subject property is located less than 3.5 miles from
Melbourne Orlando International Airport.
Cypress Professional Plaza
Investment Highlights
- Value-Add Opportunity - 92% MTM or short-term tenancy at below-market rents (~$13/SF) priced below replacement cost with an in-place cap rate north of 7% with upside to an 8.5%+ yield
- Multi Bays Property with Potential Income -The ± 14,260 SF building is divided into 16 small bay retail and office units averaging 891 SF, ideal for local businesses and easy to lease or re-tenant.
- Corner Property with High Traffic Data - Strategically located on the corner of Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1) which sees ±80,000 vehicles per day
- Prime Location & Surrounding Area - The subject property is located just .3 miles from the Eau Gallie Arts District, 2.5 miles from Indian Harbor Beach, one of Brevard Counties most affluent neighborhoods with a median household income of roughly $85,000, and 3.5 miles from Melbourne Orlando International Airport
Exclusively Listed By
Listing Price: $2,000,000
Investment Highlights
- Value-Add Opportunity - 92% MTM or short-term tenancy at below-market rents (~$13/SF) priced below replacement cost with an in-place cap rate north of 7% with upside to an 8.5%+ yield
- Multi Bays Property with Potential Income -The ± 14,260 SF building is divided into 16 small bay retail and office units averaging 891 SF, ideal for local businesses and easy to lease or re-tenant.
- Corner Property with High Traffic Data - Strategically located on the corner of Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1) which sees ±80,000 vehicles per day
- Prime Location & Surrounding Area - The subject property is located just .3 miles from the Eau Gallie Arts District, 2.5 miles from Indian Harbor Beach, one of Brevard Counties most affluent neighborhoods with a median household income of roughly $85,000, and 3.5 miles from Melbourne Orlando International Airport
Investment Overview
Marcus & Millichap is pleased to present 1363, 1367, 1385 & 1395 Cypress Avenue in Melbourne, Florida. This ±14,260 square feet mixed use property is comprised of 16 small bay units averaging 891 square feet in size, offering flexible configurations ideal for local service and retail tenants. Currently, roughly 92% of tenants are on short term leases averaging just $13 per square foot. This presents a value-add opportunity for an investor to reposition the tenancy and increase rental income to market levels. The subject property is located just 1 minute from the Eau Gallie Arts District (EGAD). The EGAD, established in 2010, is an accredited Florida Main Streat program, which is a subsidiary of the National Trust for Historic Preservation. This program is designed to preserve and promote the area’s historic character while fostering arts-driven economic development. Strategically positioned on Cypress Avenue, W Eau Gallie Blvd, and N Harbor City Blvd (US-1), the property is exposed to ±80,000 vehicles per day. These corridors serve as a vital connector between Indian Harbour Beach and the East Coast of Florida. Additionally, the subject property is located less than 3.5 miles from Melbourne Orlando International Airport.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
