5120 N Highway 1, Melbourne, FL 32940

3D Tour

5120 N Highway 1, Melbourne, FL 32940

$2,900,000.00

Active

About Property

Unique Opportunity to Own Prime Commercial Real Estate in Melbourne! 4.64 Acres of Direct US 1 with 300 ft. of Indian River Front Frontage (can be used for residential); can be broken up into three parcels total. One of the three potential parcels has a beautiful concrete block 5400 square foot tile roof building and is currently fully occupied with long term leases in place. The 5400 Sq ft. building is being valued at 1.7 million with the additional 3.39 acres being valued at 1.2 million. The CAP RATE for the 5400 Sqft building is 7%. The building is currently fully occupied (3600 sq ft occupied by the owner with long term plans to stay) with 5 year leases in place for both tenants. Build on the other two parcels as you collect income from this beautiful building! Phase 1 Environmental Completed Dec. 2025 with approval for 33,000 square foot building. A special height variance is approved by the town of Palm Shores for this project. Will provide documentation upon request.