653 University BlvdMelbourne, FL 32901

Property Details for 653 University Blvd

Year built

1980

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.62 AC

Property size (Sq ft)

3,120 SF

Zone code

CC2

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

28-37-10-00-00757.0-0000.00

APU

9223372036854775807

Description

This exceptional investment opportunity presents a 27,007.2 sq ft property at 653 E University Boulevard, Melbourne, FL 32901. Built in 1980, this versatile property currently operates as a thriving convenience store and gas station, included in the sale price of $1,400,000. The property boasts a C-1 Neighborhood Zoning Commercial classification, offering flexibility for various uses including residential development, office, medical, and retail. Its strategic location, less than a mile from Florida Institute of Technology, places it on a high-traffic corridor with an estimated 10,000 vehicles daily (buyer to verify). The property consists of one unit situated on a substantial lot, presenting significant potential for growth and diverse income streams. This is a rare chance to acquire a turnkey business and prime real estate in a desirable location. The property's zoning allows for a wide range of development options, catering to various investment strategies. The high daily traffic count ensures strong visibility and potential for increased revenue. This is a unique opportunity to capitalize on a thriving business and a highly sought-after location in Melbourne, Florida.

• CAP approach

  CAP return

  Valuation

  6%

  $1,260,527

  6.5%

  $1,163,564

  7%

  $1,080,452

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,234,633

  Geo Method

  $1,234,633

• Alternative Use

  Use

  Valuation

  Residential

  $981,509

  Hospitality

  $899,057

  Educational

  $748,005

  Medical

  $773,730

  Retail

  $1,163,564

Location Insight

City

Melbourne

County

Brevard

State

Florida

Latitude

28.0633

Longitude

-80.6101

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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