Downtown Melbourne
Closed924 E New Haven Ave, Melbourne, FL 32901-5613
Property type
Retail
Building size
Rentable area
10,615 SF
Year built
1925
Year renovated
Occupancy
Zoning code
Lot size
0.28 Acres
Sold/status
Sold · Date unknown
Sale price
$3450000
CAP
6.96%
Property description
924 E New Haven Avenue is a multi-tenant retail property located in the heart of Historic Downtown Melbourne. The property totals 10,615 square feet and is currently configured with three units. Two units are leased to Osuki Sushi and Cleopatra Ink, both operating under NNN leases, providing stable in-place income with minimal landlord responsibilities. The third unit is currently vacant, offering immediate and meaningful upside through lease-up at market rents or a compelling owner-user opportunity in one of the Space Coast’s most walkable and desirable downtown corridors. Downtown Melbourne continues to see strong momentum, driven by new residential development and a healthy local economy. With over 100,000 residents within a five-mile radius and solid household income levels, the property is well positioned for long-term tenant performance and rental growth. 924 E New Haven Avenue offers investors a rare opportunity to acquire a cash-flowing retail asset with minimal management requirements in one of the Space Coast’s most walkable and desirable downtown locations.
Property highlights
- Multi Tenant Retail
- 82% Occupied with 2 established tenants, providing cash flow and immediate value-add potential.
- NNN Lease Structure
- All tenants operate under triple net (NNN) leases, passing through expenses for taxes, insurance, and maintenance—maximizing net operating income.
- Strong Annual Rent Increases
- Leases include attractive annual rent bumps ranging from 4% to 6%, offering built-in income growth and a natural hedge against inflation.
- Prime Downtown Melbourne Location
- Located along the highly trafficked New Haven Avenue corridor in Historic Downtown Melbourne—surrounded by walkable amenities, restaurants, bars, and retail.
- Dense and Affluent Demographics
- Over 100,000 residents within a 5-mile radius and strong average household incomes support long-term retail demand.
- High Visibility & Foot Traffic
- The property benefits from consistent pedestrian activity and strong street visibility in one of the city’s most visited districts.
- Low Management Investment
- With NNN leases and long-term tenants in place, the asset requires minimal hands-on oversight from ownership.
- Growing Downtown Submarket
- Downtown Melbourne continues to experience strong development momentum and rising rental rates driven by new residential and mixed-use projects.