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Town Center 1071 Port Malabar Blvd NE 18,500 SF 67% Leased Office Building Palm Bay, FL 32905 $2,338,243 ($126.39/SF) 4.91% Cap Rate
Investment Highlights
- Established medical & professional tenancy with diverse healthcare users serving Palm Bay community
- Flexible floor plan and vanilla-box suite configurations supporting re-tenantability
- 5-mile trade area home to nearly 150,000 residents projected to grow 2.0% annually through 2029
- Eight tenants across medical, therapy, insurance, and professional services providing diversified cash flow
- Located along Port Malabar Boulevard with direct connectivity to I-95 and U.S. Route 1
- Full roof replacement in 2024 substantially reduces near-term capital risk for incoming buyer
Executive Summary
Town Center features staggered lease expirations, below-market rents, and current vacancy, presenting an opportunity for investors to enhance cash flow through leasing activity and renewal negotiations. With NNN lease structures, flexible unit configurations, and a growing Brevard County population, the property is well positioned to capitalize on continued demand for outpatient medical and professional office space in the Palm Bay submarket.
The property is strategically positioned along Port Malabar Boulevard, one of Palm Bay’s primary east–west commercial corridors, providing direct connectivity to I-95 and U.S. Route 1. The surrounding area is home to a dense concentration of medical users, professional services, and residential neighborhoods, supporting consistent tenant demand and long-term occupancy. The site benefits from strong visibility, ample surface parking, and proximity to Health First facilities and other regional healthcare providers.
Offered at $2,338,242 ($129.90 PSF), the asset delivers immediate, diversified cash flow with a compelling value-add component — current 33% vacancy and below-market rents present a clear path to an approximately 9.00% pro-forma cap rate upon stabilization. With NNN lease structures providing expense protection, staggered expirations offering near-term mark-to-market opportunities, and a growing Brevard County population driving sustained demand for outpatient medical and professional office space, Town Center represents an opportunity to acquire a well-located Palm Bay asset with durable in-place income and meaningful upside through lease-up and rental growth.
Kyle Matthews
Matthews Real Estate Investment Services, Inc
BK3554632, CQ1066435 (FL)
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Health Care and Social Assistance
- -
- -
- Triple Net
- Dec 2018
The mission of Angels For Kids On-Call is to provide innovative solutions for all individuals, groups and communities affected by mental illness, substance abuse disorders and developmental disabilities. Angels For Kids On-Call offers collaborative medical, behavioral, case management and educational services to identify and treat all factors that influence health: physical, mental, environmental, and biochemical.
- Brevard Bacjground Check
- -
- -
- -
- -
- -
-
- Health Care and Social Assistance
- -
- -
- -
- -
Brevard Skin offers broad array of services geared to address today’s most common skin, hair, and nail conditions. They know there is no such thing as one-size-fits-all cure, so they never use a one-size-fits-all approach to your diagnosis. Their dedicated team of well trained health care professionals work together to provide ethical, skilled, and compassionate patient care. They value their patients and are privileged to serve their community.
- Speech Health and Therapy
- -
- -
- $12.50
- Triple Net
- Sep 2028
- Wild Manta
- -
- -
- $10.00
- Triple Net
- May 2025
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Health Care and Social Assistance | - | - | Triple Net | Dec 2018 | |
| Brevard Bacjground Check | - | - | - | - | - | |
|
|
Health Care and Social Assistance | - | - | - | - | |
| Speech Health and Therapy | - | - | $12.50 | Triple Net | Sep 2028 | |
| Wild Manta | - | - | $10.00 | Triple Net | May 2025 |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
2nd floor unit directly across from elevator. Doors open to lobby/reception area. Two private offices, private restroom and conference room. Behind reception area is space for another desk or file/copy area. Kitchen area with sink. Ample parking in front. Rear door allows for parking in rear of building. Minutes from I95. OFFERING THREE (3) MONTHS FREE RENT FOR MINIMUM THREE-YEAR LEASE.
Part of the unit is open but can be converted to office space. Large conference area. Unit has been office space but can be tailored to your needs. Centrally located, minutes from I95.
| Space | Size | Space Use | Build-Out | Available |
| 2nd Fl-Ste 203 | 1,200-1,350 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 204 | 2,080 SF | Office | Full Build-Out | Now |
2nd Fl-Ste 203
| Size |
| 1,200-1,350 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 204
| Size |
| 2,080 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 203
| Size | 1,200-1,350 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
2nd floor unit directly across from elevator. Doors open to lobby/reception area. Two private offices, private restroom and conference room. Behind reception area is space for another desk or file/copy area. Kitchen area with sink. Ample parking in front. Rear door allows for parking in rear of building. Minutes from I95. OFFERING THREE (3) MONTHS FREE RENT FOR MINIMUM THREE-YEAR LEASE.
2nd Fl-Ste 204
| Size | 2,080 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | Now |
Part of the unit is open but can be converted to office space. Large conference area. Unit has been office space but can be tailored to your needs. Centrally located, minutes from I95.
Property Taxes
| Parcel Number | 28-37-27-50-0000M.0-0000.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,229,310 |
Property Taxes
