Melbourne, Florida, offers a unique opportunity for investors to capitalize on the city's growing retail market. With a population of over 80,000 residents, Melbourne provides a diverse customer base for retail businesses. Retail properties in Melbourne can represent a range of investments, from small, independent shops to larger, big-box stores. The city's amenities, including the Brevard Zoo, Wickham Park, and Lake Washington, make it an attractive location for both residents and tourists. Melbourne's infrastructure, including the Melbourne Orlando International Airport and major transportation facilities, also supports the growth of retail businesses. Additionally, the city's educational institutions, such as Florida Institute of Technology and Eastern Florida State College, contribute to a skilled workforce. Melbourne's geography, with its tropical flora and proximity to the Indian River Lagoon, makes it an attractive location for businesses and residents alike. The city is also home to notable companies, such as Harris Corporation and Northrop Grumman, which contribute to the local economy.
Melbourne's retail market is characterized by a range of properties, including 47 retail properties currently for sale. The average price per square foot for these properties is $412 USD, with an average size of 9,534 square feet. The largest property available is 70,850 square feet. Melbourne's retail market is also supported by a range of other property types, including shopping centers, which offer a variety of retail and dining options. Restaurants are also a key part of Melbourne's retail market, with a range of options available to suit different tastes and budgets. Office properties in Melbourne provide a range of spaces for businesses, from small startups to larger corporations. Hotels in the area cater to tourists and business travelers, offering a range of amenities and services. Overall, Melbourne's retail market offers a range of opportunities for investors and businesses alike.
What is the average cap rate for retail properties in Melbourne?
When it comes to retail properties in Melbourne, investors can expect an average cap rate of 6.3%, which is a key metric to consider when evaluating potential investments. To learn more about how this rate is calculated and what it means for your investment strategy, be sure to check out our article on what is a cap rate, which provides a comprehensive overview of this important concept.
How do location and foot traffic affect retail property values?
In Melbourne, Florida, the location and foot traffic of a retail property play a significant role in determining its value. Properties situated in high-demand areas with heavy foot traffic, such as the Melbourne Shopping Center on Babcock Street or the downtown area, tend to command higher prices per square foot, with an average price of $412 USD per square foot, compared to those in less desirable locations.
