A 21,108 SF medical and laboratory shell. A high-visibility corridor in one of Florida's tightest healthcare and aerospace economies. A basis acquired well below the cost to replace the structure.
Three reinforcing pillars — basis · location · optionality — and a clear five-year plan to reposition the asset into the demand that already surrounds it.
27 East Hibiscus Boulevard is an "L"-shaped, single-story medical laboratory and patient service center on a hard corner in Melbourne, Florida — built in 1961, expanded with a 5,812 SF addition in 2014, and continuously maintained for laboratory use.
Eleven rooftop units delivering 49.5 tons of cooling. An 800-amp 480-volt three-phase electrical service. A 350 kW Kohler backup generator with a 525-gallon underground tank. An Evoqua water-filtration system. A Honeywell fire-alarm package. Polished-concrete labs, an ADA build-out, and an island-sink lab room — infrastructure that would cost millions to install in new construction.
The site sits inside Melbourne's C-1 Neighborhood Commercial overlay, with more than 25 permitted uses ranging from medical office to assisted living, retail, hotel, and residential. The building is turn-key for the next medical or lab operator — and the entitlements preserve optionality if leasing dynamics shift.
Brevard County runs on two parallel growth engines that rarely coexist in the same metro: a tightening healthcare network that has consolidated rapidly over the past 24 months, and one of the country's deepest aerospace and defense employer clusters. Both push demand toward the Hibiscus corridor.
Two health systems are reshaping Brevard's medical footprint in parallel. Orlando Health committed $750M+ over four years to the county — a new hospital, three standalone emergency departments, and a portfolio of medical pavilions and physician practices. Health First is mid-execution on its own roughly $800M program: a $230M five-floor patient tower at Palm Bay Hospital, a $410M new Cape Canaveral Hospital opening early 2027, and a 20-bed expansion plus new operating rooms at Viera Hospital. Holmes Regional — three blocks from the Property — remains the county's only Level II Trauma Center.
Melbourne is the only Florida-headquartered major aerospace and defense company — L3Harris — and the local cluster is investing through the next cycle. L3Harris opened a new low-earth orbit satellite production facility in Palm Bay in 2025 and is constructing a microelectronics plant. Northrop Grumman maintains a major campus adjacent to the airport. A confidential aerospace project at MLB International ("Project Autobahn") is publicly under evaluation on a 100+ acre site. The cluster pays Bay-Area-class wages into a Florida cost base.
Every one of the projects below is a future tenant pool, a future referral feeder, or a future buyer comp for a 21,108 SF lab-grade shell two blocks from Holmes Regional.
Exterior imagery depicts the Property after the planned remodel. Interior imagery depicts the Property in its current, as-is condition.
The Property sits on Hibiscus Boulevard between two signalized intersections — Babcock and Apollo — feeding from US-192 and the downtown Melbourne redevelopment district. Within walking distance of the region's only Level II Trauma Center, and within driving distance of nearly every aerospace employer on the Space Coast.
A medical / lab shell with the mechanical and structural systems of a much newer building — already in place, recently maintained, and ready for the next operator.
The conviction on 27 East Hibiscus Boulevard rests on three reinforcing pillars. None of them rely on cap-rate compression or a forecasted rate cut. Together they're the reason the asset is attractive on a five-year hold — and the reason it would still be attractive if held longer.
The all-in basis is materially below the cost to replace the structure and well below recent medical and lab sale comps in the Melbourne MSA. The 2024 county-assessed value — set independently of this transaction — sits meaningfully above the acquisition basis, a public benchmark of the embedded margin of safety.
328.5 feet of frontage on Hibiscus Boulevard, bracketed by two signalized intersections, three blocks from the county's only Level II Trauma Center, and within one mile of Melbourne Orlando International Airport. The corridor exists; it cannot be re-zoned, re-platted, or re-built closer to demand.
The building is turn-key for the next medical or lab operator today — and C-1 zoning preserves 25+ alternate paths if leasing dynamics shift. Single-tenant medical, multi-tenant MOB, lab / R&D, or owner-user disposition are all viable on the same physical asset.
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