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    Residential Lot in Palm Bay Title is generated by Realmo AI

    1602 WYOMING DRIVE SE, Palm Bay, FL 32909

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    Claim this Listing
    Pending
    $47,900

    Land - PALM BAY, FL

    Lot size:
    0.23 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    55
    Last Refresh:
    Jun 6 at 10:06 am

    Property Features for 1602 WYOMING DRIVE SE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RS2
    Standard status
    Pending
    APN
    29 3721-GR-930-6
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    582.73

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Tony Ademo Rosa da Silva

    Listing agent Tony Ademo Rosa da Silva License #3601985

    Listing office LA ROSA REALTY LLC 1420 Celebration Blvd, Celebration, FL

    Listing date Apr 13, 2026

    MLS# O6398809 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Located in rapidly growing Palm Bay, in the established Port Malabar neighborhood with convenient access to amenities.
    • City water available and paved road access simplifies building process.
    • No HOA fees, offering cost savings and freedom from restrictive rules.
    • FEMA Flood Zone X designation means no flood insurance required.
    • Zoned RS‑2 for single‑family construction, ideal for building a custom home.
    • Convenient access to I‑95, Melbourne Orlando International Airport, and beaches.

    Overview

    This vacant residential lot is located in the established Port Malabar Unit 18 subdivision of Southeast Palm Bay. The property is 0.23 acres, measuring approximately 80 x 125 feet, and is zoned RS-2 for single-family construction. City water is available at the street. The lot benefits from paved road access and has no Home Owners Association. The property is located in FEMA Flood Zone X, indicating it is outside the special flood hazard area. Palm Bay is one of Florida's fastest-growing cities, and Port Malabar is a well-connected, built-out neighborhood. Babcock Street is located minutes away, providing convenient access to Publix, Walmart, Lowe's, and HealthFirst Palm Bay Hospital. Access to I-95 via Malabar Road facilitates easy commuting. Melbourne Orlando International Airport is approximately 23 minutes away, and the beaches of Indialantic are roughly 27 minutes east. This lot presents a solid opportunity in one of Brevard County's fastest-growing cities for builders, investors, or future homeowners looking to design a custom Florida home.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Kitchen & Bath Showroom Accounting Firm Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.62596
    Latitude
    27.953181

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    FAQs

    What type of property is this?
    Residential land & home lot - Vacant 0.23-acre residential lot in a growing Florida city.
    Where is this residential land & home lot located?
    The property is located at 1602 WYOMING DRIVE SE Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $47,900.
    What are key features of this property?
    This property features: Located in rapidly growing Palm Bay, in the established Port Malabar neighborhood with convenient access to amenities.; City water available and paved road access simplifies building process.; No HOA fees, offering cost savings and freedom from restrictive rules.
    (407) 747-4849
    We can help!
    Listing Contact
    Tony Ademo Rosa da Silva
    Real Estate License ID: 3601985
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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