Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3159 Papaya Ave SW Palm Bay, FL 32908

    Sponsored
    For Sale
    Pending
    Contact for pricing

    LAND - Palm Bay, FL

    Lot size:
    0.23 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 31 at 11:06 am

    Property Features for 3159 Papaya Ave SW

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    APN
    29-36-35-Ks-02542.0-0009.00
    Lot size
    0.23 Acres

    Utilities

    Sewer type
    Septic Tank
    Water source
    Well

    We can help!

    Listing Contact
    Mark Lopez Mendez

    Re/Max Aerospace Realty Inc. (321) 631-5511

    Listing agent Mark Lopez Mendez (321) 631-5511

    Listing date Jan 30, 2026

    MLS# 1067476 Listing URL

    Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Palm Bay Vacant Lot

    This vacant lot is located in Palm Bay, near the Bayside Lakes area. The property offers an opportunity for building a custom home or for investment in a developing market. The surrounding area is experiencing residential expansion, with new construction increasing demand for buildable land. Bayside Lakes is known for its community atmosphere and proximity to shopping, dining, and schools. This lot offers location, value, and long-term potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Building Supply Hair Salon Hotel & Motel Garden Center Barber Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.69394
    Latitude
    27.915912

    Nearby Similar for Sale

    • New
      $395,000
      1,870 SF

      Palm Bay Commercial Opportunity

      Well-maintained commercial space suitable for medical, dental, or professional office.
      2179 Julian Ave NE, Palm Bay, FL 32905
      View Details
    • New
      $627,000
      3,472 SF

      New Palm Bay Duplex

      Move-in ready duplex featuring luxury finishes and attached garages.
      1660 Lizette St SE, Palm Bay, FL 32909
      View Details
    • $1,249,982
      3,376 SF

      Turn-Key Restaurant with River Views

      Fully equipped restaurant on 1.03 acres with Indian River views.
      4720 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • $627,000
      3,472 SF

      New Modern Duplex in Palm Bay

      Under construction duplex with luxury finishes, ideal for investors.
      1659 Javier St SE, Palm Bay, FL 32909
      View Details
    • New
      $627,000
      3,472 SF

      Palm Bay Duplex with Garages

      Modern duplex in Palm Bay, ideal for investors or families.
      1659 Javier St SE, Palm Bay, FL 32909
      View Details
    • New
      $627,000
      3,472 SF

      Modern Duplex in Palm Bay

      Contemporary duplex with luxury finishes, ideal for investors or families.
      2542 Hester Ave SE, Palm Bay, FL 32909
      View Details
    • $450,000
      2,412 SF

      Palm Bay Duplex Opportunity

      Income-producing duplex in Palm Bay with tenant in place.
      1667 Desco St, Palm Bay, FL 32909
      View Details
    • $30,000
      500 SF

      Established Floral Business Opportunity

      Turnkey floral business for sale in prime Palm Bay location.
      4690 Lipscomb St NE, Palm Bay, FL 32905
      View Details
    • $249,000
      1,200 SF

      Palm Bay Commercial Flex Space

      Commercial flex space near L3 Harris with owner financing available.
      1320 NE Clearmont St NE, Palm Bay, FL 32905
      View Details
    • $249,000
      1,200 SF

      Palm Bay Commercial Flex Space

      Commercial flex space available in Palm Bay, Florida.
      1320 Clearmont St NE, Palm Bay, FL 32905
      View Details
    • $448,000
      2,196 SF

      Palm Bay Office with Expansion Potential

      Office property in Palm Bay with room for expansion and storage.
      1853 Canova St SE, Palm Bay, FL 32909
      View Details
    • $315,000
      0.24 Acres

      New Construction Home in Palm Bay

      Modern, practical new construction home with open floor plan.
      1421 Towton St SE, Palm Bay, FL 32909
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Vacant lot in Palm Bay near Bayside Lakes area.
    Where is this residential land & home lot located?
    The property is located at 3159 Papaya Ave SW Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $28,000.
    What are key features of this property?
    This property features: - Excellent opportunity to build a custom home.; - Located near the desirable Bayside Lakes area with shopping, dining, and good schools.; - Well-priced vacant lot with limited inventory at this price point.
    (321) 631-5511
    Request Owner's contact information
    3159 Papaya Ave SW Palm Bay, FL 32908
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3159 Papaya Ave SW
    Palm Bay, FL 32908
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    3159 Papaya Ave SW Palm Bay, FL 32908
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mark Lopez Mendez
    (321) 631-5511
    Learn more
    Google sign-in failed. Please try again or use another login method.