Add Listing
    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

    650 Waycross Road SW Palm Bay, FL 32908

    View on Map
    For Sale
    $58,500

    LAND - Palm Bay, FL

    Lot size:
    0.41 Acres
    Added:
    Jun 13, 2025
    Days on Market:
    294
    Last Refresh:
    Apr 2 at 6:06 am

    Property Features for 650 Waycross Road SW

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    29-36-02-Gi-01017.0-0018.00
    Lot size
    0.41 Acres

    Taxes and HOA fees

    TaxYear
    2023
    TaxDescription
    PORT MALABAR UNIT 20 LOT 18 BLK 1017
    TaxAnnualAmount
    418

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Water source
    Well

    We can help!

    Listing Contact
    Austin R Reese

    Listing agent Austin R Reese License #3394937

    Listing office Karr Professional Group P.A. 550 E Strawbridge Ave., Melbourne, FL

    Listing date Jun 13, 2025

    MLS# 1048935

    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.

    Overview

    Cleared Lot in Palm Bay

    This 0.41-acre pie-shaped lot in Palm Bay, Florida, offers ample space and privacy for building a future home. The unique shape provides extra space, and the rear of the property is bordered by canals on both sides, creating a natural buffer for increased privacy. The lot has been professionally cleared of all trees and stumps. Located outside of flood zones with no known wetlands, this land is ready for development. The property has no HOA and is conveniently located close to schools, shopping, and major roadways.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6903749
    Latitude
    27.9938385

    Nearby Similar for Sale

    • $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 Highway NE, Palm Bay, FL 32905
      View Details
    • $875,000
      5,150 SF

      Palm Bay Commercial Property

      Income-producing property with pool, tiki bar, and separate dwelling.
      6922 Babcock Street SE, Palm Bay, FL 32909
      View Details
    • $598,000
      3,472 SF

      New Modern Duplex in Palm Bay

      Under construction duplex with luxury finishes, ideal for investors.
      1659 JAVIER STREET SE, PALM BAY, FL 32909
      View Details
    • $2,850,000

      Palm Bay Retail Opportunity

      New build retail space with high traffic counts.
      1922 NE Palm Bay Road, Palm Bay, FL 32905
      View Details
    • $695,000

      Palm Bay Commercial Land Parcel

      6.5-acre commercial land parcel in Palm Bay, Florida.
      Krassner Drive, Palm Bay, FL 32907
      View Details
    • $25,000

      Land in Southwest Palm Bay

      Prime parcel in rapidly expanding Palm Bay, Florida.
      1981 Goodreau Avenue SW, Palm Bay, FL 32908
      View Details
    • $45,000

      Residential Land in Growing Area

      Opportunity to build a custom home in Palm Bay, Florida.
      1667 RED BUD CIRCLE NW, PALM BAY, FL 32907
      View Details
    • $210,000

      Vacant Land in Deed Restricted Community

      Vacant land suitable for building a new home with horses.
      337 APPALOOSA STREET, PALM BAY, FL 32909
      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 Street SE, Palm Bay, FL 32909
      View Details
    • $210,000

      Palm Bay Vacant Land

      Vacant land suitable for building a new home and horses.
      337 Appaloosa Street, Palm Bay, FL 32909
      View Details
    • $275,000

      Vacant Land for Equestrian Estate

      3.36 acres to build your dream home and bring horses.
      279 DEER RUN ROAD, PALM BAY, FL 32909
      View Details
    • $275,000

      Palm Bay Vacant Land

      3.36 acres for equestrian estate, near beaches and attractions.
      279 Deer Run Road, Palm Bay, FL 32909
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Oversized, cleared, pie-shaped lot surrounded by canals, ready to build.
    Where is this residential land & home lot located?
    The property is located at 650 Waycross Road SW Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $58,500.
    What are key features of this property?
    This property features: Oversized .41‑acre pie‑shaped lot surrounded by canals offering ample space and privacy.; Professionally cleared lot, ready to build on, saving time and expense.; No HOA, providing freedom and flexibility.
    (321) 749-2801
    We can help!
    Listing Contact
    Austin R Reese
    Real Estate License ID: 3394937
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!