Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Cleared Residential Development Land Title is generated by Realmo AI

    7485 Sheridan Road, Melbourne, FL 32904

    View on Map
    Claim this Listing
    New
    For Sale
    $649,900

    Land, Other - Melbourne, FL

    Type:Unimproved Land
    Lot size:
    1.94 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 4 at 12:06 pm

    Property Features for 7485 Sheridan Road

    General Information

    Property type
    Land
    Property subtype
    Unimproved Land
    Zoning
    Residential
    Standard status
    Active
    APN
    27-36-36-77-0000b.0-0015.00
    Lot size
    1.94 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Shalom Leigh McGoffin

    Listing agent Shalom Leigh McGoffin

    Listing office Engel & Völkers Melbourne Beachside 1165 N Highway A1A, Indialantic, FL

    Listing date Jun 1, 2026

    MLS# 1078792 Listing URL

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

    HighLights

    • Almost 2 acres of cleared land ready to build
    • Residential zoning with entry available from two roads
    • Utilities prepared for development
    • Power provided by city; verbal approval received to build 18 townhomes
    • Potential for 4 homes on 0.5‑acre lots

    Overview

    An almost two-acre parcel of cleared residential land with utilities prepared and ready for construction. The site offers entry from two roads, supporting flexible site planning for future homes or townhome-style development. Power has received a verbal approval from the city planner to build 18 townhomes, with additional room for four homes on 0.5-acre lots.

    The property is positioned for convenient access to major routes, with proximity to 192 and Wickham Road and being just minutes to Melbourne Mall and downtown shopping. It’s also near local parks and a boat launch, with the beach only a short ride away, while remaining close to I-95.

    This is a strong developer opportunity for buyers seeking cleared land in a residential zone with established readiness to build. With dual-road access and utility preparation already underway, the site can appeal to builders and investors looking to move toward residential construction, whether pursuing the approved townhome concept or a lower-density home layout.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Pharmacy Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.674037
    Latitude
    28.088452

    Nearby Similar for Sale

    • $998,000
      7,402 SF

      Restaurant Space in Avenue Viera

      Fully built-out restaurant in high-traffic lifestyle center.
      6630 Colonnade Avenue, Melbourne, FL 32940
      View Details
    • $184,990
      3,753 SF

      Established Italian Restaurant Opportunity

      Turn-key Melbourne restaurant with loyal following and strong revenue potential.
      4980 N Wickham Road, Melbourne, FL 32940
      View Details
    • $499,000

      Commercial Building on Highway 1

      1400 sq ft commercial building with highway frontage.
      2814 S Harbor City Boulevard, Melbourne, FL 32901
      View Details
    • $524,900
      1,496 SF

      Updated Medical Office in Melbourne

      Turnkey medical office in a prime downtown location.
      315 E Strawbridge Avenue, Melbourne, FL 32901
      View Details
    • $2,095,000
      8,108 SF

      Two Office Buildings on US1

      Two office buildings on US1 in Melbourne, Florida for sale.
      525 N Harbor City Boulevard, Melbourne, FL 32935
      View Details
    • $1,100,000
      1,650 SF

      Versatile Commercial Land in Melbourne

      1.67-acre M1-zoned land suitable for various commercial uses.
      1075 Mcclendon Street, Melbourne, FL 32935
      View Details
    • $2,900,000
      5,400 SF

      Prime Commercial Real Estate Opportunity

      4.64 acres with US 1 frontage and income-producing building.
      5120 N Highway 1, Melbourne, FL 32940
      View Details
    • $475,000
      2,658 SF

      Spacious Duplex in Melbourne, FL

      Full duplex with six bedrooms, four bathrooms, and two garages.
      1778 & 1780 Stewart Place, Melbourne, FL 32935
      View Details
    • $499,000
      1,500 SF

      Highway Frontage Retail Opportunity

      1500 sq ft CBS building with highway frontage.
      2814 S Harbor City Boulevard, Melbourne, FL 32901
      View Details
    • $1,039,800

      Downtown Melbourne Assemblage Opportunity

      Prime downtown Melbourne land assemblage for redevelopment.
      2013 2101 Vernon Place, Melbourne, FL 32901
      View Details
    • $200,000
      3,500 SF

      Established Restaurant in High-Traffic Plaza

      Turn-key restaurant opportunity in Melbourne, Florida with loyal customer base.
      2110 SARNO ROAD, MELBOURNE, FL 32935
      View Details
    • $3,499,900
      13,765 SF

      Downtown Melbourne Commercial Building For Sale

      Premier remodeled commercial building in the heart of Downtown Melbourne.
      2015 Waverly Place, Melbourne, FL 32901
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Nearly two acres of cleared, residential-zoned land with utilities prepared and access from two roads.
    Where is this residential land & home lot located?
    The property is located at 7485 Sheridan Road Melbourne, FL.
    What is the asking price?
    The asking price for this property is $649,900.
    What are key features of this property?
    This property features: Almost 2 acres of cleared land ready to build; Residential zoning with entry available from two roads; Utilities prepared for development
    (321) 254-5275
    We can help!
    Listing Contact
    Shalom Leigh McGoffin
    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

    Thank You for Inquiry
    7485 Sheridan Road, Melbourne, FL 32904
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!