Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Melbourne Land with Concrete Foundation Title is generated by Realmo AI

    4490 Eldorado Way, Melbourne, FL 32934

    View on Map
    Claim this Listing
    Pending
    $345,000

    LAND - Melbourne, FL

    Lot size:
    1.21 Acres
    Added:
    Oct 9, 2025
    Days on Market:
    227
    Last Refresh:
    May 23 at 2:06 am

    Property Features for 4490 Eldorado Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    27-36-11-00-00278.0-0000.00
    Lot size
    1.21 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2619

    Utilities

    Utilities
    Water Available
    Sewer type
    Septic Tank
    Water source
    Public

    We can help!

    Listing Contact
    Lauren Merrell PA

    Listing agent Lauren Merrell PA

    Listing office Dale Sorensen Real Estate Inc. 436 Fifth Ave., Indialantic, FL

    Listing date Oct 9, 2025

    MLS# 1059239 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.

    HighLights

    • 1.21 acre lot in Melbourne's Lake Washington area
    • Solid concrete block foundation and shell in place
    • Mature trees provide privacy and a natural setting
    • Ample space for custom home, pool, workshop, boat/RV parking
    • Water available
    • Septic tank sewer system

    Overview

    This 1.21-acre property is located in the Lake Washington area of Melbourne, Florida. The original home has been removed, leaving a solid concrete block foundation and shell, suitable for rebuilding. The property has been cleaned up, with mature trees preserved to provide privacy. There is ample space for a custom single-family home, pool, workshop, and boat or RV parking. This property offers flexibility and acreage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Big Box & Wholesale Store Kitchen & Bath Showroom Department Store Bar & Pub HVAC Service Discount Store Electrical Service Bakery

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.700376
    Latitude
    28.156672

    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
    • $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
    • $550,000
      3,266 SF

      Melbourne Religious Facility Investment Opportunity

      Well-maintained 3,266 sq ft property with religious zoning exemption.
      2787 Aurora Road, Melbourne, FL 32935
      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 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 - 1.21 acre lot with foundation in Lake Washington area.
    Where is this residential land & home lot located?
    The property is located at 4490 Eldorado Way Melbourne, FL.
    What is the asking price?
    The asking price for this property is $345,000.
    What are key features of this property?
    This property features: 1.21 acre lot in Melbourne's Lake Washington area; Solid concrete block foundation and shell in place; Mature trees provide privacy and a natural setting
    (321) 987-3328
    We can help!
    Listing Contact
    Lauren Merrell PA
    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
    4490 Eldorado Way, Melbourne, FL 32934
    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!