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    Melbourne Executive District Vacant Land Title is generated by Realmo AI

    1150 Gateway Dr, Melbourne, FL 32901

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    23.24-acre commercial land parcel in Melbourne Executive District.

    Type:Land
    Lot size:
    23.24 Acres
    Added:
    Aug 28, 2017
    Days on Market:
    3199
    Last Refresh:
    May 19 at 10:28 pm

    Property Features for 1150 Gateway Dr

    General Information

    Standard status
    Active
    Lot size
    23.24 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Michael Dreyer

    Listing agent Michael Dreyer

    Listing office Dreyer & Associates Real Estate Group

    Listing date Aug 28, 2017

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Dreyer & Associates Real Estate Group

    HighLights

    • Prime location in the Melbourne Executive District, surrounded by major engineering and corporate firms.
    • M‑1 Commercial zoning allows for diverse development options.
    • Significant traffic counts on surrounding roads.
    • Northrop Grumman campus expansion directly across Nasa Blvd, adding 1900 new jobs.
    • Future Ellis Road four‑lane thoroughfare with a new, fully funded interchange at I‑95.
    • Large 23.24‑acre rectangle‑shaped vacant parcel, offering ample space for development.

    Overview

    This 23.24-acre, vacant, rectangle-shaped parcel is located in the Melbourne Executive District. Zoned M-1 Commercial, possible uses include office, hotel, motel, restaurant, retail, convention center, bank, and multi-family. The property is flanked by large engineering and corporate firms. Traffic counts in this area are: Nasa Boulevard - 25,420 (high) - 15,010 (low); Evans Road - 16,510; Gateway Drive - 3,550. The Northrup Grumman campus is directly across Nasa Blvd and is expanding to add 1900 new jobs, bringing their total employee population to 4000 individuals. Harris, Embraer, Health First, and Rockwell Collins are located a mile or less from this site. NASA Boulevard, located north of the site, runs west and ties directly into Ellis Road with a signalized intersection at Wickham Road. Ellis Road will be a four-lane thoroughfare in the next few years and have a full new interchange at I-95. The interchange is fully funded. The property is located within Melbourne Orlando International Airport Height Restriction Zone but is not within the airports flight pattern. Any future development of the property will require working with the Federal Aviation Administration and completing a “Part 77 Flight Study”. The parcel consists of 12.00 acres and 10.54 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6531112
    Latitude
    28.0917215

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    FAQs

    What type of property is this?
    Commercial land - 23.24-acre commercial land parcel in Melbourne Executive District.
    Where is this commercial land located?
    The property is located at 1150 Gateway Dr Melbourne, FL.
    What is the asking price?
    The asking price for this property is $21,000,000.
    What are key features of this property?
    This property features: Prime location in the Melbourne Executive District, surrounded by major engineering and corporate firms.; M‑1 Commercial zoning allows for diverse development options.; Significant traffic counts on surrounding roads.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Dreyer
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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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