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    66 San Filippo Dr Palm Bay, FL 32909

    Sponsored
    For Sale
    $832,500

    Industrial warehouse suites, 450-2,200 sq ft.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    410
    Hopkins Business Plaza offers exceptional warehouse space in a prime Hopkins location. This single, two-story building totaling 40,208 square feet, built in 1961 and renovated in 2018, features two available suites. Suite A offers 2,200 square feet, while Suite B provides 450 square feet; these can be combined for up to 2,650 contiguous square feet. Currently, 2,650 square feet are vacant. Both suites are available for lease at a gross rate of $12 per square foot annually. All utilities, heat, AC, and taxes are included in the rent. Lease terms are flexible, ranging from one to three years, with options for three-month extensions beyond the initial term. Negotiable lease terms are available. Renters insurance is required. The property boasts convenient access via 6-foot wide double doors, free off-street parking, and onsite security. Its strategic location near Excelsior Boulevard, Shady Oak Road, and Highways 7 and 169, within Hopkins' industrial district, makes it ideal for businesses needing efficient storage or workshop space. The zoning is Res-Office Mix TOD. This value-priced space is perfect for storing high-value items such as home furnishings or art. Minimum divisible space is 450 square feet.

    Property Features for 66 San Filippo Dr

    General Information

    Property type
    Land
    Lot Size
    81,457 SF

    We can help!

    Listing Contact
    Vahid Rajabian
    Vahid Rajabian

    Learn more

    HighLights

    • 40,208 SF industrial warehouse building with multiple suites available.
    • Two suites available, ranging from 450 SF to 2,200 SF contiguous space (2,650 SF max combined).
    • $12/SF/year gross rent, including utilities, taxes, and HVAC. Lease terms are flexible, with options for 1‑3 year leases and 3‑month extensions. Renters insurance required.
    • Building features include 6' wide double‑door access and free off‑street parking. The property was built in 1961 and renovated in 2018.
    • Conveniently located near Excelsior Blvd, Shady Oak Rd, and Highways 7 and 169, in Hopkins' industrial district. Onsite security.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6348404
    Latitude
    27.9858643

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    FAQs

    What type of property is this?
    Land - Industrial warehouse suites, 450-2,200 sq ft.
    Where is this land located?
    The property is located at 66 San Filippo Dr Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $832,500.
    What are key features of this property?
    This property features: 40,208 SF industrial warehouse building with multiple suites available.; Two suites available, ranging from 450 SF to 2,200 SF contiguous space (2,650 SF max combined).; $12/SF/year gross rent, including utilities, taxes, and HVAC. Lease terms are flexible, with options for 1-3 year leases and 3-month extensions. Renters insurance required.
    Request Owner's contact information
    66 San Filippo Dr Palm Bay, FL 32909
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    Palm Bay, FL 32909
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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
    66 San Filippo Dr Palm Bay, FL 32909
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