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    The Largest CRE Database in the US with Over 1 Million Listings

    1194 Cor Lot On Rabbit St Palm Bay, FL 32909

    Sponsored
    For Sale
    $44,000

    Prime 0.26-acre commercial/residential land

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional 11,326 square foot corner lot presents a unique investment opportunity in Palm Bay, Florida. Located in Port Malabar Unit #22, this property boasts convenient access to essential amenities and is zoned Rs2, allowing for single-family residential development. City water is readily available. The lot's strategic location offers proximity to various conveniences, including Publix supermarket (3.7 miles/8 minutes), Bayside High and Westside Elementary Schools (4.9 miles/9 minutes), Melbourne Square Mall (12.4 miles/26 minutes), and the beaches of Indialantic (14.3 miles/30 minutes). The property is easily accessible, situated near the intersection of Eldron Boulevard and Rabbit Street SE, a short drive from Exit 173 of I-95. This oversized lot presents significant potential for both residential and commercial development, making it an attractive proposition for discerning investors seeking a versatile property in a desirable location. The asking price is $44,000. The property is situated in Brevard County, Florida, zip code 32909. Detailed location coordinates are available upon request.

    Property Features for 1194 Cor Lot On Rabbit St

    General Information

    Property type
    Land

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    Listing Contact
    Philip Rotondo
    Philip Rotondo

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    HighLights

    • 11,326 SF corner lot in Palm Bay, FL (Port Malabar Unit #22).
    • Rs2 zoning allows single‑family residential development.
    • City water available.
    • Close proximity to Publix, schools, Melbourne Square Mall, and Indialantic beaches.
    • Easy I‑95 access (Exit 173) near Eldron Blvd & Rabbit St SE.
    • $44,000 asking price; Brevard County, FL 32909.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6355246
    Latitude
    27.9359363

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    FAQs

    What type of property is this?
    Land - Prime 0.26-acre commercial/residential land
    Where is this land located?
    The property is located at 1194 Cor Lot On Rabbit St Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $44,000.
    What are key features of this property?
    This property features: 11,326 SF corner lot in Palm Bay, FL (Port Malabar Unit #22).; Rs2 zoning allows single-family residential development.; City water available.
    Request Owner's contact information
    1194 Cor Lot On Rabbit St 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
    1194 Cor Lot On Rabbit St Palm Bay, FL 32909
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    Listing Contact
    Philip Rotondo
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