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    1503 Lake Dr Cocoa, FL 32922
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    1503 Lake Dr, Cocoa, FL 32922

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    • Industrial properties
    • 9,450 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • FRIDDLE MARINE, LLC / (Bike/Boat/Book/etc) Store

    Property Details for 1503 Lake Dr

    Year built
    1973
    Property type
    Industrial properties
    Property subtype
    Flex space

    Description

    This Cocoa, Florida industrial complex offers 9,450 square feet of flex space across two buildings. Built in 1973, the property features eight individual warehouse units, each with a 13-foot ceiling height. Unit sizes range from approximately 1,000 square feet to 2,000 square feet, with some units offering the possibility of combining for larger spaces. Each unit includes a roll-up door, and combined units will have two. The complex sits on 1.1 acres and provides two convenient entrances from Lake Drive Road. The property is located in Brevard County, Florida, with the address being 1503 Lake Dr, Cocoa, FL 32922. This multi-tenant property presents a unique opportunity for businesses seeking flexible industrial space in a well-established location. The property's APN is 24-36-32-00-00264.0-0000.00.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Cocoa
    County
    Brevard
    State
    Florida
    Longitude
    -80.7534
    Latitude
    28.3601

    Comparable in this City

    • Value Estimation by Request
      12,000 SF

      849 Cocoa Blvd

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      849 Cocoa Blvd, Cocoa, FL 32922
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    • Value Estimation
      $3,045,000
      17,264 SF

      11 Riverside Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      11 Riverside Dr, Cocoa, FL 32922-7840
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    • Value Estimation by Request
      4,158 SF

      313 Delannoy Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      313 Delannoy Ave, Cocoa, FL 32922-8207
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    • Value Estimation by Request
      2,034 SF

      501 Florida Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      501 Florida Ave, Cocoa, FL 32922-7931
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    • Value Estimation
      $1,970,000
      19,345 SF

      117 Hughlett Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      117 Hughlett Ave, Cocoa, FL 32922-7671
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    • Value Estimation by Request
      14,618 SF

      1314 Clearlake Rd

      Distribution properties
      1314 Clearlake Rd, Cocoa, FL 32922
      View Details

    Similar Nearby for Sale

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      4,416 SF

      Renovated Warehouse with Office Space

      Recently renovated warehouse with office space and multiple access points.
      203 N Fiske Blvd, Cocoa, FL 32922
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    • $704,000

      Renovated Warehouse with Office Space

      4,416 SF renovated warehouse with office space for sale.
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      1,386 SF

      Mixed-Use Property with Showroom

      Mixed-use property featuring showroom, office, and workshop spaces.
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      27,780 SF

      Brevard County Warehouse Opportunity

      Two buildings on 2.57 acres, great location and accessibility.
      324 Clearlake Rd, Cocoa, FL 32922
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      4,000 SF

      Cocoa Retail/Warehouse Opportunity

      4,000 SF building with retail and warehouse space.
      308 Willard St, Cocoa, FL 32922
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    Similar Nearby for Lease

    • $1,800,000
      6,000 SF

      Freestanding Cocoa Commercial Building For Rent

      6,000 SF commercial building with showroom and flex space.
      809 North Cocoa Blvd, Cocoa, FL 32922
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      Industrial Warehouse and Storage Space

      Industrial warehouse and storage space with fenced yard in Cocoa.
      815 N Cocoa Blvd, Cocoa, FL 32922
      View Details
    • Contact for pricing

      Mixed-Use Property Near Universities

      Multi-tenant property with office, retail, and industrial spaces available.
      1314 Clearlake Rd, Cocoa, FL 32922
      View Details
    • Contact for pricing

      Warehouse with Railway Spur Access

      Warehouse space featuring multiple overhead doors and railway access.
      440 Railroad Ave, Cocoa, FL 32922
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    • Contact for pricing

      Industrial Complex with Warehouse Units

      9,450 SF industrial complex featuring multiple warehouse units for rent.
      1503 Lake Dr, Cocoa, FL 32922
      View Details
    • Contact for pricing
      12,769 SF

      Warehouse Opportunity on Cocoa Blvd

      Warehouse space with loading dock and high traffic location.
      951 N Cocoa Blvd, Cocoa, FL 32922
      View Details
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    Cocoa, FL 32922
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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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