Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Pad 2 St Johns Heritage Pkwy & Heritage Lk Blvd West Melbourne, FL 32904

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    Pad 2 St Johns Heritage Pkwy & Heritage Lk Blvd West Melbourne, FL 32904

    View on Map
    • Retail properties & Spaces
    • 81,457 SF
    • 1.87 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for Pad 2 St Johns Heritage Pkwy & Heritage Lk Blvd

    Lot size
    1.87 lot acres
    Property size
    81,457 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional 1.87-acre commercial land parcel presents a unique investment opportunity in West Melbourne, Florida. Located at the highly visible intersection of St. Johns Heritage Parkway and Heritage Lakes Boulevard (Pad 2), this Class A property boasts 81,457 square feet and benefits from a Gateway Interchange West Melbourne zoning designation. The site is part of the Heritage Lakes development, a thriving 280+-acre mixed-use project featuring a 150-unit single-family residential subdivision (currently 100% occupied) and a 374-unit multi-family apartment complex (currently leasing). This ensures a substantial and growing customer base for any retail establishment. The property's strategic location at a soon-to-be signalized intersection provides excellent visibility and accessibility. Existing tenants include nationally recognized brands such as Dollar General, Starbucks, Taco Bell, and Wawa, further solidifying the area's commercial viability. The property is offered fee simple and is ideal for a variety of uses, including but not limited to banking, convenience stores, and quick-service restaurants. The ample ingress and egress points ensure convenient access for customers and employees. This is a rare opportunity to acquire a prime commercial parcel in a rapidly expanding area with strong demographics and significant development momentum. The APN is 3027549. Don't miss this chance to capitalize on this exceptional location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.7123
    Latitude
    28.093

    Comparable in this City

    • Value Estimation by Request
      2.03 Acres

      St Johns Heritage Pkwy & Heritage Lk Blvd

      Restaurants • 88,427 SF
      0 St Johns Heritage Pkwy & Heritage Lk Blvd, West Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      1.74 Acres

      Pad 6 St Johns Heritage Pkwy & Heritage Lk Blvd

      Restaurants • 75,794 SF
      Pad 6 St Johns Heritage Pkwy & Heritage Lk Blvd, West Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      1.65 Acres

      Pad 5 St Johns Heritage Pkwy & Heritage Lk Blvd

      Restaurants • 71,874 SF
      Pad 5 St Johns Heritage Pkwy & Heritage Lk Blvd, West Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      2.16 Acres

      Pad 3 St Johns Heritage Pkwy & Heritage Lk Blvd

      Restaurants • 94,089 SF
      Pad 3 St Johns Heritage Pkwy & Heritage Lk Blvd, West Melbourne, FL 32904
      View Details
    • Value Estimation by Request

      3245 New Haven Ave

      Land
      3245 New Haven Ave, Melbourne, FL 32904
      View Details
    • Value Estimation by Request
      6,900 SF

      1970 New Hvn Ave

      FINANCIAL BUILDING • 6,900 SF
      1970 New Hvn Ave, Melbourne, FL 32904-3914
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Space Coast Town Center Development

      Mixed-use development opportunity in growing Space Coast region.
      US-192 & St Johns Heritage Pkwy, West Melbourne, FL 32904
      View Details
    • $3,600,000
      16,826 SF

      Retail and Industrial Space Available

      16,826 SqFt retail and industrial property for sale.
      3800 W New Haven Ave, Melbourne, FL 32904
      View Details
    • $420,000

      Melbourne Industrial Land - $420K

      Prime Melbourne location, 30,492 sq ft lot, ideal for warehousing.
      0000 Commerce Dr, Melbourne, FL 32904
      View Details
    • Contact for pricing
      10,000 SF

      Vacant Lot in Palm Bay

      0.23-acre vacant lot with paved road access in Palm Bay.
      2426 Ottawa Cir Southwest, Palm Bay, FL 32904
      View Details
    • $420,000

      Melbourne Industrial Land - $420K

      Prime Melbourne location, 30,492 sq ft lot.
      0000 Commerce Dr, Melbourne, FL 32904
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Acre on Hollywood Blvd

      One acre commercial land available for lease or build-to-suit.
      Hollywood Blvd & Palm Bay Rd NE, West Melbourne, FL 32904
      View Details
    • $17 SF/Yr
      3,000 SF

      Melbourne Retail & Office Space

      Prime 3,000 SF Single-Tenant Retail/Office
      3300 New Haven Ave, Melbourne, FL 32904
      View Details
    • Contact for pricing

      Space Coast Town Center

      Mixed-use development opportunity in growing Florida Space Coast region.
      US-192 & St Johns Heritage Pkwy, Melbourne, FL 32904
      View Details
    • $17 SF/Yr
      1,425 SF

      Downtown Office Space - Perfect for Your Business

      1425 sq ft Office, Retail Space Available
      51 Carolina St, West Melbourne, FL 32904
      View Details
    • Contact for pricing

      Land for Lease Melbourne

      Land available for lease in Melbourne, Florida.
      551 N Wickham Rd, Melbourne, FL 32904
      View Details
    • $38 SF/Yr
      1,000 SF

      Retail Space in Growing Area

      Located in a high-growth area with strong tenant lineup.
      6385-6395 N Wickham Rd, Melbourne, FL 32904
      View Details
    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.
    Pad 2 St Johns Heritage Pkwy & Heritage Lk Blvd
    West Melbourne, FL 32904
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!