Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    899 Cor Lot On Wheatley St Palm Bay, FL 32909

    • Land
    For Sale
    View listing
    $49,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 899 Cor Lot On Wheatley St

    Property type
    Land

    Description

    This exceptional 11,761 square foot corner lot presents a unique investment opportunity in Palm Bay, Florida. Located in Port Malabar Unit #24, this buildable lot is zoned Rs-2 and offers significant potential for commercial or residential development. The property's oversized size provides ample space for various construction projects. Importantly, it sits in Flood Zone X, eliminating the need for flood insurance, a significant cost savings for future development. Enjoy convenient access to a wealth of amenities, including Publix supermarket (a 6-minute drive), Bayside High and WestSide Elementary Schools (within a 7-minute drive), Melbourne Square mall (28-minute drive), and the beaches of Indialantic (30-minute drive). The lot's prime location offers easy access via I-95, Exit 173, followed by a straightforward route along Malabar Road SE, San Filippo Drive SE, Cogan Drive, and finally Wheatley Street SE. This is a rare opportunity to acquire a large, well-situated lot in a thriving Florida community. The asking price for this desirable property is $49,500. Don't miss out on this chance to build your dream project or secure a valuable investment in a rapidly growing area. The property is located at 899 Wheatley Street SE, Palm Bay, FL 32909.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6462
    Latitude
    27.9243

    Comparable in this City

    • Value Estimation by Request

      798 Seven Gables Cir

      Land
      798 Seven Gables Cir, Palm Bay, FL 32909
      View Details
    • Value Estimation by Request
      1.75 Acres

      328 Malabar Rd

      Land • 1.75 Acres
      328 Malabar Rd, Palm Bay, FL 32909
      View Details
    • Value Estimation by Request

      2590 Quarry Ave

      Land
      2590 Quarry Ave, Palm Bay, FL 32909
      View Details
    • Value Estimation by Request

      1880 Warton Ave

      Land
      1880 Warton Ave, Palm Bay, FL 32909
      View Details
    • Value Estimation by Request

      1531 Newport St

      Land
      1531 Newport St, Palm Bay, FL 32909
      View Details
    • Value Estimation by Request

      2909 Grant Ave

      Land
      2909 Grant Ave, Palm Bay, FL 32909
      View Details

    Similar Nearby for Sale

    • $52,000

      Palm Bay Land: Prime Location

      10,018 sq ft lot, build your dream!
      1571 Painter St, Palm Bay, FL 32909
      View Details
    • $159,000

      Palm Bay Commercial Land

      2.53-acre lot, equestrian community
      8576 Horseshoe Ave, Palm Bay, FL 32909
      View Details
    • $41,000

      Palm Bay Commercial/Residential Land

      10,019 sq ft lot, prime location
      1357 Union St, Palm Bay, FL 32909
      View Details
    • $33,000

      Palm Bay Commercial Land - $33K

      Prime Commercial/Residential Lot, 13,504 sq ft.
      2153 Thames Rd, Palm Bay, FL 32909
      View Details
    • $89,999

      Palm Bay Commercial Land - $89K

      10,454 sq ft lot, dual residential potential.
      1631 Waldrep St, Palm Bay, FL 32909
      View Details
    • $95,000

      Palm Bay Commercial Land Opportunity

      10,019 SF Buildable Lot, $95,000
      798 Seven Gables Cir, Palm Bay, FL 32909
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      2,065 SF

      Prime Assisted Living Facility

      Lease this 6-bed ALF in quiet SE location.
      291 Awin Cir, Palm Bay, FL 32909
      View Details
    • $18 SF/Yr
      15,970 SF

      Palm Bay Retail Storefront Opportunity

      1,152 SF Retail Space Available in Palm Bay, FL
      3565 Jupiter Blvd, Palm Bay, FL 32909
      View Details
    • $1,100 /Mo
      900 SF

      Retail Space in Palm Bay

      Retail space available for lease in Palm Bay, Florida.
      1707 Canova St Se, Palm Bay, FL 32909
      View Details
    • $1,050 /Mo
      1,200 SF

      Office/Warehouse Unit For Rent

      1200 SF office/warehouse unit with loading door available for rent.
      360 Thor Ave SE, Palm Bay, FL 32909
      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.
    899 Cor Lot On Wheatley St
    Palm Bay, FL 32909
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.