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    Property profile & analytics

    1357 Union St Palm Bay, FL 32909

    • Commercial real estate
    For Sale
    View listing
    $41,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8594874
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1357 Union St

    Property type
    Commercial real estate

    Description

    This exceptional 10,019 square foot lot presents a unique investment opportunity in Palm Bay, Florida. Zoned for both commercial and residential use, this 0.23-acre parcel offers incredible flexibility for developers and investors. Situated in the desirable Port Malabar Unit 15, the property enjoys a convenient location, just a short distance from essential amenities and major transportation routes. A mere three minutes from Columbia Elementary School and seven minutes from a Publix Supermarket, this lot provides easy access to daily necessities. Commuters will appreciate its proximity to Melbourne Airport (22 minutes) and the beautiful beaches of Indialantic (26 minutes). The property's address is 1357 Union Street SE, Palm Bay, FL 32909, within Brevard County. Detailed driving directions are available: From I-95 exit 173, travel west on Malabar Road for 0.2 miles, turn left onto San Filippo Drive for 1.6 miles, and then left again onto Union Street. The lot is located on the left. The asking price for this versatile property is $41,000. This presents a compelling opportunity to capitalize on the growing Palm Bay market. Don't miss this chance to acquire a highly desirable lot with significant potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.63244
    Latitude
    27.975777

    Comparable in this City

    • $4,950,000
      18.00 Acres

      Palm Bay 18-Acre Development Land

      Unentitled land, multi-use potential.
      6950 Babcock St, Palm Bay, FL 32909
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    • $79,500

      Palm Bay Commercial Land Investment

      10,019 SF Vacant Lot, Prime Location
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    • $45,000

      Palm Bay Commercial Land Opportunity

      10,454 SF Lot, $45,000
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    • $57,000

      Palm Bay Commercial Land Opportunity

      Prime 10,454 SF lot, ideal for mixed-use.
      999 Colonial Ave, Palm Bay, FL 32909
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    • $65,000

      Palm Bay Commercial/Residential Land

      Prime 0.28-acre corner lot, $65,000
      3200 Cor Lot On Hainsworth Ave, Palm Bay, FL 32909
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    • $49,500

      Palm Bay Commercial Land

      0.27-Acre Corner Lot, Buildable
      899 Cor Lot On Wheatley St, Palm Bay, FL 32909
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    Similar Nearby for Sale

    • $4,950,000
      18.00 Acres

      Palm Bay 18-Acre Development Land

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    • $79,500

      Palm Bay Commercial Land Investment

      10,019 SF Vacant Lot, Prime Location
      172 Crescent St, Palm Bay, FL 32909
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    • $45,000

      Palm Bay Commercial Land Opportunity

      10,454 SF Lot, $45,000
      2265 Queens St, Palm Bay, FL 32909
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    • $57,000

      Palm Bay Commercial Land Opportunity

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      999 Colonial Ave, Palm Bay, FL 32909
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    • $65,000

      Palm Bay Commercial/Residential Land

      Prime 0.28-acre corner lot, $65,000
      3200 Cor Lot On Hainsworth Ave, Palm Bay, FL 32909
      View Details
    • $49,500

      Palm Bay Commercial Land

      0.27-Acre Corner Lot, Buildable
      899 Cor Lot On Wheatley St, Palm Bay, FL 32909
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
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      Palm Bay Retail Storefront Opportunity

      1,152 SF Retail Space Available in Palm Bay, FL
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    • $20 SF/Yr
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      Prime Assisted Living Facility

      Lease this 6-bed ALF in quiet SE location.
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    • $1,100 /Mo
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      Retail Space in Palm Bay

      Retail space available for lease in Palm Bay, Florida.
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    • $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
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    1357 Union 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
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