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Property profile & analytics
OFF-MARKET
Estimated value
$4,155,000
Office buildings
1341 Medical Park Dr Melbourne, FL 32901-3201
Entity Owned
9-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-4145437
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1998
Construction
STEEL FRAME
Total area
25,105 SF
Lot
2 ac (87,120 SF)
Zoning code
C1
APN
27-37-34-79-00000.0-0003.00
UPID
US18-4145437
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Florida Perinatal Associates Physician
-
Dr. Robert A. Cooper, MD Physician
-
Moore James Medical Clinic
-
David W Ferguson, PA-C Physician
-
Rejuvenate Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.61M
Comparable Approach
Comparable
$4.15M
Blend (final)
Blend
$4.16M
Owner & transaction history
Health First INC · 9 yrs held
Health First INC
since 2017
3 recorded transactions
Zoning & alternative use
C1 · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.6M
+27.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Melbourne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melbourne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$6,075,000
6.5%
$5,605,000
7%
$5,205,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,385,000
Current use
AUTO REPAIR, GARAGE
$5,610,000
Change: +28% · Conversion: Difficult
RETAIL STORES
$4,305,000
Change: -2% · Conversion: Moderate
MEDICAL BUILDING
$4,015,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$4.16M
Range $3.74M – $4.57M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$166 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$49,822
Tax year 2023
Assessed value
$2,842,970
Assessed 2023
Previous assessed
$2,388,110
+19.0% YoY
Effective rate
1.75%
On assessed value
Assessed land
$938,430
Assessed improvement
$1,904,540
Land market value
$938,430
Improvement market value
$1,904,540
Total market value
$2,842,970
Applied tax rate
53.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1998
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
5
Total area
25,105 SF
Lot
2 ac (87,120 SF)
Zoning code
C1
APN
27-37-34-79-00000.0-0003.00
UPID
US18-4145437
Jurisdiction
BREVARD
Zoning & alternative use
C1 · Melbourne, FL
Zoning C1 · permitted uses
C1 · Melbourne, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melbourne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.4M
AUTO REPAIR, GARAGE
Est. value
$5.6M
RETAIL STORES
Est. value
$4.3M
MEDICAL BUILDING
Est. value
$4.0M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
5
Lot
2 ac
Current owner
From public records · entity-resolved
Health First INC
Entity
Free & Clear · 9 yrs held
Mailing address
6450 US HWY 1ST 1, ROCKLEDGE, FL 32955-5747
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2017
$2,733,400
Health First INC
Melbourne II Medical Prop LLC
Grant Deed
related
—
Mar 6, 2015
$2,250,000
Melbourne II Medical Properties LLC
Ventas Realty Limited Partnership
Special Warranty Deed
$72,787,500 · General Electric Capital Corp
Oct 11, 2004
$4,396,900
Ventas Realty
Wea Partners Ltd
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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