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

    1355 Palm Bay Rd Melbourne, FL 32905-3838

    • Medical offices
    • 11,130 SF
    • 1.48 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2021
    $6,750,000
    Value Estimations
    $7,675,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6431334
    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

    • Fresenius Kidney Care Brevard / Dialysis Center

    Property Details for 1355 Palm Bay Rd

    Year built
    2016
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.48 lot acres
    Property size
    11,130 SF
    Zone code
    C1
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    28-37-21-27-0000B.0-0002.00
    APU
    283721270000B0000200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,675,000
      ML approach
      $7,110,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $6,065,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6324
    Latitude
    28.0358
    CBSA code
    37340
    CBSA name
    PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $37,716
    $446,200
    $1,579,660
    $2,025,860
    -
    $446,200
    $1,579,660
    $2,025,860

    Comparable in this City

    • Value Estimation
      $340,000
      2,237 SF

      2090 Palm Bay NE Rd

      DENTAL BUILDING • 2,237 SF
      2090 Palm Bay NE Rd, Palm Bay, FL 32905-2913
      View Details
    • Value Estimation
      $565,000
      10,867 SF

      1091 Prt Malabar NE Blvd

      MEDICAL BUILDING • 10,867 SF
      1091 Prt Malabar NE Blvd, Palm Bay, FL 32905-5100
      View Details
    • Value Estimation
      $490,000
      4,949 SF

      1761 Palm Bay NE Rd

      DENTAL BUILDING • 4,949 SF
      1761 Palm Bay NE Rd, Palm Bay, FL 32905-2902
      View Details
    • Value Estimation
      $315,000
      1,372 SF

      1452 Bellaire NE Ln

      DENTAL BUILDING • 1,372 SF
      1452 Bellaire NE Ln, Palm Bay, FL 32905-3902
      View Details
    • Value Estimation
      $335,000
      15,646 SF

      5191 Babcock NE St

      MEDICAL CLINIC • 15,646 SF
      5191 Babcock NE St, Palm Bay, FL 32905-4610
      View Details
    • Value Estimation
      $420,000
      4,713 SF

      1890 Palm Bay NE Rd

      MEDICAL BUILDING • 4,713 SF
      1890 Palm Bay NE Rd, Palm Bay, FL 32905-3071
      View Details

    Similar Nearby for Sale

    • $325,000
      1,870 SF

      Palm Bay Office Building Investment

      1,870 SF Office, Vacant, Seller Financing
      2179 Julian Ave, Palm Bay, FL 32905
      View Details
    • $395,000
      1,870 SF

      Palm Bay Commercial Opportunity

      Well-maintained commercial space suitable for medical or professional office.
      2179 Julian Ave NE, Palm Bay, FL 32905
      View Details
    • $300,000
      1,150 SF

      2115 Palm Bay Rd

      Office Properties & Spaces • 1,150 SF
      2115 Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • $250,000

      Palm Bay Commercial Land Investment

      Prime 37,897 sq ft Commercial Lot
      1825 Market Cir, Palm Bay, FL 32905
      View Details
    • $35,000

      Palm Bay Commercial Land Investment

      8,276 sq ft Mixed-Use Lot
      0 Noon 4 Ave Ave, Palm Bay, FL 32905
      View Details
    • $199,500

      Commercial Lot in Port Malabar

      Commercial lot in thriving Port Malabar Industrial Park.
      3267 Julian Ave NE, Palm Bay, FL 32905
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      65,708 SF

      Palm Bay Medical Office Building

      Multi-tenant office suites, prime location
      5200 Babcock St, Palm Bay, FL 32905
      View Details
    • $16 SF/Yr
      7,437 SF

      Woodlake Office Park: Palm Bay, FL

      Prime Office Space, Space Coast, FL
      4620 Lipscomb St, Palm Bay, FL 32905
      View Details
    • $18 SF/Yr
      41,700 SF

      Palm Bay Executive Office Space

      Prestigious Palm Bay office suites available.
      5240 Babcock St, Palm Bay, FL 32905
      View Details
    • $10 SF/Yr
      10,996 SF

      Palm Bay Flex Space Available

      Flex space in Palm Bay's industrial center for lease.
      1591 Robert J Conlan Blvd NE, Palm Bay, FL 32905
      View Details
    • $9 SF/Yr
      171,000 SF

      Woodlake Commerce Park Office Space

      8,150 SF Office, Flexible Layout
      2330 Commerce Park Dr, Palm Bay, FL 32905
      View Details
    • $10 SF/Yr
      71,968 SF

      Palm Bay Corporate Office Park

      Flexible Office & Industrial Space in Palm Bay, FL
      1571-1591 Robert J Conlan Blvd, Palm Bay, FL 32905
      View Details
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    1355 Palm Bay Rd
    Melbourne, FL 32905-3838
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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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