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Property profile & analytics
OFF-MARKET
Estimated value
$790,000
Medical Office Space
15 Hibiscus Blvd Melbourne, FL 32901-3101
Entity Owned
16-yr Hold
~
Est. High Equity
Property ID
US18-0586738
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
8,040 SF
Lot
0.34 ac (14,810 SF)
Zoning code
C1
APN
28-37-03-26-00000.0-0022.02
UPID
US18-0586738
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
-
Heshmati Nima MD Physician
-
Space Coast Health and Wellness Alternative Medicine Practice
-
Dr. Heidar Heshmati Physician
-
Melbourne Medical Center Medical Clinic
-
Brevard County Medical Society Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$769k
Blend (final)
Blend
$790k
Owner & transaction history
Rad B LLC · 16 yrs held
Rad B LLC
since 2010
7 recorded transactions
Zoning & alternative use
C1 · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,285,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,100,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$790k
Range $711k – $869k · ±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
$98 / 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
$12,088
Tax year 2023
Assessed value
$664,500
Assessed 2023
Previous assessed
$664,130
+0.1% YoY
Effective rate
1.82%
On assessed value
Assessed land
$122,510
Assessed improvement
$541,990
Land market value
$122,510
Improvement market value
$541,990
Total market value
$664,500
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
3
Total area
8,040 SF
Lot
0.34 ac (14,810 SF)
Zoning code
C1
APN
28-37-03-26-00000.0-0022.02
UPID
US18-0586738
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
MEDICAL BUILDING Current
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
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
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
3
Lot
0.34 ac
Current owner
From public records · entity-resolved
Rad B LLC
Entity
Mailing address
PO BOX 372400, SATELLITE BCH, FL 32937-0400
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 20, 2018
—
Williamson Proert Holdings LLC
—
Deed
related
$2,000,000 · Branch Bk&tr
Apr 15, 2010
—
Rad B LLC
Radfar,farideh
Quit Claim Deed
related
—
Jun 12, 2006
—
Rad B LLC
Radfar,farideh
Quit Claim Deed
related
—
Apr 12, 2006
$125,000
Farideh Radfar
Rad B LLC
Quit Claim Deed
related
$730,625 · Firstbank Florida
Jun 8, 2005
—
Record Owner
Radfar,farideh
Quit Claim Deed
related
—
Oct 25, 2004
—
Rad B LLC
Radfar,farideh
Warranty Deed
related
—
—
—
Williamson Proert Holdings LLC
—
Deed Of Trust
related
$2,000,000 · Branch Bk&tr
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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