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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Grocery and convenience stores
1506 Water NE Dr Palm Bay, FL 32905-3668
Entity Owned
2-yr Hold
Free & Clear
Property ID
US18-4610161
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
1961
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,436 SF
Lot
0.64 ac (27,878 SF)
Zoning code
BMU
APN
28-37-24-27-00005.0-0001.00
UPID
US18-4610161
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$550k
CAP Approach
CAP
$705k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$550k
Owner & transaction history
Palm Bay Landing LLC · 2 yrs held
Palm Bay Landing LLC
since 2024
Last sale
$550,000
4 recorded transactions
Zoning & alternative use
BMU · Palm Bay, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$770,000
+63.2%
Retail stores
$590,000
+25.3%
Medical building
$550,000
+16.9%
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 Palm Bay submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Palm Bay 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
$550,000
ML approach
$550,000
CAP Approach
CAP Return
Estimation
6%
$765,000
6.5%
$705,000
7%
$655,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$470,000
Current use
AUTO REPAIR, GARAGE
$770,000
Change: +63% · Conversion: Difficult
RETAIL STORES
$590,000
Change: +25% · Conversion: Easy
MEDICAL BUILDING
$550,000
Change: +17% · Conversion: Difficult
OFFICE BUILDING
$520,000
Change: +10% · Conversion: Moderate
WAREHOUSE, STORAGE
$445,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$550k
Range $495k – $605k · ±10% · vs last sale $550k (Apr 2 2024)
Last sale anchor
$550k
Apr 2 2024
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
$160 / 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
$3,669
Tax year 2023
Assessed value
$188,070
Assessed 2023
Previous assessed
$188,070
+0.0% YoY
Effective rate
1.95%
On assessed value
Assessed land
$138,600
Assessed improvement
$49,470
Land market value
$138,600
Improvement market value
$49,470
Total market value
$188,070
Applied tax rate
34.0000
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
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
1961
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Total area
3,436 SF
Lot
0.64 ac (27,878 SF)
Zoning code
BMU
APN
28-37-24-27-00005.0-0001.00
UPID
US18-4610161
Jurisdiction
BREVARD
Zoning & alternative use
BMU · Palm Bay, FL
Zoning BMU · permitted uses
BMU · Palm Bay, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Palm Bay. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$470,000
AUTO REPAIR, GARAGE
Est. value
$770,000
RETAIL STORES
Est. value
$590,000
MEDICAL BUILDING
Est. value
$550,000
OFFICE BUILDING
Est. value
$520,000
WAREHOUSE, STORAGE
Est. value
$445,000
NEIGHBORHOOD: SHOPPING CENTER Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1961
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Lot
0.64 ac
Current owner
From public records · entity-resolved
Palm Bay Landing LLC
Entity
Free & Clear · 2 yrs held
Mailing address
581 YOUNG ST, MELBOURNE, FL 32935-7056
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 2, 2024
$550,000
Palm Bay Landing LLC
Krishna Kunj LLC
Warranty Deed
—
Apr 5, 2017
—
Krishna Kunj LLC
Ghetiya,jayantilal T & Kanta J
Quit Claim Deed
related
—
Mar 17, 2017
—
Krishna Kunj LLC
Ghetiya,jayantilal T & Kanta J
Quit Claim Deed
related
—
Oct 6, 2003
$275,000
Jayantilal T Ghetiya
Tumpney,laurie
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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