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

    1509 Hbr City Blvda Melbourne, FL 32935-6572

    • Medical offices
    • 10,830 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Aug 16, 2022
    $1,630,000
    Value Estimations
    $1,660,000
    Show details
    Cap Rate Potential
    8.1%
    Medical offices
    Location Intelligence
    Property ID
    US18-5044817
    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

    • Medical offices

    Property Details for 1509 Hbr City Blvda

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.39 lot acres
    Property size
    10,830 SF
    Zone code
    C3
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    27-37-16-25-00040.0-0004.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,690,000
      ML approach
      $1,745,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,270,000
      6.5%
      $2,095,000
      7%
      $1,945,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,035,000
      Market price range: $1.04M - $2.30M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,735,000
      Current use
      AUTO REPAIR, GARAGE
      $2,420,000
      Change: +40% Conversion: Difficult
      RETAIL STORES
      $1,580,000
      Change: -9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,485,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6309
    Latitude
    28.1315
    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
    $10,322
    $163,700
    $399,580
    $563,280
    -
    $163,700
    $399,580
    $563,280

    Comparable in this City

    • Value Estimation
      $175,000
      1,462 SF

      2268 Sarno Rd

      DENTAL BUILDING • 1,462 SF
      2268 Sarno Rd, Melbourne, FL 32935-3004
      View Details
    • Value Estimation
      $485,000
      0.70 Acres

      18 Dl Ave

      DENTAL BUILDING • 0.70 Acres
      18 Dl Ave, Melbourne, FL 32935-6975
      View Details
    • Value Estimation
      $330,000
      2,340 SF

      469 Hbr City Blvd

      DENTAL BUILDING • 2,340 SF
      469 Hbr City Blvd, Melbourne, FL 32935-6857
      View Details
    • Value Estimation
      $390,000
      4,567 SF

      3605 Wickham Rd

      DENTAL BUILDING • 4,567 SF
      3605 Wickham Rd, Melbourne, FL 32935-2345
      View Details
    • Value Estimation
      $395,000
      3,922 SF

      220 Babcock St

      DENTAL BUILDING • 3,922 SF
      220 Babcock St, Melbourne, FL 32935-6717
      View Details
    • Value Estimation
      $305,000
      4,076 SF

      2551 Eau Gallie Blvd Ste, Unit 101

      MEDICAL BUILDING • 4,076 SF
      2551 Eau Gallie Blvd Ste, Melbourne, FL 32935-8961
      View Details

    Similar Nearby for Sale

    • $535,000
      2,740 SF

      Stand-Alone Office Building For Sale

      2,702 SF office building with tenant in place until 2025.
      2211 Sarno Rd, Melbourne, FL 32935
      View Details
    • $1,050,000
      3,200 SF

      High-Visibility Medical Office Building

      Prime US-1 location, vacant medical office.
      1532 Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $2,849,000
      8,108 SF

      Two Office Buildings on US1

      Two office buildings on US1 in Melbourne, Florida for sale.
      525 N Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $399,000

      Melbourne Office Building - $399K

      Prime Melbourne office, 10,000+ sq ft lot.
      690 Thomas Barbour Dr, Melbourne, FL 32935
      View Details
    • $850,000
      4,786 SF

      Melbourne Commercial Property For Sale

      Commercial property in Melbourne, Florida with multiple units for sale.
      1565 Sarno Rd, Melbourne, FL 32935
      View Details
    • $275,900

      Melbourne Mixed-Use Development Opportunity

      Prime 16,117 SF lot, build your vision!
      2745 Unknown Rd, Melbourne, FL 32935
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      80,196 SF

      Melbourne Office Space for Lease

      Prime Office Space, Beachfront Access
      1220 Sarno Rd, Melbourne, FL 32935
      View Details
    • $15 SF/Yr
      3,780 SF

      Medical/Office Space for Lease

      Medical and office spaces available for lease with ample parking.
      2200-2290 W Eau Gallie Blvd, Melbourne, FL 32935
      View Details
    • $23 SF/Yr
      1,500 SF

      Office/Medical Space on Wickham Road

      Office/Medical space available with monument signage and ample parking.
      2755 N Wickham Rd, Melbourne, FL 32935
      View Details
    • $16 SF/Yr
      3,220 SF

      Medical Building with Great Visibility

      3,220 SF medical building with excellent location and signage.
      2261 Sarno Rd, Melbourne, FL 32935
      View Details
    • $44 SF/Yr
      1,725 SF

      Midtown Melbourne Office Building

      Fully renovated, 1,725 sq ft office.
      390 Poinciana Dr, Melbourne, FL 32935
      View Details
    • $43 SF/Yr
      1,661 SF

      Harbor City Boulevard Office Space

      Prime Office, High Visibility, 1661 sq ft
      464 Harbor City Blvd, Melbourne, FL 32935
      View Details
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    1509 Hbr City Blvda
    Melbourne, FL 32935-6572
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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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