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Property profile & analytics
FOR LEASE
Office buildings
1515 Elizabeth St Melbourne, FL 32901
Entity Owned
9-yr Hold
Free & Clear
Property ID
US18-4180340
For Lease
1 / 3
$17 SF/Yr
1515 Elizabeth St, Melbourne, FL 32901
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1985
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
22,077 SF
Lot
1.24 ac (54,014 SF)
APN
28-37-04-01-0000C.0-0008.00
UPID
US18-4180340
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
-
Quinn Aesthetics, LLC Hair Salon
-
Complete Care Centers Melbourne Medical Clinic
-
Florida Safety Council Training Center Vocational School
-
All Fire and Access Security Service Tech Support Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.99M
Blend (final)
Blend
$2.60M
Owner & transaction history
Elizabeth Street Busn Ctr LLC · 9 yrs held
Elizabeth Street Busn Ctr LLC
since 2017
6 recorded transactions
Zoning & alternative use
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
OFFICE BUILDING
$3,855,000
Current use
RETAIL STORES
$3,785,000
Change: -2% · Conversion: Moderate
MEDICAL BUILDING
$3,535,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$2.60M
Range $2.34M – $2.86M · ±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
$118 / 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
$36,832
Tax year 2023
Assessed value
$1,916,660
Assessed 2023
Previous assessed
$1,691,120
+13.3% YoY
Effective rate
1.92%
On assessed value
Assessed land
$235,310
Assessed improvement
$1,681,350
Land market value
$235,310
Improvement market value
$1,681,350
Total market value
$1,916,660
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
OFFICE BUILDING
Status
For Lease
Year built
1985
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
12
Total area
22,077 SF
Lot
1.24 ac (54,014 SF)
APN
28-37-04-01-0000C.0-0008.00
UPID
US18-4180340
Jurisdiction
BREVARD
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.9M
RETAIL STORES
Est. value
$3.8M
MEDICAL BUILDING
Est. value
$3.5M
OFFICE BUILDING Current
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
1985
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
12
Lot
1.24 ac
Current owner
From public records · entity-resolved
Elizabeth Street Busn Ctr LLC
Entity
Free & Clear · 9 yrs held
Mailing address
502 E NEW HVN AVE, MELBOURNE, FL 32901-5427
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 5, 2017
$1,787,500
Elizabeth Street Busn Ctr LLC
Boozer Properties LLC
Warranty Deed
—
Aug 14, 2013
$50,400
Boozer Properties LLC
Deutsche Bk Nat 2006-fm3
Grant Deed
—
Jul 12, 2004
—
Boozer Properties LLC
Boozer,fred D JR
Quit Claim Deed
related
—
Apr 25, 2003
—
Properties Boozer
Boozer,fred
Quit Claim Deed
related
—
—
—
Fred D Boozer
—
Deed Of Trust
related
$382,500 · Harbor Fsb
—
—
Fred D Boozer
—
Deed Of Trust
related
$1,000,000 · Harbor Fsb
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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