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    Property profile & analytics

    1515 Palm Bay Rd Ste 101-12 Melbourne, FL 32905-3817

    • Strip malls
    • 22,987 SF
    • 1.69 lot acres
    OFF-MARKET
    Value Estimations
    $2,930,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5902187
    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

    • Metro by T-Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Anytime Fitness / Gym & Fitness Center
    • Amscot - The Money Superstore / Loan Service
    • Jersey Mike's Subs / Take-out & Catering
    • Babcock Pharmacy & Surgicals / Pharmacy

    Property Details for 1515 Palm Bay Rd Ste 101-12

    Year built
    2008
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.69 lot acres
    Property size
    22,987 SF
    Zone code
    C1
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    28-37-21-00-00048.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,817,000
      Market price range: $762k - $1.91M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,145,000
      Current use
      RETAIL STORES
      $3,945,000
      Change: +25% Conversion: Easy
      MEDICAL BUILDING
      $3,680,000
      Change: +17% Conversion: Difficult
      OFFICE BUILDING
      $3,475,000
      Change: +10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6264
    Latitude
    28.0357
    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
    $45,138
    $565,840
    $1,602,020
    $2,167,860
    -
    $565,840
    $1,602,020
    $2,167,860

    Comparable in this City

    • Value Estimation
      $2,470,000
      21,584 SF

      1851 Palm Bay Rd Ne Ste 1a

      SHOPPING CENTER, STRIP CENTER • 21,584 SF
      1851 Palm Bay Rd Ne Ste 1a, Palm Bay, FL 32905-2923
      View Details
    • Value Estimation by Request
      5,616 SF

      4001 Dixie NE Hwy

      SHOPPING CENTER, STRIP CENTER • 5,616 SF
      4001 Dixie NE Hwy, Palm Bay, FL 32905-7440
      View Details
    • Value Estimation
      $8,735,000
      93,024 SF

      5270 Babcock NE St

      SHOPPING CENTER, STRIP CENTER • 93,024 SF
      5270 Babcock NE St, Palm Bay, FL 32905-8630
      View Details
    • Value Estimation
      $2,545,000
      23,456 SF

      5055 Babcock St Ne Ste, Unit 5

      SHOPPING CENTER, STRIP CENTER • 23,456 SF
      5055 Babcock St Ne Ste, Palm Bay, FL 32905-4673
      View Details
    • Value Estimation by Request
      2,196 SF

      1504 Palm Bay Rd

      SHOPPING CENTER, STRIP CENTER • 2,196 SF
      1504 Palm Bay Rd, Palm Bay, FL 32905-3852
      View Details
    • Value Estimation
      $13,180,000
      114,600 SF

      750 Bass Pro NE Dr

      SHOPPING CENTER, STRIP CENTER • 114,600 SF
      750 Bass Pro NE Dr, Palm Bay, FL 32905-6324
      View Details

    Similar Nearby for Sale

    • $325,000
      1,870 SF

      Palm Bay Retail Space - $325K

      Vacant 1870 sq ft retail space, Palm Bay, FL
      2179 Julian Ave, Palm Bay, FL 32905
      View Details
    • $30,000
      500 SF

      Turnkey Floral Business Opportunity

      Established floral business for sale in Palm Bay, Florida.
      4690 Lipscomb St NE, Palm Bay, FL 32905
      View Details
    • $640,000

      Prime Palm Bay Retail Opportunity

      Successful Restaurant, High-Demand Location
      2155 Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • $1,400,000
      6,100 SF

      Palm Bay Retail Investment Opportunity

      6,100 SF Building, 50 Parking Spaces
      5015A Babcock St, Palm Bay, FL 32905
      View Details
    • $1,400,000
      6,100 SF

      Palm Bay Retail Investment Opportunity

      6,100 SF Retail Building, High Traffic Area
      5015a Babcock St, Palm Bay, FL 32905
      View Details
    • $1,249,982
      3,376 SF

      Turn-Key Restaurant with River Views

      Fully equipped restaurant on 1.03 acres with Indian River views.
      4720 Dixie Hwy NE, Palm Bay, FL 32905
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,801 SF

      Retail Spaces Available in Palm Bay

      Retail and restaurant spaces for lease with US-1 frontage.
      4500 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • $15 SF/Yr
      1,750 SF

      Retail Space Near New Apartments

      Retail spaces available near Indian River Flats apartment complex.
      4700 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • $15 SF/Yr
      1,166 SF

      Palm Bay Road Retail Opportunity

      Prime Retail Space, High-Growth Area
      2061 Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • $17 SF/Yr
      1,215 SF

      Palm Bay Road Retail Space

      Prime Retail Space, High Traffic Area
      2061 Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • New
      $21 SF/Yr
      50,094 SF

      Palm Bay Retail Leasing Opportunity

      New build retail space with build-to-suit options available.
      1922 NE Palm Bay Rd, 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
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    Melbourne, FL 32905-3817
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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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