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    1838 Pineapple Ave Melbourne, FL 32935

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    1838 Pineapple Ave Melbourne, FL 32935

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    • Commercial real estate
    • 0.40 lot acres
    Off-Market
    Property ID
    US19-0776504
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1838 Pineapple Ave

    Year built
    1925
    Lot size
    0.40 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Melbourne, Florida's desirable Eau Gallie Arts District. Located at 1838 Pineapple Ave, 32935, this property boasts a blend of historic charm and modern upgrades. The two-building complex, constructed in 1925 and 1964, underwent a complete renovation in 2024, preserving its character while enhancing its appeal. The property features a mix of six one-bedroom/one-bath units, two studios, and three two-bedroom/one-bath units, spread across two two-story buildings on a 0.4-acre lot. Currently operating at 91% occupancy, generating a Net Operating Income (NOI) of $149,390 and a 7.90% cap rate, this property offers significant upside potential. The asking price is $1,890,000, or $171,818.18 per unit. Six units have been fully updated, while five offer a chance to increase revenue through further renovations. The property includes 14 parking spaces and benefits from low-maintenance landscaping featuring artificial grass. The C-1 zoning provides flexibility for future development. This is a rare chance to acquire a stabilized, value-add multifamily property in a thriving arts district, combining historical significance with modern amenities and strong financial performance. The property's current gross income is $170,460.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6297648
    Latitude
    28.1369289

    Comparable in this City

    • $999,900

      Melbourne Waterfront Investment Opportunity

      1.5-Acre Waterfront Property, Multifamily Potential
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    • $1,850,000

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      Restored Multifamily in Eau Gallie

      Historic multifamily property in the Eau Gallie Arts District.
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      Mixed-Use Property in Arts District

      Mixed-use property in Eau Gallie Arts District, built in 2013.
      1987 Highland Ave, Melbourne, FL 32935
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    • $125,000
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      Well-Kept End Unit Near Beach

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    Similar Nearby for Sale

    • $999,900

      Melbourne Waterfront Investment Opportunity

      1.5-Acre Waterfront Property, Multifamily Potential
      2918 Pineapple Ave, Melbourne, FL 32935
      View Details
    • $1,850,000

      973 N Harbor City Blvd, Melbourne, FL 32935

      Short term rental properties
      973 N Harbor City Blvd, Melbourne, FL 32935
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    • New
      $625,000
      3,144 SF

      Restored Multifamily in Eau Gallie

      Historic multifamily property in the Eau Gallie Arts District.
      658 Young St, Melbourne, FL 32935
      View Details
    • Contact for pricing

      Mixed-Use Property in Arts District

      Mixed-use property in Eau Gallie Arts District, built in 2013.
      1987 Highland Ave, Melbourne, FL 32935
      View Details
    • $125,000
      895 SF

      Well-Kept End Unit Near Beach

      2-bedroom, 2-bathroom unit near amenities, ideal for various lifestyles.
      1225 N Wickham Rd, Melbourne, FL 32935
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
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      Prime Melbourne Land: Arts District Gem

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    • $9,791 /Mo

      Prime Corner Commercial Land

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      Prime Commercial Land For Lease

      1.89 acres of commercial land available for lease.
      4725 N Wickham Rd, Melbourne, FL 32935
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      2,850 SF

      Melbourne Retail Space Available

      Retail space available for rent in Melbourne, Florida.
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      Warehouse/Distribution Center Opportunity

      Versatile space suitable for warehouse, distribution, and other commercial uses.
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      Melbourne Retail/Office Space Available

      Retail and office spaces with 24/7 access and ample parking.
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    Melbourne, FL 32935
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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.

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    1838 Pineapple Ave, Melbourne, FL, 32935

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