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    Property profile & analytics

    1900 Dairy Rd West Melbourne, FL 32904

    • Office buildings
    • 16,952 SF
    • 4.40 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5919759
    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

    • Office buildings

    Property Details for 1900 Dairy Rd

    Year built
    1985
    Construction
    CONCRETE
    Lot size
    4.40 lot acres
    Property size
    16,952 SF
    Zone code
    C1
    Property type
    Office buildings
    APN
    28-37-05-00-00018.0-0000.00
    APU
    9223372036854775807

    Description

    Oakwood Square, located at 1900-1970 Dairy Rd, West Melbourne, FL 32904, offers versatile office space for lease. This three-building complex, totaling 46,884 square feet, features a variety of unit sizes, ranging from 1,545 to 2,184 contiguous square feet, with a total of 3,729 square feet currently vacant. The property sits on a 4.4-acre lot and is classified as a Class B building constructed in 1985. The single-story buildings offer ample parking. The property is zoned City of West Melbourne Commercial New Haven (C-NH) in Brevard County and is conveniently located in the Space Coast submarket, providing easy access to Melbourne, Palm Bay, beaches, and surrounding areas via Interstate 95, US 192, and US 1. The property boasts a variety of configurations, suitable for both open spaces and multi-office setups. Recent improvements include all roofs replaced in 2016, buildings painted in 2018, and parking lot resurfacing in 2022. The property is suitable for traditional, executive, medical, and creative office uses, as well as light retail. Base rent starts at $15 per square foot, NNN, plus an estimated $2.57 per square foot for CAM. The APN is 28-37-05-00-18.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,100,000
      6.5%
      $3,785,000
      7%
      $3,515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,231,000
      Market price range: $2.46M - $4.82M
      AI Estimate
      $2,602,000
      Market price range: $968k - $3.40M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,435,000
      Current use
      COMMERCIAL (GENERAL)
      $5,250,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,790,000
      Change: +10% Conversion: Difficult
      RETAIL STORES
      $2,910,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6385
    Latitude
    28.0807
    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
    $45,332
    $503,200
    $2,079,920
    $2,583,120
    -
    $503,200
    $2,079,920
    $2,583,120

    Comparable in this City

    • Value Estimation
      $1,450,000
      10,235 SF

      1070 Wickham Rd

      OFFICE BUILDING • 10,235 SF
      1070 Wickham Rd, West Melbourne, FL 32904-1653
      View Details
    • Value Estimation
      $2,005,000
      9,760 SF

      475 John Rodes Blvd

      OFFICE BUILDING • 9,760 SF
      475 John Rodes Blvd, Melbourne, FL 32904-1093
      View Details
    • Value Estimation
      $1,720,000
      8,569 SF

      3453 New Hvn Ave

      OFFICE BUILDING • 8,569 SF
      3453 New Hvn Ave, Melbourne, FL 32904-3539
      View Details
    • Value Estimation
      $745,000
      6,026 SF

      2110 Dairy Rd Ste, Unit 102

      OFFICE BUILDING • 6,026 SF
      2110 Dairy Rd Ste, West Melbourne, FL 32904-5200
      View Details
    • Value Estimation by Request
      1,800 SF

      7608 Silver Sands Rd

      OFFICE BUILDING • 1,800 SF
      7608 Silver Sands Rd, West Melbourne, FL 32904-1128
      View Details
    • Value Estimation by Request
      1,862 SF

      3960 Minton Rd

      OFFICE BUILDING • 1,862 SF
      3960 Minton Rd, Melbourne, FL 32904-9558
      View Details

    Similar Nearby for Sale

    • $474,900

      Melbourne Office & Land Investment

      Prime Location, High Traffic, Ample Parking
      110 Bry Lynn Dr, Melbourne, FL 32904
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    • $1,800,000
      3,601 SF

      Palm Bay Commercial Property For Sale

      Well-maintained commercial property in prime Palm Bay location.
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      View Details
    • Contact for pricing
      350,000 SF

      Space Coast Town Center Development

      Mixed-use development opportunity in growing Space Coast region.
      US-192 & St Johns Heritage Pkwy, West Melbourne, FL 32904
      View Details
    • $3,000,000
      6.21 Acres

      2395 Minton Rd

      Land • 6.21 Acres
      2395 Minton Rd, West Melbourne, FL 32904
      View Details
    • $2,500,000

      Prime Palm Bay Land Investment

      27 Acres, Residential Zoning, I-95 Access
      00 Unknown, Palm Bay, FL 32904
      View Details
    • $104,000

      Prime West Melbourne Commercial Land

      10,454 SF Commercial Lot - $104,000
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      View Details

    Similar Nearby for Lease

    • $2,395,000
      3,600 SF

      Office Building with Expansion Potential

      Office building for rent with room for expansion.
      9065 Ellis Rd, Melbourne, FL 32904
      View Details
    • $16 SF/Yr
      45,000 SF

      Melbourne Office Building Investment Opportunity

      Executive Suites, Prime Location, Ample Parking
      1990 New Haven Ave, Melbourne, FL 32904
      View Details
    • $17 SF/Yr
      3,000 SF

      Melbourne Retail & Office Space

      Prime 3,000 SF Single-Tenant Retail/Office
      3300 New Haven Ave, Melbourne, FL 32904
      View Details
    • $23 SF/Yr
      1,500 SF

      West Melbourne Office Space

      1,500 SF Office, High Traffic Area
      3018 New Hvn Ave, West Melbourne, FL 32904
      View Details
    • $27 SF/Yr
      542 SF

      Prime Office Space, US 192

      542 sq ft, Single Tenant Office
      115 Hickory St, Melbourne, FL 32904
      View Details
    • $1,841 /Mo
      5,720 SF

      West Melbourne Office Suite For Rent

      1,425 SF office suite with reception and private offices.
      51 NW Carolina St, West Melbourne, FL 32904
      View Details
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    1900 Dairy Rd
    West Melbourne, FL 32904
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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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