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Property profile & analytics
OFF-MARKET
Estimated value
$3,335,000
Warehouses
1923 Wickham Rd, Melbourne, FL 32935-8105
Individually Owned
20-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-2094862
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2015
Construction
STEEL FRAME
Total area
36,746 SF
Lot
1.24 ac (54,014 SF)
Zoning code
M2
APN
27-37-18-00-00268.0-0000.00
UPID
US18-2094862
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
-
Druse Landscaping & Tree Service LLC Landscaping
-
Open Road Mobile RV Repair Auto Repair Shop
-
Extra Space Storage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.04M
Blend (final)
Blend
$3.34M
Owner & transaction history
Sovran Acquistion · 20 yrs held
Sovran Acquistion
since 2006
4 recorded transactions
Zoning & alternative use
M2 · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$5.4M
+13.1%
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
WAREHOUSE, STORAGE
$4,745,000
Current use
RETAIL STORES
$5,365,000
Change: +13% · Conversion: Moderate
Blend value · Realmo final
$3.34M
Range $3.00M – $3.67M · ±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
$91 / 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
$43,976
Tax year 2023
Assessed value
$2,468,680
Assessed 2023
Previous assessed
$2,246,400
+9.9% YoY
Effective rate
1.78%
On assessed value
Assessed land
$515,090
Assessed improvement
$1,953,590
Land market value
$515,090
Improvement market value
$1,953,590
Total market value
$2,468,680
Applied tax rate
43.0000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2015
Construction
STEEL FRAME
Heating
NONE
Cooling
NONE
Stories
2
Units
279
Rooms
2
Total area
36,746 SF
Lot
1.24 ac (54,014 SF)
Zoning code
M2
APN
27-37-18-00-00268.0-0000.00
UPID
US18-2094862
Jurisdiction
BREVARD
Zoning & alternative use
M2 · Melbourne, FL
Zoning M2 · permitted uses
M2 · Melbourne, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melbourne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$4.7M
RETAIL STORES
Est. value
$5.4M
WAREHOUSE, STORAGE Current
RETAIL STORES
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
2015
Construction
STEEL FRAME
Heating
NONE
Cooling
Yes
Stories
2
Units
279
Rooms
2
Lot
1.24 ac
Current owner
From public records · entity-resolved
Sovran Acquistion
Individual
Free & Clear · 20 yrs held
Mailing address
6890 S 2300TH E, SALT LAKE CITY, UT 84171-6001
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2006
—
Sovran Acquistion
Sovran Acquisition
Quit Claim Deed
related
—
Sep 8, 2005
—
Wickham One Trust
Land Trust 861001
Quit Claim Deed
related
—
Sep 8, 2005
$750,000
Sovran Acquisition
Wickham One Trust
Warranty Deed
—
—
—
Moriniere,tr
—
Deed Of Trust
related
$615,000 · Indian River National Bank
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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