Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1941 Michigan Ave Cocoa, FL 32922-5728

    • Medical offices
    • 4,106 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    May 12, 2021
    $320,000
    Value Estimations
    $325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1878065
    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

    • Visionary Optometry / Eye Care Center / Optician
    • Micah Girard / Optometrist / Practitioner Service Location
    • D Bornberg & Associates Inc / Financial Planner
    • A1A Concepts / Insurance Agency

    Property Details for 1941 Michigan Ave

    Year built
    1996
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.00 lot acres
    Property size
    4,106 SF
    Zone code
    CN
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    24-36-20-00-00290.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $345,000
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $264,000
      Market price range: $184k - $354k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $525,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cocoa
    County
    Brevard
    State
    Florida
    Longitude
    -80.7518
    Latitude
    28.3886
    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
    $8,521
    $69,890
    $317,440
    $387,330
    -
    $69,890
    $317,440
    $387,330

    Comparable in this City

    • Value Estimation
      $340,000
      15,053 SF

      1225 King St

      DENTAL BUILDING • 15,053 SF
      1225 King St, Cocoa, FL 32922-8619
      View Details
    • Value Estimation
      $220,000
      2,832 SF

      645 Brevard Ave

      DENTAL BUILDING • 2,832 SF
      645 Brevard Ave, Cocoa, FL 32922-7807
      View Details
    • Value Estimation
      $3,160,000
      9,702 SF

      874 Dixon Blvd

      DENTAL BUILDING • 9,702 SF
      874 Dixon Blvd, Cocoa, FL 32922-5809
      View Details
    • Value Estimation
      $220,000
      4,166 SF

      1400 Dixon Blvd

      DENTAL BUILDING • 4,166 SF
      1400 Dixon Blvd, Cocoa, FL 32922-6412
      View Details
    • Value Estimation
      $260,000
      1,542 SF

      1431 Peachtree St

      DENTAL BUILDING • 1,542 SF
      1431 Peachtree St, Cocoa, FL 32922-8658
      View Details
    • Value Estimation
      $445,000
      10,716 SF

      1317 Pt Dr

      DENTAL BUILDING • 10,716 SF
      1317 Pt Dr, Cocoa, FL 32922-6464
      View Details

    Similar Nearby for Sale

    • $599,900
      1,275 SF

      High-Visibility Commercial Property in Cocoa

      Prime Cocoa location with flexible workspace and unique Tiki Hut.
      340 King St, Cocoa, FL 32922
      View Details
    • $1,150,000

      Cocoa Village Commercial Office Space

      Commercial office space in the heart of Cocoa Village.
      625 629, Cocoa, FL 32922
      View Details
    • $344,000
      1,386 SF

      Cocoa Warehouse - $344,000

      Prime Cocoa location, 1386 sq ft warehouse.
      831 King St, Cocoa, FL 32922
      View Details
    • $1,150,000
      3,978 SF

      Cocoa Village Commercial Office Space

      Commercial office space in the heart of Cocoa Village.
      625 629, Cocoa, FL 32922
      View Details
    • $850,000
      13,504 SF

      Historic Cocoa Village Landmark Residence

      Landmark residence in Cocoa Village, meticulously restored with modern upgrades.
      536 Delannoy Ave, Cocoa, FL 32922
      View Details
    • $1,450,000

      Cocoa Village Commercial Gem

      Prime Retail, Office, & Land Investment
      0 625, Cocoa, FL 32922
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      8,800 SF

      Dixon Plaza: Cocoa Retail Space

      Prime Cocoa retail center, 8,800 sq ft.
      904 Dixon Blvd, Cocoa, FL 32922
      View Details
    • $4,950,000
      2,097 SF

      Cocoa Village Office Space

      Professional office space in Cocoa Village near local amenities.
      505 Brevard Ave, Cocoa, FL 32922
      View Details
    • $22 SF/Yr
      12,163 SF

      Village Tower Office Suites

      Cocoa, FL Executive Office Space Available
      311 Brevard Ave, Cocoa, FL 32922
      View Details
    • $15 SF/Yr
      3,200 SF

      Clearlake Road Warehouse Space

      Newly renovated warehouse, 2 spaces available
      411 Clearlake Rd, Cocoa, FL 32922
      View Details
    • $15 SF/Yr
      8,208 SF

      North Cocoa Plaza Office Complex

      Cocoa, FL Office Space Available
      970 Cocoa Blvd, Cocoa, FL 32922
      View Details
    • $13 SF/Yr
      17,820 SF

      Oak Park Plaza: Cocoa Office Space

      Cocoa Office Suites, Prime Location
      1641 Cocoa Blvd, Cocoa, FL 32922
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1941 Michigan Ave
    Cocoa, FL 32922-5728
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.