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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2051 Hbr City Blvd Melbourne, FL 32935-6649

    • Retail space
    • 11,970 SF
    • 1.09 lot acres
    OFF-MARKET
    Last Sale
    Apr 29, 2025
    $1,800,000
    Value Estimations
    $1,810,000
    Show details
    Cap Rate Potential
    7.3%
    Retail space
    Location Intelligence
    Property ID
    US18-3252938
    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

    • Badcock Home Furniture &more / Appliance Store / Bedroom Furniture Store

    Property Details for 2051 Hbr City Blvd

    Year built
    1979
    Construction
    FRAME
    Lot size
    1.09 lot acres
    Property size
    11,970 SF
    Zone code
    C1
    Property type
    Retail space
    APN
    27-37-16-25-00015.0-0001.00
    APU
    9223372036854775807

    Description

    This exceptional 1.09-acre commercial property, located at 2051 N. Harbor City Blvd in Melbourne, FL (32935), presents a unique investment opportunity. Boasting 17,020 square feet of space across two buildings, this property enjoys a prime corner location on US-1, benefiting from high visibility and accessibility with over 30,000 vehicles passing daily. Currently configured as a retail space and warehouse, the property features 11,642 square feet of retail area, a 4,640 square foot warehouse, and a 774 square foot mezzanine. The warehouse includes two 10'x10' overhead roll-up truck doors with truck wells. Ceiling heights range from 10 feet in the showroom to 20 feet in the warehouse, with eave/building heights of 12-20 feet. The property also includes a paved parking lot with 25 spaces. Recent improvements include a roof coating (2021) and six air conditioning units (three installed in 2023, three in 2013). The property is zoned C-1, allowing for a wide range of uses including general retail, restaurants, medical facilities, various housing types (single-unit, senior, student), bed and breakfasts, hotels/motels, offices, and research and development. The asking price is $2,200,000 ($129.26/sq ft). The property is currently 100% occupied, with the occupancy date expiring November 22, 2024. Built in 1979 and renovated in 1985, this property offers significant potential for a variety of commercial ventures. A current appraisal is available. The owner has operated the retail showroom and warehouse for over 50 years and the property will be cleared upon sale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,895,000
      ML approach
      $1,875,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,300,000
      6.5%
      $2,125,000
      7%
      $1,970,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,685,000
      Market price range: $925k - $2.06M
      AI Estimate
      $1,378,000
      Market price range: $552k - $2.07M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,750,000
      Current use
      AUTO REPAIR, GARAGE
      $2,675,000
      Change: +53% Conversion: Difficult
      MEDICAL BUILDING
      $1,915,000
      Change: +10% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,640,000
      Change: -6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6335
    Latitude
    28.1404
    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
    $21,612
    $299,880
    $870,590
    $1,170,470
    -
    $299,880
    $870,590
    $1,170,470

    Comparable in this City

    • Value Estimation by Request
      1,200 SF

      1380 Cypress Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      1380 Cypress Ave, Melbourne, FL 32935-5933
      View Details
    • Value Estimation
      $1,290,000
      11,335 SF

      1201 Lk Washington Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,335 SF
      1201 Lk Washington Rd, Melbourne, FL 32935-5542
      View Details
    • Value Estimation
      $1,085,000
      6,638 SF

      2444 Wickham Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,638 SF
      2444 Wickham Rd, Melbourne, FL 32935-8125
      View Details
    • Value Estimation by Request
      1,752 SF

      1482 Pineapple Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,752 SF
      1482 Pineapple Ave, Melbourne, FL 32935-6590
      View Details
    • Value Estimation
      $930,000
      6,201 SF

      2900 Post Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,201 SF
      2900 Post Rd, Melbourne, FL 32935-2320
      View Details
    • Value Estimation
      $10,475,000
      60,945 SF

      1270 Wickham Rd

      RETAIL STORES (PERSONAL SERVICES) • 60,945 SF
      1270 Wickham Rd, Melbourne, FL 32935-8923
      View Details

    Similar Nearby for Sale

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      Sarno Road Retail Center

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      Melbourne Retail Corner Lot - $1.35M

      High-traffic retail space, ideal for QSR or carwash.
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      Melbourne Retail Investment Opportunity

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    Similar Nearby for Lease

    • $114,100

      Retail Space Near Airport

      Retail spaces available in a high-traffic location near Melbourne Airport.
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      Renovated Retail Space in Melbourne

      Newly renovated retail space with high visibility near Downtown Melbourne.
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      Retail/Office Space on Wickham Road

      Retail or office space with high traffic count.
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      Retail Space in Northgate Center

      Retail space available in Melbourne's Northgate Shopping Center.
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      Retail Space on Aurora Road

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    • Contact for pricing

      Retail Building on Highway 1

      4,509 SF building with high visibility on 0.67 acres.
      Melbourne, FL 32935
      View Details
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    2051 Hbr City Blvd
    Melbourne, FL 32935-6649
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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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