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    Property profile & analytics

    208 Nieman Ave, Unit 201-202 Melbourne, FL 32901-1253

    • Apartment buildings
    • 2,500 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimation
    $820,000
    Last Sale
    Apr 19, 2021
    $760,000
    Location Intelligence
    Property ID
    US18-9722876
    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

    • Apartment buildings

    Property Details for 208 Nieman Ave

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.56 lot acres
    Property size
    2,500 SF
    Zone code
    C2
    Property type
    Apartment buildings
    APN
    27-37-28-75-00000.0-0218.00
    APU
    9223372036854775807

    Description

    This exceptional investment opportunity presents a ten-unit multifamily property located at 208 Nieman Ave, Melbourne, Florida, 32901. The property, known as Kiera's Place, comprises two buildings totaling approximately 5,380 gross square feet on a 0.56-acre lot. Constructed in 1960 of concrete block with flat roofing, the complex features a mix of two studio units and eight one-bedroom, one-bathroom units. Each unit is equipped with wall air conditioning. Tenant responsibilities include electricity, while the owner covers water, sewer, and trash services. Adding to the property's appeal are eight on-site carports and two convenient storage units. The projected annual income for the first year is $175,920. Electricity is separately metered for each unit. This well-maintained property offers a solid return on investment with its established rental income and desirable features. The property's concrete block construction ensures durability and longevity. Its location in Melbourne, Florida provides access to a thriving rental market. This is a turnkey investment ready for immediate income generation.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $865,000

    • CAP approach

      CAP return
      Estimation
      6%
      $770,000
      6.5%
      $795,000
      7%
      $725,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $785,000
      Geo Method
      $765,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $695,000
      Retail
      $595,000
      Mixed-Use
      $605,000
      Hospitality
      $750,000
      Educational
      $775,000
      Residential Income
      $670,000
      Energy
      $660,000
      Income-Based Land
      $610,000
      Food Service
      $600,000

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6253
    Latitude
    28.1045
    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
    $7,970
    $127,580
    $287,210
    $414,790
    -
    $127,580
    $287,210
    $414,790

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      $250,000
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    208 Nieman Ave, Unit 201-202
    Melbourne, FL 32901-1253
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    Realmo Value Estimation

    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.

    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.

    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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