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    Property profile & analytics

    2162 Harris NE Ave Palm Bay, FL 32905-4002

    • Turn key restaurants
    • 3,192 SF
    • 0.83 lot acres
    OFF-MARKET
    Last Sale
    Nov 22, 2023
    $720,000
    Value Estimations
    $760,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2833804
    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

    • Turn key restaurants

    Property Details for 2162 Harris NE Ave

    Year built
    1978
    Construction
    WOOD
    Lot size
    0.83 lot acres
    Property size
    3,192 SF
    Zone code
    CC
    Property type
    Turn key restaurants
    APN
    28-37-22-FN-00002.0-0007.00
    APU
    283722FN000020000700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $940,000
      ML approach
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $579,000
      Market price range: $579k - $1.91M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,220,000
      Current use
      COMMERCIAL (GENERAL)
      $990,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6077
    Latitude
    28.0341
    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
    $6,075
    $198,000
    $89,260
    $287,260
    -
    $198,000
    $89,260
    $287,260

    Comparable in this City

    • Value Estimation by Request
      3,259 SF

      2598 Palm Bay NE Rd

      RESTAURANT • 3,259 SF
      2598 Palm Bay NE Rd, Palm Bay, FL 32905-3522
      View Details
    • Value Estimation
      $1,970,000
      11,349 SF

      1175 Palm Bay Rd

      RESTAURANT • 11,349 SF
      1175 Palm Bay Rd, Melbourne, FL 32905-3726
      View Details
    • Value Estimation by Request
      5,654 SF

      4916 Babcock NE St

      RESTAURANT • 5,654 SF
      4916 Babcock NE St, Palm Bay, FL 32905-2840
      View Details
    • Value Estimation
      $650,000
      5,050 SF

      840 Palm Bay NE Rd

      RESTAURANT • 5,050 SF
      840 Palm Bay NE Rd, Palm Bay, FL 32905-6349
      View Details
    • Value Estimation
      $1,060,000
      2,836 SF

      4720 Dixie NE Hwy

      RESTAURANT • 2,836 SF
      4720 Dixie NE Hwy, Palm Bay, FL 32905-6038
      View Details
    • Value Estimation
      $535,000
      4,135 SF

      4845 Dixie NE Hwy

      RESTAURANT • 4,135 SF
      4845 Dixie NE Hwy, Palm Bay, FL 32905-6037
      View Details

    Similar Nearby for Sale

    • $1,249,982
      3,376 SF

      Turn-Key Restaurant with River Views

      Fully equipped restaurant on 1.03 acres with Indian River views.
      4720 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • $2,902,090
      5,564 SF

      Established Restaurant on Palm Bay

      Freestanding restaurant on a high-traffic thoroughfare in Melbourne, Florida.
      1545 Palm Bay Rd NE, Melbourne, FL 32905
      View Details
    • Contact for pricing
      10,000 SF

      New Retail Build Opportunity

      New 10,000 SF mixed-use building with retail potential.
      1922 NE Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • $2,850,000
      10,000 SF

      Palm Bay Retail Opportunity

      New build retail space with high traffic counts.
      1922 NE Palm Bay Rd, Palm Bay, FL 32905
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,801 SF

      Retail Spaces Available in Palm Bay

      Retail and restaurant spaces for lease with US-1 frontage.
      4500 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • Contact for pricing

      Palm Bay Flex Space Available

      Flex space with office, showroom, and warehouse areas for lease.
      1720 Main St NE, Palm Bay, FL 32905
      View Details
    • Contact for pricing
      1,750 SF

      Retail Space Near New Apartments

      Retail spaces available near Indian River Flats apartment complex.
      4700 Dixie Hwy NE, Palm Bay, FL 32905
      View Details
    • $21 SF/Yr
      50,094 SF

      Palm Bay Retail Leasing Opportunity

      New build retail space with build-to-suit options available.
      1922 NE Palm Bay Rd, Palm Bay, FL 32905
      View Details
    • $18 SF/Yr
      480 SF

      Palm Bay Warehouse For Lease

      480 sq ft Warehouse, Great Location
      4155 Dow Rd, Palm Bay, FL 32905
      View Details
    • $18 SF/Yr
      1,000 SF

      Melbourne Warehouse Space For Lease

      1,000 sq ft Warehouse - Dow Rd
      4155 Dow Rd, Palm Bay, FL 32905
      View Details
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    2162 Harris NE Ave
    Palm Bay, FL 32905-4002
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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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