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    Property profile & analytics

    2280 Avocado Ave Melbourne, FL 32935

    • Truck terminals
    • 27,850 SF
    • 1.60 lot acres
    For Lease
    View listing
    $8 SF/Yr
    Last Sale
    Mar 21, 2022
    $1,600,000
    Value Estimations
    $1,650,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4345911
    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

    • Space Coast Sauces / Food Processing Plant
    • Fox Buys Houses / Real Estate Agency
    • Donahue's of Melbourne / Renovation Specialist / Hardware & Home Improvement
    • Grip Industries / Auto Repair Shop
    • Little Reef Aquatics / (Bike/Boat/Book/etc) Store / Pet Store & Service

    Property Details for 2280 Avocado Ave

    Year built
    1988
    Construction
    FRAME
    Lot size
    1.60 lot acres
    Property size
    27,850 SF
    Zone code
    M1
    Property type
    Truck terminals
    APN
    27-37-09-00-00541.0-0000.00
    APU
    9223372036854775807

    Description

    This Melbourne, Florida industrial property at 2280 Avocado Avenue offers a 2,250 square foot warehouse space immediately available for lease. The building, constructed in 1988 and fully renovated in 2022, boasts a total of 27,850 square feet across one suite. The available space features a 12' x 14' grade-level door, 200-amp power, a 16-foot ceiling height, a restroom, an air-conditioned office, and fire sprinklers. Security cameras enhance the property's safety. The property is zoned M1 and situated in a prime location near US Highway 1, just north of Eau Gallie Boulevard. With 39 total parking spaces available, this property is ideal for businesses needing convenient access and ample parking. The building is classified as a warehouse, distribution, and flex space, offering versatility for various business needs. A total of 4,500 square feet is currently vacant within the larger building. The Brevard County location, with APN 27-37-09-00-541, provides easy access to major transportation routes. This exceptional opportunity includes one month of free rent.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,655,000
      ML approach
      $1,750,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,464,000
      Market price range: $998k - $2.52M

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.638
    Latitude
    28.1437
    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
    $28,509
    $191,650
    $1,250,760
    $1,442,410
    -
    $191,650
    $1,250,760
    $1,442,410

    Comparable in this City

    • Value Estimation
      $10,110,000
      15,200 SF

      2624 Aurora Rd, Unit 2

      TRUCK TERMINAL (MOTOR FREIGHT) • 15,200 SF
      2624 Aurora Rd, Melbourne, FL 32935-2879
      View Details
    • Value Estimation
      $530,000
      6,750 SF

      1421 General Aviation Dr

      TRUCK TERMINAL (MOTOR FREIGHT) • 6,750 SF
      1421 General Aviation Dr, Melbourne, FL 32935-6332
      View Details
    • Value Estimation by Request
      3,000 SF

      1973 Guava Ave

      TRUCK TERMINAL (MOTOR FREIGHT) • 3,000 SF
      1973 Guava Ave, Melbourne, FL 32935-7644
      View Details
    • Value Estimation by Request
      4,000 SF

      1612 Cooling St

      TRUCK TERMINAL (MOTOR FREIGHT) • 4,000 SF
      1612 Cooling St, Melbourne, FL 32935-5904
      View Details
    • Value Estimation by Request
      13,490 SF

      Melbourne, FL 32935

      TRUCK TERMINAL (MOTOR FREIGHT) • 13,490 SF
      Melbourne, FL 32935
      View Details
    • Value Estimation by Request
      12,500 SF

      2290 Avocado Ave

      TRUCK TERMINAL (MOTOR FREIGHT) • 12,500 SF
      2290 Avocado Ave, Melbourne, FL 32935-3803
      View Details

    Similar Nearby for Sale

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      2,250 SF warehouse with renovated office, near US Hwy 1.
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      Melbourne Retail Property - Prime Location

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    • $1,100,000
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      1.67-acre M1-zoned land suitable for various commercial uses.
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    Similar Nearby for Lease

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    • $8 SF/Yr
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      Melbourne Warehouse Space Available

      Prime Industrial Space - 2,250+ sq ft
      2280 Avocado Ave, Melbourne, FL 32935
      View Details
    • $14 SF/Yr
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      Melbourne Warehouse Space for Lease

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      View Details
    • $102,000
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      Melbourne Industrial Flex Space

      Prime 2.3-acre fenced industrial lot.
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      View Details
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    • New
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      3,280 SF

      Renovated Warehouse and Showroom Space

      Extensively renovated warehouse and showroom with expansion options available.
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      View Details
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    Melbourne, FL 32935
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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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