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Property profile & analytics
OFF-MARKET
Estimated value
$5,405,000
Strip malls
2320 Hwy A1a Melbourne, FL 32903-2568
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-5927106
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
34,815 SF
Lot
3.25 ac (141,570 SF)
Zoning code
CCP
APN
27-37-24-00-00031.0-0000.00
UPID
US18-5927106
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ichabod's Beachside Bar & Grille Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.14M
Comparable Approach
Comparable
$4.22M
Blend (final)
Blend
$5.41M
Owner & transaction history
2324 Mb LLC · 2 yrs held
2324 Mb LLC
since 2024
Last sale
$6.8M
5 recorded transactions
Zoning & alternative use
CCP · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$7.8M
+63.2%
Office building
$7.0M
+46.4%
Retail stores
$6.0M
+25.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Melbourne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melbourne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$7,730,000
6.5%
$7,135,000
7%
$6,625,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$4,765,000
Current use
AUTO REPAIR, GARAGE
$7,780,000
Change: +63% · Conversion: Difficult
OFFICE BUILDING
$6,980,000
Change: +46% · Conversion: Moderate
RETAIL STORES
$5,975,000
Change: +25% · Conversion: Easy
MEDICAL BUILDING
$5,570,000
Change: +17% · Conversion: Difficult
Blend value · Realmo final
$5.41M
Range $4.86M – $5.95M · ±10% · vs last sale $6.75M (Apr 2 2024)
Last sale anchor
$6.75M
Apr 2 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$155 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$75,517
Tax year 2023
Assessed value
$3,514,930
Assessed 2023
Previous assessed
$3,375,380
+4.1% YoY
Effective rate
2.15%
On assessed value
Assessed land
$1,381,870
Assessed improvement
$2,133,060
Land market value
$1,381,870
Improvement market value
$2,133,060
Total market value
$3,514,930
Applied tax rate
53.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Buildings
2
Stories
2
Units
20
Total area
34,815 SF
Lot
3.25 ac (141,570 SF)
Zoning code
CCP
APN
27-37-24-00-00031.0-0000.00
UPID
US18-5927106
Jurisdiction
BREVARD
Zoning & alternative use
CCP · Melbourne, FL
Zoning CCP · permitted uses
CCP · Melbourne, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melbourne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$7.8M
OFFICE BUILDING
Est. value
$7.0M
RETAIL STORES
Est. value
$6.0M
MEDICAL BUILDING
Est. value
$5.6M
NEIGHBORHOOD: SHOPPING CENTER Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
2
Units
20
Lot
3.25 ac
Current owner
From public records · entity-resolved
2324 Mb LLC
Entity
Mailing address
2332 N HWY 1ST HWY, INDIALANTIC, FL 32903-2509
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 2, 2024
$6,750,000
2324 Mb LLC
Paradise Beach Properties LLC
Warranty Deed
$4,000,000 · Midflorida Cu
Sep 8, 2003
$2,700,000
Paradise Beach Properties
Cappelli Dev South LLC
Grant Deed
—
Jun 21, 1999
$1,800,000
Cappelli Development South LLC
Prime Site Development INC
Grant Deed
$1,600,000 · Cibc INC
—
—
Paradise Beach Properties LLC
—
Deed Of Trust
related
$2,700,000 · Miscellaneous Ins Co
—
—
Paradise Beach Properties LLC
—
Deed Of Trust
related
$2,200,000 · American Investors Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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