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Property profile & analytics
OFF-MARKET
Estimated value
$4,570,000
Shopping centers
2321 Commerce Park NE Dr 5205 Palm Bay, FL 32905-2639
Entity Owned
7-yr Hold
Free & Clear
Property ID
US18-6008458
Property profile
Verified
Property type
Shopping centers
Use group
SHOPPING CENTER COMMON AREA
Year built
2002
Total area
48,982 SF
Lot
12.53 ac (545,807 SF)
Zoning code
LI
APN
28-37-14-00-00258.0-0000.00
UPID
US18-6008458
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.04M
Blend (final)
Blend
$4.57M
Owner & transaction history
Nsd Palm Bay II LLC · 7 yrs held
Nsd Palm Bay II LLC
since 2019
1 recorded transaction
Zoning & alternative use
LI · Palm Bay, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of this district is to accommodate light manufacturing, warehousing, distribution, wholesaling and other light industrial uses.
Zone name
Light Industrial And Warehousing
General category
INDUSTRIAL
Zone area
1,662.68 ac
Source
Realmo
Top alternative use upside
Office building
$7.4M
+10.4%
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 Palm Bay submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Palm Bay 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$6,705,000
Current use
OFFICE BUILDING
$7,405,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$4.57M
Range $4.11M – $5.03M · ±10%
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
$93 / 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
$45,543
Tax year 2023
Assessed value
$2,463,220
Assessed 2023
Previous assessed
$193,870
+1,170.6% YoY
Effective rate
1.85%
On assessed value
Assessed land
$2,458,090
Assessed improvement
$5,130
Land market value
$2,458,090
Improvement market value
$5,130
Total market value
$2,463,220
Applied tax rate
34.0000
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
Shopping centers
Use group
SHOPPING CENTER COMMON AREA
Status
Off-Market
Year built
2002
Heating
YES
Cooling
YES
Stories
1
Total area
48,982 SF
Lot
12.53 ac (545,807 SF)
Zoning code
LI
APN
28-37-14-00-00258.0-0000.00
UPID
US18-6008458
Jurisdiction
BREVARD
Zoning & alternative use
LI · Palm Bay, FLZoning LI · permitted uses
LI · Palm Bay, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of this district is to accommodate light manufacturing, warehousing, distribution, wholesaling and other light industrial uses.
Zone name
Light Industrial And Warehousing
General category
INDUSTRIAL
Zone area
1,662.68 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$6.7M
OFFICE BUILDING
Est. value
$7.4M
NEIGHBORHOOD: SHOPPING CENTER Current
OFFICE 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
2002
Heating
YES
Cooling
Yes
Stories
1
Lot
12.53 ac
Current owner
From public records · entity-resolved
Nsd Palm Bay II LLC
Entity
Free & Clear · 7 yrs held
Mailing address
2295 S HIAWASSEE RD STE #306, ORLANDO, FL 32835-8749
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 20, 2019
$900,000
Nsd Palm Bay II LLC
Woodlake Southwest No 2 Ltd
Grant Deed
—
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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