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    2349 Citadel Way Melbourne, FL 32940-6189
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    2349 Citadel Way Melbourne, FL 32940-6189

    View on Map
    • Retail space
    • 18,530 SF
    • 1.80 lot acres
    Off-Market
    Property ID
    US18-4188210
    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.
    Value Estimations
    $2,975,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ethan Allen / Interior Design / Home Decor Store

    Property Details for 2349 Citadel Way

    Year built
    2008
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.80 lot acres
    Property size
    18,530 SF
    Zone code
    PUD
    Property type
    Retail space
    APN
    26-36-09-TT-0000A.0-0009.00
    APU
    263609TT0000A0000900

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,560,000
      6.5%
      $3,285,000
      7%
      $3,050,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,262,000
      Market price range: $1.65M - $4.78M
      AI Estimate
      $2,378,000
      Market price range: $613k - $3.62M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,180,000
      Current use
      OFFICE BUILDING
      $4,880,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $4,140,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $2,965,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.729
    Latitude
    28.2442
    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
    $33,698
    $1,355,630
    $1,094,990
    $2,450,620
    -
    $1,355,630
    $1,094,990
    $2,450,620

    Comparable in this City

    • Value Estimation
      $1,215,000
      6,815 SF

      5550 Wickham Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,815 SF
      5550 Wickham Rd, Melbourne, FL 32940-7303
      View Details
    • Value Estimation
      $1,195,000
      7,219 SF

      7201 Lk Andrew Dr

      RETAIL STORES (PERSONAL SERVICES) • 7,219 SF
      7201 Lk Andrew Dr, Melbourne, FL 32940-6612
      View Details
    • Value Estimation by Request
      1,800 SF

      7700 Wickham Rd Ste, Unit 101

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      7700 Wickham Rd Ste, Melbourne, FL 32940-8292
      View Details
    • Value Estimation by Request
      1,200 SF

      7720 Wickham Rd Ste, Unit 102

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      7720 Wickham Rd Ste, Melbourne, FL 32940-8293
      View Details
    • Value Estimation by Request
      1,818 SF

      6260 Hwy 1st 1

      RETAIL STORES (PERSONAL SERVICES) • 1,818 SF
      6260 Hwy 1st 1, Melbourne, FL 32940-7437
      View Details
    • Value Estimation by Request
      1,200 SF

      7720 Wickham Rd Ste, Unit 106

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      7720 Wickham Rd Ste, Melbourne, FL 32940-8293
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,289 SF

      Wickham Road Showroom/Warehouse

      6,289 SF building with showroom, offices, and warehouse space.
      5060 Industry Dr, Melbourne, FL 32940
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    • Contact for pricing
      3,600 SF

      Established Taco Bell/Pizza Hut Lease

      NNN ground lease with established tenant in Melbourne, Florida.
      7840-7850 North Wickham Rd, Melbourne, FL 32940
      View Details
    • Contact for pricing
      14,000 SF

      New Commercial Construction in Melbourne

      Modern commercial property in a rapidly growing Florida location.
      7211 Waelti Dr, Melbourne, FL 32940
      View Details
    • Contact for pricing
      5,725 SF

      Restaurant Outparcel with Patio Space

      5,725 SF restaurant space with covered patio.
      5360 Stadium Pkwy, Rockledge, FL 32940
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      6,347 SF

      Operational Daycare Facility in Viera

      Fully operational daycare facility in a family-friendly neighborhood.
      7215 Waelti Dr, Melbourne, FL 32940
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    • $998,000
      7,402 SF

      Restaurant Space in Avenue Viera

      Fully built-out restaurant in high-traffic lifestyle center.
      6630 Colonnade Ave, Melbourne, FL 32940
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,230 SF

      Freestanding Retail Space Near I-95

      3,230 SF retail space with high visibility and access.
      8490 N Wickham Rd, Melbourne, FL 32940
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Viera West

      Retail space in a fast-growing upscale residential area.
      5380 Stadium Pkwy, Rockledge, FL 32940
      View Details
    • Contact for pricing

      Office/Retail Space with Drive-Thru

      Sublease opportunity in prime Suntree-Viera location with ample parking.
      7750 N Wickham Rd, Melbourne, FL 32940
      View Details
    • Contact for pricing
      2,573 SF

      Retail Space in Viera

      Grocery and home improvement anchored lifestyle center. Flexible sizing available.
      2035 Viera Blvd, Rockledge, FL 32940
      View Details
    • Contact for pricing
      1,052 SF

      Retail Space Available For Rent

      Retail space available for rent, 1052 square feet.
      2735 Allen Hill Ave, Melbourne, FL 32940
      View Details
    • Contact for pricing

      Retail Space in Pineda Landings

      Retail space available in a shopping center with national tenants.
      6455 N Wickham Rd, Melbourne, FL 32940
      View Details
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    2349 Citadel Way
    Melbourne, FL 32940-6189
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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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