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Property profile & analytics
OFF-MARKET
Estimated value
$1,330,000
Warehouses
245 Ee Dr Ste 105 Melbourne, FL 32904-1087
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-6095855
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1984
Construction
CONCRETE
Total area
12,954 SF
Lot
1.86 ac (81,022 SF)
Zoning code
IU
APN
27-36-26-75-00000.0-000D.01
UPID
US18-6095855
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
$1.38M
Comparable Approach
Comparable
$1.32M
Blend (final)
Blend
$1.33M
Owner & transaction history
Kilmer Properties INC · 1 yrs held
Kilmer Properties INC
since 2025
Last sale
$1.3M
1 recorded transaction
Zoning & alternative use
IU · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$2.1M
+43.3%
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%
$1,490,000
6.5%
$1,375,000
7%
$1,275,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,445,000
Current use
MEDICAL BUILDING
$2,075,000
Change: +43% · Conversion: Difficult
Blend value · Realmo final
$1.33M
Range $1.20M – $1.46M · ±10% · vs last sale $1.30M (Nov 24 2024)
Last sale anchor
$1.30M
Nov 24 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
$103 / 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
$11,616
Tax year 2023
Assessed value
$676,480
Assessed 2023
Previous assessed
$666,080
+1.6% YoY
Effective rate
1.72%
On assessed value
Assessed land
$251,600
Assessed improvement
$424,880
Land market value
$251,600
Improvement market value
$424,880
Total market value
$676,480
Applied tax rate
5,300.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1984
Construction
CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
4
Total area
12,954 SF
Lot
1.86 ac (81,022 SF)
Zoning code
IU
APN
27-36-26-75-00000.0-000D.01
UPID
US18-6095855
Jurisdiction
BREVARD
Zoning & alternative use
IU · Melbourne, FL
Zoning IU · permitted uses
IU · 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
WAREHOUSE, STORAGE Current
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$2.1M
WAREHOUSE, STORAGE Current
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
1984
Construction
CONCRETE
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
4
Lot
1.86 ac
Current owner
From public records · entity-resolved
Kilmer Properties INC
Entity
Free & Clear · 1 yrs held
Mailing address
626 OLD DIXIE HWY SW, VERO BEACH, FL 32962-4536
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
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
Feb 24, 2025
$1,300,000
Kilmer Properties INC
245 East Drive LLC
Warranty 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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