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Property profile & analytics
OFF-MARKET
Estimated value
$520,000
Medical Office Space
249 Palm Bay NE Rd, West Melbourne, FL 32904-8602
Entity Owned
Absentee Owner
Free & Clear
Property ID
US18-6317678
Property profile
Verified
Property type
Medical Office Space
Use group
DENTAL BUILDING
Year built
2012
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,200 SF
Lot
0.61 ac (26,572 SF)
Zoning code
RA
APN
28-37-19-01-00000.0-0010.01
UPID
US18-6317678
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
$400k
CAP Approach
CAP
$620k
Comparable Approach
Comparable
$678k
Blend (final)
Blend
$520k
Owner & transaction history
MJW ENTERPRISES LLC
MJW ENTERPRISES LLC
Zoning & alternative use
RA · West Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$715,000
+39.6%
Office building
$650,000
+26.7%
Retail stores
$550,000
+7.2%
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 West Melbourne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West 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
$400,000
CAP Approach
CAP Return
Estimation
6%
$670,000
6.5%
$620,000
7%
$575,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$510,000
Current use
AUTO REPAIR, GARAGE
$715,000
Change: +40% · Conversion: Difficult
OFFICE BUILDING
$650,000
Change: +27% · Conversion: Easy
RETAIL STORES
$550,000
Change: +7% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$440,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$520k
Range $468k – $572k · ±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
$163 / 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
$13,844
Tax year 2023
Assessed value
$949,040
Assessed 2023
Previous assessed
$914,350
+3.8% YoY
Effective rate
1.46%
On assessed value
Assessed land
$426,540
Assessed improvement
$522,500
Land market value
$426,540
Improvement market value
$522,500
Total market value
$949,040
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
Medical Office Space
Use group
DENTAL BUILDING
Status
Off-Market
Year built
2012
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Total area
3,200 SF
Lot
0.61 ac (26,572 SF)
Zoning code
RA
APN
28-37-19-01-00000.0-0010.01
UPID
US18-6317678
Jurisdiction
BREVARD
Zoning & alternative use
RA · West Melbourne, FL
Zoning RA · permitted uses
RA · West Melbourne, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
West Melbourne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$510,000
AUTO REPAIR, GARAGE
Est. value
$715,000
OFFICE BUILDING
Est. value
$650,000
RETAIL STORES
Est. value
$550,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$440,000
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
2012
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Lot
0.61 ac
Current owner
From public records · entity-resolved
MJW ENTERPRISES LLC
Entity
Free & Clear · 0 yrs held
Mailing address
405 SW COMMERCIAL ALY, PEORIA, IL 61602-5100
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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