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Property profile & analytics
OFF-MARKET
Estimated value
$600,000
Bars & Pubs
2854 Sarno Rd Melbourne, FL 32935
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-5482309
Property profile
Verified
Property type
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,500 SF
Lot
0.45 ac (19,602 SF)
Zoning code
CC2
APN
27-37-19-00-00259.0-0000.00
UPID
US18-5482309
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
$600k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$381k
Blend (final)
Blend
$600k
Owner & transaction history
T & R Investments Space Coast INC · 1 yrs held
T & R Investments Space Coast INC
since 2024
Last sale
$600,000
2 recorded transactions
Zoning & alternative use
CC2 · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$905,000
+0.9%
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
$600,000
ML approach
$600,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NIGHTCLUB (COCKTAIL LOUNGE)
$895,000
Current use
OFFICE BUILDING
$905,000
Change: +1% · Conversion: Difficult
COMMERCIAL (GENERAL)
$835,000
Change: -7% · Conversion: Difficult
RESTAURANT
$785,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$600k
Range $540k – $660k · ±10% · vs last sale $600k (Sep 17 2024)
Last sale anchor
$600k
Sep 17 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
$109 / 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
$4,429
Tax year 2023
Assessed value
$193,430
Assessed 2023
Previous assessed
$193,430
+0.0% YoY
Effective rate
2.29%
On assessed value
Assessed land
$118,180
Assessed improvement
$75,250
Land market value
$118,180
Improvement market value
$75,250
Total market value
$193,430
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
Bars & Pubs
Use group
NIGHTCLUB (COCKTAIL LOUNGE)
Status
Off-Market
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Rooms
1
Total area
5,500 SF
Lot
0.45 ac (19,602 SF)
Zoning code
CC2
APN
27-37-19-00-00259.0-0000.00
UPID
US18-5482309
Jurisdiction
BREVARD
Zoning & alternative use
CC2 · Melbourne, FL
Zoning CC2 · permitted uses
CC2 · 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
NIGHTCLUB (COCKTAIL LOUNGE) Current
Est. value
$895,000
OFFICE BUILDING
Est. value
$905,000
COMMERCIAL (GENERAL)
Est. value
$835,000
RESTAURANT
Est. value
$785,000
NIGHTCLUB (COCKTAIL LOUNGE) Current
OFFICE BUILDING
COMMERCIAL (GENERAL)
RESTAURANT
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
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Rooms
1
Lot
0.45 ac
Current owner
From public records · entity-resolved
T & R Investments Space Coast INC
Entity
Free & Clear · 1 yrs held
Mailing address
2245 W NEW HVN AVE, WEST MELBOURNE, FL 32904-3805
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 17, 2024
$600,000
T & R Investments Space Coast INC
Leonard L Lewis JR
Warranty Deed
—
Jan 29, 2013
—
Leonard L Lewis JR.
Lewis,leonard L
Quit Claim Deed
related
—
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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