Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2918 Pineapple Ave Melbourne, FL 32935

    • Small apartment buildings
    For Sale
    View listing
    $999,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-7112375
    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.

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 2918 Pineapple Ave

    Property type
    Small apartment buildings

    Description

    This exceptional 1.5-acre waterfront property, located at 2918 Pineapple Avenue in Melbourne, Florida, presents a unique investment opportunity. The 65,340 square foot lot sits on the Indian River, offering breathtaking waterfront views and significant development potential. The property is zoned to allow for the construction of a multifamily development, potentially accommodating up to 13 units, or alternatively, several single-family homes. The site's prime location provides convenient access to nearby beaches and the vibrant Eau Gallie Arts District, known for its diverse cultural attractions and dining options. City sewer and water services are readily available along Pineapple Avenue, simplifying infrastructure needs. The seller is open to exploring joint venture partnerships or owner financing options, making this an attractive proposition for various investment strategies. This property offers a rare chance to create a thriving waterfront community, catering to either multifamily or single-family residential needs, in a highly desirable location. The combination of waterfront access, convenient location, and flexible ownership options makes this a truly exceptional investment opportunity. The property is classified as Commercial, Apartment Building, and Residential, and is a Duplex/Triplex/Quadruplex type. The asking price is $999,900.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.639312
    Latitude
    28.154367

    Comparable in this City

    • $275,900

      Melbourne Mixed-Use Development Opportunity

      Prime 16,117 SF lot, build your vision!
      2745 Unknown Rd, Melbourne, FL 32935
      View Details
    • $549,900

      Prime Melbourne Waterfront Land

      1.5 Acres, Riverfront Opportunity
      2918 Pineapple Ave, Melbourne, FL 32935
      View Details
    • $549,900

      Prime Melbourne Waterfront Land

      1.5 Acres, Riverfront Opportunity
      2918 Pineapple Ave, Melbourne, FL 32935
      View Details
    • $1,900,000
      0.52 Acres

      Melbourne Harborfront Multifamily Investment

      Historic 3-unit Airbnb, waterfront views.
      973 Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $399,900

      Melbourne Waterfront Land Opportunity

      Prime Commercial/Residential Lot, Stunning Views
      3301 Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $649,900

      Melbourne Waterfront Lot - Hidden Harbor Estates

      Riverfront lot, build your dream home
      1465 Windchime Ln, Melbourne, FL 32935
      View Details

    Similar Nearby for Sale

    • $275,900

      Melbourne Mixed-Use Development Opportunity

      Prime 16,117 SF lot, build your vision!
      2745 Unknown Rd, Melbourne, FL 32935
      View Details
    • $549,900

      Prime Melbourne Waterfront Land

      1.5 Acres, Riverfront Opportunity
      2918 Pineapple Ave, Melbourne, FL 32935
      View Details
    • $549,900

      Prime Melbourne Waterfront Land

      1.5 Acres, Riverfront Opportunity
      2918 Pineapple Ave, Melbourne, FL 32935
      View Details
    • $1,900,000
      0.52 Acres

      Melbourne Harborfront Multifamily Investment

      Historic 3-unit Airbnb, waterfront views.
      973 Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $549,900

      Melbourne Waterfront Lot - Hidden Harbor Estates

      Prime riverfront lot, build your dream home
      1415 Windchime Ln, Melbourne, FL 32935
      View Details
    • $599,900

      Melbourne Waterfront Lot - Hidden Harbor Estates

      Riverfront lot, build your dream home
      1455 Windchime Ln, Melbourne, FL 32935
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      2,700 SF

      Prime Melbourne Land: Arts District Gem

      .2-acre lot, 2700 sq ft building, C1 zoning.
      1987 Highland Ave, Melbourne, FL 32935
      View Details
    • Contact for pricing

      Prime Outparcels For Lease

      Outparcels for lease with high visibility and traffic.
      1450 S Babcock St, Melbourne, FL 32935
      View Details
    • $35 SF/Yr
      1,850 SF

      Highland Avenue Retail Space

      Prime EGAD location, 1850 sq ft.
      1406 Highland Ave, Melbourne, FL 32935
      View Details
    • $14 SF/Yr
      2,850 SF

      Wickham Green Plaza Retail Space

      Prime Wickham Road Retail Opportunity
      678 Wickham Rd, Melbourne, FL 32935
      View Details
    • $18 SF/Yr
      1,680 SF

      Harbor City Blvd Retail Space

      Upscale Office, High Traffic Location
      3999 Harbor City Blvd, Melbourne, FL 32935
      View Details
    • $44 SF/Yr
      1,612 SF

      Melbourne Commercial Land Opportunity

      Half-acre lot, 7 offices, ideal business location
      1944 Aurora Rd, Melbourne, FL 32935
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2918 Pineapple Ave
    Melbourne, FL 32935
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.