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Property profile & analytics
FOR LEASE
Strip malls
2923 W New Haven Ave Melbourne, FL 32904
Entity Owned
16-yr Hold
Free & Clear
Property ID
US18-5993922
For Lease
1 / 3
$1,090,000
2923 W New Haven Ave, Melbourne, FL 32904
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,413 SF
Lot
4.76 ac (207,346 SF)
Zoning code
C1
APN
28-37-06-00-00514.0-0000.00
UPID
US18-5993922
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
$985k
CAP Approach
CAP
$1.11M
Comparable Approach
Comparable
$1.18M
Blend (final)
Blend
$1.09M
Owner & transaction history
Paniccia-minton Center LLC · 16 yrs held
Paniccia-minton Center LLC
since 2010
2 recorded transactions
Zoning & alternative use
C1 · West Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.7M
+126.2%
Auto repair, garage
$1.2M
+63.2%
Office building
$1.1M
+48.1%
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
$985,000
CAP Approach
CAP Return
Estimation
6%
$1,200,000
6.5%
$1,110,000
7%
$1,030,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$740,000
Current use
COMMERCIAL (GENERAL)
$1,675,000
Change: +126% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,210,000
Change: +63% · Conversion: Difficult
OFFICE BUILDING
$1,095,000
Change: +48% · Conversion: Moderate
RETAIL STORES
$930,000
Change: +25% · Conversion: Easy
MEDICAL BUILDING
$865,000
Change: +17% · Conversion: Difficult
Blend value · Realmo final
$1.09M
Range $981k – $1.20M · ±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
$201 / 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
$78,544
Tax year 2023
Assessed value
$4,180,510
Assessed 2023
Previous assessed
$4,153,560
+0.6% YoY
Effective rate
1.88%
On assessed value
Assessed land
$1,866,150
Assessed improvement
$2,314,360
Land market value
$1,866,150
Improvement market value
$2,314,360
Total market value
$4,180,510
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Buildings
2
Stories
1
Units
2
Total area
5,413 SF
Lot
4.76 ac (207,346 SF)
Zoning code
C1
APN
28-37-06-00-00514.0-0000.00
UPID
US18-5993922
Jurisdiction
BREVARD
Zoning & alternative use
C1 · West Melbourne, FL
Zoning C1 · permitted uses
C1 · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$740,000
COMMERCIAL (GENERAL)
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.1M
RETAIL STORES
Est. value
$930,000
MEDICAL BUILDING
Est. value
$865,000
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
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
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Units
2
Lot
4.76 ac
Current owner
From public records · entity-resolved
Paniccia-minton Center LLC
Entity
Free & Clear · 16 yrs held
Mailing address
1060 N RIVERSIDE DR, INDIALANTIC, FL 32903-4621
Ownership since
2010
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
Mar 29, 2010
—
Paniccia-minton Center LLC
Paniccia A Living Trust
Quit Claim Deed
—
May 11, 2004
—
Paniccia,ezio Trust
Paniccia,ezio
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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