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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2994 New Hvn Ave West Melbourne, FL 32904-3565

    • Strip malls
    • 72,279 SF
    • 4.87 lot acres
    OFF-MARKET
    Last Sale
    Feb 21, 2022
    $5,950,000
    Value Estimations
    $5,920,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6076419
    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

    • Metro West Shopping Center / Shopping Mall
    • OH Ramen & Tea / Family Restaurant / Authentic Japanese Restaurant
    • EL BARRIO RESTAURANT & TAQUERIA / Mexican Torta Restaurant / Taco Restaurant

    Property Details for 2994 New Hvn Ave

    Year built
    1977
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    4.87 lot acres
    Property size
    72,279 SF
    Zone code
    C1
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    28-36-01-01-00000.0-000A.00
    APU
    28360101000000000A00

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,880,000
      ML approach
      $6,535,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,897,000
      Market price range: $5.21M - $15.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6716
    Latitude
    28.0798
    CBSA code
    37340
    CBSA name
    PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $88,707
    $1,643,800
    $2,900,490
    $4,544,290
    -
    $1,643,800
    $2,900,490
    $4,544,290

    Comparable in this City

    • Value Estimation
      $2,060,000
      21,876 SF

      635 Wickham Rd Ste, Unit 105

      SHOPPING CENTER, STRIP CENTER • 21,876 SF
      635 Wickham Rd Ste, West Melbourne, FL 32904-1436
      View Details
    • Value Estimation by Request
      4,091 SF

      1510 Wickham Rd

      SHOPPING CENTER, STRIP CENTER • 4,091 SF
      1510 Wickham Rd, Melbourne, FL 32904-3514
      View Details
    • Value Estimation
      $1,660,000
      17,620 SF

      575 Wickham Rd

      SHOPPING CENTER, STRIP CENTER • 17,620 SF
      575 Wickham Rd, West Melbourne, FL 32904-1100
      View Details
    • Value Estimation
      $1,020,000
      9,840 SF

      1416 New Hvn Ave

      SHOPPING CENTER, STRIP CENTER • 9,840 SF
      1416 New Hvn Ave, West Melbourne, FL 32904-3904
      View Details
    • Value Estimation
      $525,000
      20,520 SF

      1705 New Hvn Ave

      SHOPPING CENTER, STRIP CENTER • 20,520 SF
      1705 New Hvn Ave, West Melbourne, FL 32904-3929
      View Details
    • Value Estimation
      $5,600,000
      65,616 SF

      4240 New Hvn Ave, Unit 2

      SHOPPING CENTER, STRIP CENTER • 65,616 SF
      4240 New Hvn Ave, West Melbourne, FL 32904-3318
      View Details

    Similar Nearby for Sale

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      1.15 Acres

      Former Wendy’s with Drive-Thru For Sale

      Restaurants • 2,728 SF
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    • $950,000
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      Multi-Building Commercial Property For Sale

      Three-building commercial property with bonus apartment, fully occupied, fenced.
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      Melbourne Retail Investment Opportunity

      Retail property in a dynamic growth market with long-term lease.
      3555 W New Haven Ave, Melbourne, FL 32904
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    • $1,995,000
      3,315 SF

      Melbourne Retail Investment Opportunity

      High-Traffic Gas Station & Convenience Store
      3435 Minton Rd, Melbourne, FL 32904
      View Details
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      2,728 SF

      Drive-Thru Restaurant Opportunity

      Second generation drive-thru restaurant in prime retail corridor.
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    • $1,800,000
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      Palm Bay Commercial Property For Sale

      Well-maintained commercial property in prime Palm Bay location.
      1950 Palm Bay Rd NE, Palm Bay, FL 32904
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr
      1,000 SF

      Retail Space in Growing Area

      Located in a high-growth area with strong tenant lineup.
      6385-6395 N Wickham Rd, Melbourne, FL 32904
      View Details
    • $36 SF/Yr
      2,930 SF

      Retail Space in Growing Area

      Retail space available in a high-growth Melbourne, Florida location.
      6375 N Wickham Rd, Melbourne, FL 32904
      View Details
    • $17 SF/Yr
      3,000 SF

      Melbourne Retail & Office Space

      Prime 3,000 SF Single-Tenant Retail/Office
      3300 New Haven Ave, Melbourne, FL 32904
      View Details
    • Contact for pricing
      20,000 SF

      Palm Bay Commercial Opportunity

      Land parcels available for ground lease or purchase in Palm Bay.
      St. Johns Heritage Pkwy & Emerson Dr, Palm Bay, FL 32904
      View Details
    • Contact for pricing
      350,000 SF

      Space Coast Town Center Offices

      Prime Brevard County Office Space
      US-192 & St Johns Heritage Pkwy, Melbourne, FL 32904
      View Details
    • $14 SF/Yr
      30,000 SF

      Retail Space on US 192

      Retail space with frontage on a busy retail corridor.
      2923 W New Haven Ave, Melbourne, FL 32904
      View Details
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    West Melbourne, FL 32904-3565
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    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
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