Add Listing
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

    2996 Lk Washington Rd Melbourne, FL 32934-7627

    • Strip malls
    • 3,156 SF
    • 0.62 lot acres
    OFF-MARKET
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5980797
    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

    • Archie's British Restaurant / Restaurant

    Property Details for 2996 Lk Washington Rd

    Year built
    2006
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.62 lot acres
    Property size
    3,156 SF
    Zone code
    C1
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    27-36-12-00-00766.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $700,000
      6.5%
      $645,000
      7%
      $600,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $689,000
      Market price range: $228k - $689k
      AI Estimate
      $337,000
      Market price range: $113k - $337k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $430,000
      Current use
      AUTO REPAIR, GARAGE
      $705,000
      Change: +63% Conversion: Difficult
      OFFICE BUILDING
      $635,000
      Change: +46% Conversion: Moderate
      RETAIL STORES
      $540,000
      Change: +25% Conversion: Easy
      MEDICAL BUILDING
      $505,000
      Change: +17% Conversion: Difficult
      WAREHOUSE, STORAGE
      $410,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6728
    Latitude
    28.1471
    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
    $14,258
    $228,480
    $323,350
    $551,830
    -
    $228,480
    $323,350
    $551,830

    Comparable in this City

    • Value Estimation
      $9,445,000
      69,765 SF

      3072 Lk Washington Rd

      SHOPPING CENTER, STRIP CENTER • 69,765 SF
      3072 Lk Washington Rd, Melbourne, FL 32934-7613
      View Details
    • Value Estimation by Request
      3.55 Acres

      Melbourne, FL 32934

      SHOPPING CENTER, STRIP CENTER • 3.55 Acres
      Melbourne, FL 32934
      View Details
    • Value Estimation
      $1,380,000
      9,556 SF

      3760 Eau Gallie Blvd, Unit C

      SHOPPING CENTER, STRIP CENTER • 9,556 SF
      3760 Eau Gallie Blvd, Melbourne, FL 32934-3266
      View Details
    • Value Estimation
      $5,935,000
      152,867 SF

      4835 Eau Gallie Blvd

      SHOPPING CENTER, STRIP CENTER • 152,867 SF
      4835 Eau Gallie Blvd, Melbourne, FL 32934-9128
      View Details
    • Value Estimation by Request
      4.19 Acres

      Melbourne, FL 32934

      SHOPPING CENTER COMMON AREA • 4.19 Acres
      Melbourne, FL 32934
      View Details
    • Value Estimation by Request
      0.71 Acres

      Melbourne, FL 32934

      SHOPPING CENTER COMMON AREA • 0.71 Acres
      Melbourne, FL 32934
      View Details

    Similar Nearby for Sale

    • $2,000,000
      1.91 Acres

      Melbourne Commercial Land - 1.91 Acres

      High-Visibility Mixed-Use Development Opportunity
      4025 Eau Gallie Blvd, Melbourne, FL 32934
      View Details
    • $10,300,000
      22.00 Acres

      Prime Space Coast Commercial Land

      22 Acres, I-95 & Eau Gallie Blvd
      I-95 And Eau Gallie Blvd, Melbourne, FL 32934
      View Details
    • $4,995,000

      Melbourne Industrial Warehouse Investment

      High-Yield Warehouse w/ Expansion Land
      605 John Rodes Blvd, Melbourne, FL 32934
      View Details
    • $1,500,000
      39.72 Acres

      Melbourne Commercial Land - 39 Acres

      Wooded acreage, prime location, development potential.
      0 Parkway Dr, Melbourne, FL 32934
      View Details
    • Contact for pricing
      185,456 SF

      Melbourne Office Campus Investment

      Two-building office campus, 185,456 SF
      150 Wickham Rd, Melbourne, FL 32934
      View Details
    • $1,800,000
      193.28 Acres

      186+ Acres on Lake Washington

      186+ acres of untouched Florida wetlands on Lake Washington.
      186.59 Acres Of Vacant Land, Melbourne, FL 32934
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,160 SF

      Retail Space in Melbourne Center

      Retail space available in a busy Melbourne shopping center.
      3000-3256 Lake Washington Rd, Melbourne, FL 32934
      View Details
    • Contact for pricing
      122,912 SF

      Melbourne Retail Center - Lake Washington Rd

      Prime Retail Space, Multiple Units Available
      3000 Lake Washington Rd, Melbourne, FL 32934
      View Details
    • $12 SF/Yr
      7,200 SF

      Melbourne Flex Space For Lease

      Mini storage, great location, 15 suites.
      772 Washburn Rd, Melbourne, FL 32934
      View Details
    • Contact for pricing
      600,000 SF

      TruLogics Distribution Center

      Melbourne, FL Industrial Campus
      0 Opportunity Dr, Melbourne, FL 32934
      View Details
    • Contact for pricing
      1,500 SF

      Melbourne Flex Space For Lease

      Flex space with office and warehouse, near I-95.
      618 Washburn Rd, Melbourne, FL 32934
      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.
    2996 Lk Washington Rd
    Melbourne, FL 32934-7627
    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.
    Sign Up Successful!
    You now have access to more from Realmo!