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    3240 New Hvn Ave Melbourne, FL 32904-3536
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    3240 New Hvn Ave Melbourne, FL 32904-3536

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    • Strip malls
    • 5,624 SF
    • 0.86 lot acres
    Off-Market
    Property ID
    US18-6029112
    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.
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Keeping Time Clocks / (Bike/Boat/Book/etc) Store

    Property Details for 3240 New Hvn Ave

    Year built
    1979
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.86 lot acres
    Property size
    5,624 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    28-36-01-00-00018.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $633,000
      Market price range: $406k - $1.23M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $770,000
      Current use
      RETAIL STORES
      $965,000
      Change: +25% Conversion: Easy
      MEDICAL BUILDING
      $900,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6755
    Latitude
    28.0794
    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
    $8,450
    $331,490
    $156,830
    $488,320
    -
    $331,490
    $156,830
    $488,320

    Comparable in this City

    • Value Estimation
      $1,040,000
      8,552 SF

      3900 Dairy Rd

      SHOPPING CENTER, STRIP CENTER • 8,552 SF
      3900 Dairy Rd, Melbourne, FL 32904-7634
      View Details
    • Value Estimation
      $580,000
      2,800 SF

      2261 New Hvn Ave

      SHOPPING CENTER, STRIP CENTER • 2,800 SF
      2261 New Hvn Ave, West Melbourne, FL 32904-3805
      View Details
    • Value Estimation
      $1,500,000
      10,934 SF

      705 Palm Bay NE Rd, Unit 103

      SHOPPING CENTER, STRIP CENTER • 10,934 SF
      705 Palm Bay NE Rd, West Melbourne, FL 32904-9200
      View Details
    • Value Estimation
      $890,000
      6,276 SF

      2700 New Hvn Ave, Unit A

      SHOPPING CENTER, STRIP CENTER • 6,276 SF
      2700 New Hvn Ave, Melbourne Village, FL 32904-3712
      View Details
    • Value Estimation
      $3,805,000
      28,592 SF

      4270 Minton Rd

      SHOPPING CENTER, STRIP CENTER • 28,592 SF
      4270 Minton Rd, Melbourne, FL 32904-9578
      View Details
    • Value Estimation
      $4,675,000
      34,080 SF

      205 Palm Bay Rd Ne Ste, Unit 135

      SHOPPING CENTER, STRIP CENTER • 34,080 SF
      205 Palm Bay Rd Ne Ste, West Melbourne, FL 32904-8612
      View Details

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    Similar Nearby for Lease

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      1,000 SF

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      Retail space available in a high-growth Melbourne, Florida location.
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      Melbourne Retail & Office Space

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    • Contact for pricing

      Prime Acre on Hollywood Blvd

      One acre commercial land available for lease or build-to-suit.
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      Prime Commercial Space in Melbourne

      High-visibility commercial space in a vibrant Melbourne location.
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    • Contact for pricing
      8,250 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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    Melbourne, FL 32904-3536
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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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