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

    3440 Hbr City Blvd Melbourne, FL 32935-5713

    • Strip malls
    • 53,744 SF
    • 6.61 lot acres
    OFF-MARKET
    Last Sale
    Feb 14, 2022
    $6,500,000
    Value Estimations
    $8,310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6003162
    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

    • Mulberry Lane Cafe / Bakery / Breakfast Restaurant

    Property Details for 3440 Hbr City Blvd

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.61 lot acres
    Property size
    53,744 SF
    Zone code
    CP
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    27-37-05-00-00789.0-0000.00
    APU
    9223372036854775807

    Description

    Rivercrest Professional Center offers two exceptional medical office suites for lease, ideally situated on US-1 just south of Pineda Causeway, providing convenient access to I-95. The building totals 4,140 square feet, with both suites currently vacant and immediately available. Suite 3542 encompasses 1,740 square feet and boasts a well-designed layout featuring a reception area, a spacious open area, and a private office. This suite is perfect for a practice requiring a combination of open and private spaces. Suite 3526 offers 1,200 square feet of flexible space, including an open area, multiple private offices, and a restroom. Both suites are adaptable to various medical specialties. The minimum divisible space is 1,740 square feet, with a maximum contiguous space of 1,740 square feet. The property is a multi-tenant building, offering a collaborative environment. The rental rate is $15.00 per square foot, triple net (NNN). This prime location ensures high visibility and easy accessibility for patients and staff. Don't miss this opportunity to establish or expand your medical practice in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,730,000
      ML approach
      $7,085,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,930,000
      6.5%
      $11,015,000
      7%
      $10,225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,327,000
      Market price range: $3.88M - $11.7M
      AI Estimate
      $4,193,000
      Market price range: $2.17M - $5.26M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $7,360,000
      Current use
      MEDICAL BUILDING
      $8,600,000
      Change: +17% Conversion: Difficult
      RETAIL STORES
      $7,850,000
      Change: +7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.644
    Latitude
    28.164
    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
    $96,558
    $791,810
    $4,427,450
    $5,219,260
    -
    $791,810
    $4,427,450
    $5,219,260

    Comparable in this City

    • Value Estimation
      $520,000
      5,413 SF

      28 Laurie St

      SHOPPING CENTER, STRIP CENTER • 5,413 SF
      28 Laurie St, Melbourne, FL 32935-6738
      View Details
    • Value Estimation by Request
      18,444 SF

      4100 Wickham Rd Ste, Unit 123

      SHOPPING CENTER, STRIP CENTER • 18,444 SF
      4100 Wickham Rd Ste, Melbourne, FL 32935-2483
      View Details
    • Value Estimation
      $860,000
      27,616 SF

      401 Wickham Rd

      SHOPPING CENTER, STRIP CENTER • 27,616 SF
      401 Wickham Rd, Melbourne, FL 32935-8627
      View Details
    • Value Estimation
      $870,000
      35,375 SF

      642 Wickham Rd

      SHOPPING CENTER, STRIP CENTER • 35,375 SF
      642 Wickham Rd, Melbourne, FL 32935-8771
      View Details
    • Value Estimation
      $220,000
      776 SF

      4201 Us Hwy 1st 1

      SHOPPING CENTER, STRIP CENTER • 776 SF
      4201 Us Hwy 1st 1, Melbourne, FL 32935-4822
      View Details
    • Value Estimation
      $275,000
      4,687 SF

      1228 Aurora Rd

      SHOPPING CENTER, STRIP CENTER • 4,687 SF
      1228 Aurora Rd, Melbourne, FL 32935
      View Details

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      Retail space available in Melbourne's Northgate Shopping Center.
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      Melbourne Office Space for Lease

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      Retail Space Near Airport

      Retail spaces available in a high-traffic location near Melbourne Airport.
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    • $35 SF/Yr
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    3440 Hbr City Blvd
    Melbourne, FL 32935-5713
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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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