Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    397 Tobias St Palm Bay, FL 32909
    Back to Search
    Property profile & analytics

    397 Tobias St Palm Bay, FL 32909

    View on Map
    • Commercial real estate
    Off-Market
    Property ID
    US18-6816394
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 397 Tobias St

    Property type
    Commercial real estate

    Description

    This exceptional 11,326 square foot commercial and residential lot presents a unique opportunity in Palm Bay, Florida. Located at 397 Tobias Street, 32909, this .26-acre parcel offers a desirable corner location and backs onto a canal, ensuring added privacy with no immediate rear neighbors. The property's versatility allows for diverse development possibilities, catering to both commercial and residential ventures. A significant advantage is the completion of both a survey and a prior environmental study, streamlining the development process and minimizing potential delays. This significantly reduces upfront costs and uncertainties often associated with land acquisition. The property's convenient location within Brevard County, Florida, provides easy access to local amenities and transportation networks. Buyers interested in expanding their portfolio with a versatile and well-situated lot should act quickly. An adjacent lot is also available for purchase (MLS #1021879), presenting an opportunity for larger-scale development. This property is ready for its next chapter. Contact us today to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.662775
    Latitude
    27.924268

    Comparable in this City

    • $875,000
      5,150 SF

      Palm Bay Commercial Property

      Income-producing property with pool, tiki bar, and separate dwelling.
      6922 Babcock St SE, Palm Bay, FL 32909
      View Details
    • $160,000
      2.53 Acres

      Vacant Land in Deed Restricted Community

      2.53 acres of vacant land suitable for equestrian and nature enthusiasts.
      337 Buckskin St, Palm Bay, FL 32909
      View Details
    • $275,000
      3.36 Acres

      Vacant Land for Equestrian Estate

      3.36 acres to build your dream home and bring horses.
      279 Deer Run Rd, Palm Bay, FL 32909
      View Details
    • $70,000
      0.23 Acres

      Residential Land in Palm Bay

      Well-maintained lot in a desirable Palm Bay location.
      3283 Hainsworth Ave SE, Palm Bay, FL 32909
      View Details
    • Contact for pricing

      Palm Bay Land Opportunity

      Land available in Palm Bay, Florida, with rezoning potential.
      FL SE Palm Bay Rd, Palm Bay, FL 32909
      View Details

    Similar Nearby for Sale

    • $875,000
      5,150 SF

      Palm Bay Commercial Property

      Income-producing property with pool, tiki bar, and separate dwelling.
      6922 Babcock St SE, Palm Bay, FL 32909
      View Details
    • $160,000
      2.53 Acres

      Vacant Land in Deed Restricted Community

      2.53 acres of vacant land suitable for equestrian and nature enthusiasts.
      337 Buckskin St, Palm Bay, FL 32909
      View Details
    • $275,000
      3.36 Acres

      Vacant Land for Equestrian Estate

      3.36 acres to build your dream home and bring horses.
      279 Deer Run Rd, Palm Bay, FL 32909
      View Details
    • $70,000
      0.23 Acres

      Residential Land in Palm Bay

      Well-maintained lot in a desirable Palm Bay location.
      3283 Hainsworth Ave SE, Palm Bay, FL 32909
      View Details
    • Contact for pricing

      Palm Bay Land Opportunity

      Land available in Palm Bay, Florida, with rezoning potential.
      FL SE Palm Bay Rd, Palm Bay, FL 32909
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Palm Bay Flex Space Available

      2,000 SF flex space for lease in Palm Bay.
      1798 Agora Cir SE, Palm Bay, FL 32909
      View Details
    • $1,100 /Mo
      2,300 SF

      Retail Space in Palm Bay

      Retail space available for lease in Palm Bay, Florida.
      1707 Canova St Se, Palm Bay, FL 32909
      View Details
    • Contact for pricing

      Palm Bay Flex Space Available

      Office, work area, and roll-up door near Babcock St.
      1707 Canova St SE, Palm Bay, FL 32909
      View Details
    • Contact for pricing

      Retail Space in Palm Bay

      Retail spaces for lease in a high-traffic Palm Bay location.
      3565 Jupiter Blvd SE, Palm Bay, FL 32909
      View Details
    • New
      $3,500 /Mo
      81,022 SF

      New Retail/Office Space Available

      Prime retail/office space in a newly constructed building.
      70 San Filippo Dr SE, Palm Bay, FL 32909
      View Details
    • $1,050 /Mo
      1,200 SF

      Office/Warehouse Unit For Rent

      1200 SF office/warehouse unit with loading door available for rent.
      360 Thor Ave SE, Palm Bay, FL 32909
      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.
    397 Tobias St
    Palm Bay, FL 32909
    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

    Thank You for Inquiry
    397 Tobias St, Palm Bay, FL, 32909
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!