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    Property profile & analytics

    497 Ward Rd Palm Bay, FL 32908

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4350848
    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

    • Commercial real estate

    Property Details for 497 Ward Rd

    Property type
    Commercial real estate

    Description

    This exceptional 10,019 square foot commercial land parcel presents a remarkable investment opportunity in the thriving southwest Palm Bay, Florida market. Located at 497 Ward Road SW, this property boasts a highly desirable location, just minutes from the vibrant commercial corridor of Malabar Road and conveniently close to a variety of shopping and entertainment options. The property is ready for immediate development, aligning perfectly with the area's robust growth trajectory. Its strategic positioning offers significant potential for a wide range of commercial ventures. Priced competitively at $40,000, this lot represents an attractive entry point into the Palm Bay commercial real estate market. Note that an adjacent property, 413 Ward Rd SW, is also available for purchase and could be considered as a combined investment. The property's size and location make it an ideal candidate for various commercial uses, offering a strong return on investment for the discerning buyer. Interested parties are encouraged to conduct their own due diligence and explore the possibilities this prime location offers. The property is available immediately. Zip code is 32908.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.673768
    Latitude
    27.988142

    Comparable in this City

    • Contact for pricing
      0.23 Acres

      Palm Bay Buildable Vacant Land

      Buildable .24 acre lot in Palm Bay's Unit 53.
      1911 Andicola Ave SW, Palm Bay, FL 32908
      View Details
    • $35,000

      Palm Bay Commercial Land Opportunity

      Affordable 10,019 SF lot, build your dream!
      2208 Utopia Ave, Palm Bay, FL 32908
      View Details
    • $41,900

      Palm Bay Commercial Land

      15,682 sq ft corner lot, great investment
      797 Treasure Cv Cor Libby St, Palm Bay, FL 32908
      View Details
    • $49,500

      Palm Bay Land: Prime Location

      Residential/Commercial Lot, 10,019 sq ft
      757 Sandlewood St, Palm Bay, FL 32908
      View Details
    • $32,000

      Palm Bay Commercial Land - $32K

      Prime 0.24-acre lot, ideal for development.
      1697 Drake Ave, Palm Bay, FL 32908
      View Details
    • $33,000

      Palm Bay Commercial Land - $33K

      10,019 sq ft lot, dual zoning potential.
      2108 Alwar Ave, Palm Bay, FL 32908
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.23 Acres

      Palm Bay Buildable Vacant Land

      Buildable .24 acre lot in Palm Bay's Unit 53.
      1911 Andicola Ave SW, Palm Bay, FL 32908
      View Details
    • $35,000

      Palm Bay Commercial Land Opportunity

      Affordable 10,019 SF lot, build your dream!
      2208 Utopia Ave, Palm Bay, FL 32908
      View Details
    • $41,900

      Palm Bay Commercial Land

      15,682 sq ft corner lot, great investment
      797 Treasure Cv Cor Libby St, Palm Bay, FL 32908
      View Details
    • $49,500

      Palm Bay Land: Prime Location

      Residential/Commercial Lot, 10,019 sq ft
      757 Sandlewood St, Palm Bay, FL 32908
      View Details
    • $32,000

      Palm Bay Commercial Land - $32K

      Prime 0.24-acre lot, ideal for development.
      1697 Drake Ave, Palm Bay, FL 32908
      View Details
    • $33,000

      Palm Bay Commercial Land - $33K

      10,019 sq ft lot, dual zoning potential.
      2108 Alwar Ave, Palm Bay, FL 32908
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercially Zoned Land for Lease

      Commercially zoned land with high visibility available for lease.
      1840 Kara Pl, Palm Bay, FL 32908
      View Details
    • Contact for pricing
      5 SF

      Commercially Zoned Land on Malabar

      Commercially zoned land with extensive development possibilities and excellent visibility.
      1843 Malabar Rd, Palm Bay, FL 32908
      View Details
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    497 Ward Rd
    Palm Bay, FL 32908
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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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