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    Property profile & analytics

    500 North Dr Melbourne, FL 32934

    • Warehouses
    • 25,000 SF
    • 2.29 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3761971
    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

    • Ellington Air Conditioning & Heating / Hardware & Home Improvement / HVAC Service
    • Blackfin Web Design / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Hoove Designs / Production Facility / Furniture & Home Goods
    • American Seamless Gutters of Central Florida / Construction Company
    • Style Crest Heating & Air Conditioning / HVAC Service / General Contractor

    Property Details for 500 North Dr

    Year built
    2004
    Construction
    FRAME
    Lot size
    2.29 lot acres
    Property size
    25,000 SF
    Zone code
    IU
    Property type
    Warehouses
    APN
    27-36-26-01-00000.0-000A.03
    APU
    27362601000000000A03

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,870,000
      6.5%
      $2,650,000
      7%
      $2,460,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,551,000
      Market price range: $2.30M - $5.01M
      AI Estimate
      $2,509,000
      Market price range: $759k - $5.31M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,230,000
      Current use
      MEDICAL BUILDING
      $4,000,000
      Change: +24% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6906
    Latitude
    28.112
    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
    $34,444
    $249,630
    $1,066,640
    $1,316,270
    -
    $249,630
    $1,066,640
    $1,316,270

    Comparable in this City

    • Value Estimation
      $4,655,000
      39,860 SF

      505 John Rodes Blvd

      WAREHOUSE, STORAGE • 39,860 SF
      505 John Rodes Blvd, Melbourne, FL 32934-9103
      View Details
    • Value Estimation
      $7,850,000
      73,628 SF

      511 John Rodes Blvd Ste, Unit 201

      STORAGE YARD, OPEN STORAGE • 73,628 SF
      511 John Rodes Blvd Ste, Melbourne, FL 32934-9102
      View Details
    • Value Estimation by Request
      1,020 SF

      710 Washburn Rd, Unit 710-2

      MINI-WAREHOUSE, STORAGE • 1,020 SF
      710 Washburn Rd, Melbourne, FL 32934-7395
      View Details
    • Value Estimation
      $12,015,000
      119,111 SF

      3989 Pepsi Cola Dr

      WAREHOUSE, STORAGE • 119,111 SF
      3989 Pepsi Cola Dr, Melbourne, FL 32934
      View Details
    • Value Estimation
      $2,065,000
      14,850 SF

      4260 Dow Rd

      WAREHOUSE, STORAGE • 14,850 SF
      4260 Dow Rd, Melbourne, FL 32934-9223
      View Details
    • Value Estimation by Request
      1,020 SF

      676 Washburn Rd, Unit 676-6

      MINI-WAREHOUSE, STORAGE • 1,020 SF
      676 Washburn Rd, Melbourne, FL 32934-7396
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,200 SF

      Melbourne Industrial Condo For Sale

      1,200 SF industrial condo in Melbourne Industrial Park.
      4000 Dow Rd, Melbourne, FL 32934
      View Details
    • $1,895,000
      7,500 SF

      New Industrial Warehouse Space

      7,500 SF warehouse with M-1 zoning available for rent.
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    • Contact for pricing
      15,000 SF

      Melbourne Flex Space For Sale

      15,000 SF flex space near I-95 in Melbourne, FL.
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      View Details
    • $1,695,000
      9,600 SF

      Melbourne Flex Space For Sale

      9,600 SF flex space with office and warehouse.
      750 North Dr, Melbourne, FL 32934
      View Details
    • $4,995,000
      30,780 SF

      Melbourne Industrial Income Property

      30,780 SF Flex Space, 17.51 Acres
      605 John Rodes Blvd, Melbourne, FL 32934
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    • Contact for pricing
      11,000 SF

      Melbourne Class A Retail Investment

      New 11,000 SF Class A Sunbelt Rentals investment opportunity.
      4320 Dow Rd, Melbourne, FL 32934
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr

      Office and Warehouse Space Available

      Office and warehouse space near Eau Gallie Arts District.
      3030-3070 Venture Ln, Melbourne, FL 32934
      View Details
    • Contact for pricing

      4155 Dow Rd, Melbourne, FL 32934

      Warehouses
      4155 Dow Rd, Melbourne, FL 32934
      View Details
    • Contact for pricing
      194,480 SF

      Class A Distribution Center

      Prime industrial campus in Melbourne, Florida's industrial corridor.
      500 North Dr, Melbourne, FL 32934
      View Details
    • $16 SF/Yr

      Melbourne Flex Space For Lease

      Flex space available for lease in central Melbourne location.
      3127 Skyway Cir, Melbourne, FL 32934
      View Details
    • Contact for pricing

      Class A Distribution Center

      Prime industrial campus in Melbourne, Florida's industrial corridor.
      Opportunity Dr, Melbourne, FL 32934
      View Details
    • Contact for pricing

      Melbourne Mini Storage Spaces For Rent

      Mini storage spaces available in Melbourne, Florida, near the airport.
      772 Washburn Rd, Melbourne, FL 32934
      View Details
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    500 North Dr
    Melbourne, FL 32934
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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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