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    502 New Hvn Ave Melbourne, FL 32901-5427
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    Property profile & analytics

    502 New Hvn Ave Melbourne, FL 32901-5427

    View on Map
    • Office buildings
    • 35,129 SF
    • 1.33 lot acres
    Off-Market
    Property ID
    US18-6816602
    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
    $5,920,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • David Weiser, MD / Ophthalmologist
    • Florida Eye Associates: Demetriades Christopher MD / Ophthalmologist
    • Haft Payman MD / Ophthalmologist
    • Wang Michelle MD / Ophthalmologist
    • Dr. Rohit Parihar, MD / Ophthalmologist

    Property Details for 502 New Hvn Ave

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.33 lot acres
    Property size
    35,129 SF
    Zone code
    C3
    Property type
    Office buildings
    APN
    28-37-03-01-00041.0-0009.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,500,000
      6.5%
      $7,845,000
      7%
      $7,285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,990,000
      Market price range: $4.76M - $8.64M
      AI Estimate
      $3,929,000
      Market price range: $1.84M - $7.12M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,135,000
      Current use
      AUTO REPAIR, GARAGE
      $7,850,000
      Change: +28% Conversion: Difficult
      RETAIL STORES
      $6,025,000
      Change: -2% Conversion: Moderate
      MEDICAL BUILDING
      $5,620,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6128
    Latitude
    28.079
    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
    $71,409
    $1,739,640
    $2,367,860
    $4,107,500
    -
    $1,739,640
    $2,367,860
    $4,107,500

    Comparable in this City

    • Value Estimation
      $4,155,000
      25,105 SF

      1341 Medical Park Dr

      PROFESSIONAL BUILDING • 25,105 SF
      1341 Medical Park Dr, Melbourne, FL 32901-3201
      View Details
    • Value Estimation
      $5,845,000
      54,237 SF

      1250 Nasa Blvd

      OFFICE BUILDING • 54,237 SF
      1250 Nasa Blvd, Melbourne, FL 32901-1826
      View Details
    • Value Estimation
      $930,000
      6,896 SF

      312 Hbr City Blvd

      OFFICE BUILDING (MULTI-STORY) • 6,896 SF
      312 Hbr City Blvd, Melbourne, FL 32901-1411
      View Details
    • Value Estimation
      $2,790,000
      26,040 SF

      1135 Nasa Blvd

      OFFICE BUILDING • 26,040 SF
      1135 Nasa Blvd, Melbourne, FL 32901-1802
      View Details
    • Value Estimation
      $2,600,000
      22,077 SF

      1515 Elizabeth St

      OFFICE BUILDING • 22,077 SF
      1515 Elizabeth St, Melbourne, FL 32901-3037
      View Details
    • Value Estimation
      $1,580,000
      12,015 SF

      1250 Hbr City Blvd

      OFFICE BUILDING • 12,015 SF
      1250 Hbr City Blvd, Melbourne, FL 32901-3242
      View Details

    Similar Nearby for Sale

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      9,032 SF

      Office and Restaurant Buildings For Sale

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      Melbourne Office Building For Sale

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      495,712 SF

      Proposed Mixed-Use Development Site

      Sustainable mixed-use development site in Melbourne City Center.
      3999 S Babcock St, Melbourne, FL 32901
      View Details

    Similar Nearby for Lease

    • $2,400 /Mo

      Stand Alone CBS Office Building

      1,488 SF office building on US 192 for rent.
      101 E New Haven Ave, Melbourne, FL 32901
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    • Contact for pricing

      Prestigious Office Building with River Views

      Class A office building with Indian River and rocket launch views.
      1901 S Harbor City Blvd, Melbourne, FL 32901
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      New Construction Office Spaces Available

      New construction office spaces for rent on Babcock Street.
      4070 S Babcock St, Melbourne, FL 32901
      View Details
    • Contact for pricing

      Modern Office Space in Melbourne

      New 1,513 SF office suite in thriving tech corridor.
      1160 Broadband Dr, Melbourne, FL 32901
      View Details
    • Contact for pricing

      Professional Office Building Near Airport

      Well-maintained office building with suites available near Melbourne Airport.
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      View Details
    • $4,966 /Mo

      Melbourne Flex Space Available

      Shell space near Melbourne International Airport, suitable for various uses.
      1801 Penn St, Melbourne, FL 32901
      View Details
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    502 New Hvn Ave
    Melbourne, FL 32901-5427
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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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