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Property profile & analytics
OFF-MARKET
Estimated value
$2,100,000
Warehouses
505 Apollo Blvd 10, Melbourne, FL 32935-5049
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-6083338
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2008
Construction
FRAME
Total area
12,000 SF
Lot
9.01 ac (392,476 SF)
Zoning code
M1
APN
27-37-21-00-00507.0-0000.00
UPID
US18-6083338
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.88M
Comparable Approach
Comparable
$2.40M
Blend (final)
Blend
$2.10M
Owner & transaction history
Storage Partners Melbourne Fl LLC · 1 yrs held
Storage Partners Melbourne Fl LLC
since 2024
1 recorded transaction
Zoning & alternative use
M1 · Melbourne, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.3M
+114.8%
Auto repair, garage
$2.7M
+73.0%
Medical building
$1.9M
+23.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Melbourne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melbourne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,030,000
6.5%
$1,875,000
7%
$1,740,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,550,000
Current use
OFFICE BUILDING
$3,330,000
Change: +115% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,680,000
Change: +73% · Conversion: Easy
MEDICAL BUILDING
$1,920,000
Change: +24% · Conversion: Difficult
RETAIL STORES
$1,755,000
Change: +13% · Conversion: Moderate
Blend value · Realmo final
$2.10M
Range $1.89M – $2.31M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$175 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$114,292
Tax year 2023
Assessed value
$6,733,470
Assessed 2023
Previous assessed
$6,622,500
+1.7% YoY
Effective rate
1.70%
On assessed value
Assessed land
$1,177,430
Assessed improvement
$5,556,040
Land market value
$1,177,430
Improvement market value
$5,556,040
Total market value
$6,733,470
Applied tax rate
53.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2008
Construction
FRAME
Heating
NONE
Cooling
NONE
Buildings
10
Stories
1
Units
72
Total area
12,000 SF
Lot
9.01 ac (392,476 SF)
Zoning code
M1
APN
27-37-21-00-00507.0-0000.00
UPID
US18-6083338
Jurisdiction
BREVARD
Zoning & alternative use
M1 · Melbourne, FL
Zoning M1 · permitted uses
M1 · Melbourne, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melbourne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.6M
OFFICE BUILDING
Est. value
$3.3M
AUTO REPAIR, GARAGE
Est. value
$2.7M
MEDICAL BUILDING
Est. value
$1.9M
RETAIL STORES
Est. value
$1.8M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
FRAME
Heating
NONE
Cooling
Yes
Stories
1
Buildings
10
Units
72
Lot
9.01 ac
Current owner
From public records · entity-resolved
Storage Partners Melbourne Fl LLC
Entity
Mailing address
1 AIR TERMINAL PKWY STE #220, MELBOURNE, FL 32901-1865
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 5, 2024
—
Storage Partners Melbourne Fl LLC
—
Deed
related
$141,200,000 · American General Life Insurance Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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