Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    620 New Hvn Ave, Unit 201 Melbourne, FL 32901-5424

    • Industrial properties
    • 4,443 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Apr 02, 2021
    $793,000
    Value Estimations
    $845,000
    Show details
    Cap Rate Potential
    5.7%
    Industrial properties
    Location Intelligence
    Property ID
    US18-0573941
    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

    • Rita's Italian Ice & Frozen Custard / Dessert Shop / Ice Cream Shop
    • Wallaby Windows / Window Installation Service
    • The Shop Melbourne / Barber Shop

    Property Details for 620 New Hvn Ave

    Year built
    1954
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.19 lot acres
    Property size
    4,443 SF
    Zone code
    C3
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    28-37-03-FC-00040.0-0007.00
    APU
    283703FC000400000700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $900,000
      ML approach
      $930,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $860,000
      6.5%
      $795,000
      7%
      $735,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6104
    Latitude
    28.0788
    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
    $11,518
    $245,700
    $397,760
    $643,460
    -
    $245,700
    $397,760
    $643,460

    Comparable in this City

    • Value Estimation by Request
      1,800 SF

      46 New Hvn Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 1,800 SF
      46 New Hvn Ave, Melbourne, FL 32901-4406
      View Details
    • Value Estimation
      $1,160,000
      5,643 SF

      2018 Melbourne Ct

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,643 SF
      2018 Melbourne Ct, Melbourne, FL 32901-5619
      View Details
    • Value Estimation
      $1,225,000
      5,178 SF

      2012 Vernon Pl

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,178 SF
      2012 Vernon Pl, Melbourne, FL 32901-4433
      View Details
    • Value Estimation
      $1,400,000
      9,810 SF

      2421 Stone St, Unit 101

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 9,810 SF
      2421 Stone St, Melbourne, FL 32901-5574
      View Details
    • Value Estimation
      $535,000
      1,902 SF

      950 Melbourne Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 1,902 SF
      950 Melbourne Ave, Melbourne, FL 32901-5593
      View Details
    • Value Estimation by Request
      2,213 SF

      1605 Waverly Pl

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2,213 SF
      1605 Waverly Pl, Melbourne, FL 32901-4639
      View Details

    Similar Nearby for Sale

    • $1,400,000

      Melbourne Commercial Property Investment

      Prime Location, High Traffic, Business Included
      653 University Blvd, Melbourne, FL 32901
      View Details
    • $3,850,000
      13,765 SF

      Downtown Melbourne Commercial Building For Sale

      Premier 13,765 SF commercial building in vibrant downtown Melbourne.
      2015 Waverly Pl, Melbourne, FL 32901
      View Details
    • $1,500,000

      Melbourne Mixed-Use Investment Opportunity

      17-Unit Storage Facility, High Occupancy
      109 New Haven Ave, Melbourne, FL 32901
      View Details
    • $2,300,000
      16,270 SF

      Prime US-1 Retail Plaza

      High-Visibility Melbourne Retail Center
      1024 S Harbor City Blvd., Melbourne, Florida 32901, Melbourne, FL 32901
      View Details
    • $875,000
      4,070 SF

      Downtown Melbourne Commercial Opportunity

      Two-building commercial property in the heart of Downtown Melbourne.
      604 E New Haven Ave, Melbourne, FL 32901
      View Details
    • $884,500

      Downtown Melbourne Mixed-Use Property

      Prime location, owner financing available.
      604 New Haven Ave, Melbourne, FL 32901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      116,305 SF

      Melbourne Industrial Land - BTS Opportunity

      2.67 Acres, Build-to-Suit, Prime Location
      1831 Penn St, Melbourne, FL 32901
      View Details
    • $3,136 /Mo

      Melbourne Retail/Flex/Office Unit for Lease

      2,250 SF retail/flex/office unit in the heart of Melbourne.
      107 E New Haven Ave, Melbourne, FL 32901
      View Details
    • Contact for pricing
      1,700 SF

      New Construction Retail Space Available

      Retail space in new mixed-use building near thriving businesses.
      1425 Sportsman Ln NE, Palm Bay, FL 32901
      View Details
    • $15 SF/Yr
      900 SF

      Downtown Melbourne Warehouse Space

      900 sq ft Warehouse - Ideal for Storage
      621 Palmetto Ave, Melbourne, FL 32901
      View Details
    • $15 SF/Yr
      600 SF

      Melbourne Mini Storage Space Available

      Mini storage spaces for rent near downtown Melbourne.
      819-824 E Lincoln Ave, Melbourne, FL 32901
      View Details
    • $5,063 /Mo
      3,920 SF

      Melbourne Flex Space For Rent

      Flex space near Downtown Melbourne with visibility and access.
      2428 Irwin St, Melbourne, FL 32901
      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.
    620 New Hvn Ave, Unit 201
    Melbourne, FL 32901-5424
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.