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    Property profile & analytics

    621 Nova Rd Ormond Beach, FL 32174-6901

    • Medical Office Space
    • 3,796 SF
    • 1.45 lot acres
    OFF-MARKET
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4552582
    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

    • Robbins Rena M MD / Physician
    • Sleep-Wake Disorder Center / Physician / Medical Clinic
    • Wahba Wahba / Physician

    Property Details for 621 Nova Rd

    Year built
    1979
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.45 lot acres
    Property size
    3,796 SF
    Zone code
    B8
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    4242-03-05-0131
    APU
    424203050131

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $920,000
      6.5%
      $850,000
      7%
      $790,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $768,000
      Market price range: $315k - $1.42M
      AI Estimate
      $516,000
      Market price range: $279k - $1.05M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $985,000
      Current use
      AUTO REPAIR, GARAGE
      $945,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ormond Beach
    County
    Volusia
    State
    Florida
    Longitude
    -81.0773
    Latitude
    29.2653
    CBSA code
    19660
    CBSA name
    DELTONA-DAYTONA BEACH-ORMOND BEACH, 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
    $7,919
    $252,704
    $232,240
    $484,944
    -
    $252,704
    $232,240
    $484,944

    Comparable in this City

    • Value Estimation
      $800,000
      6,638 SF

      595 Granada Blvd, Unit 10

      MEDICAL BUILDING • 6,638 SF
      595 Granada Blvd, Ormond Beach, FL 32174-5190
      View Details
    • Value Estimation by Request
      1,827 SF

      1400 Hand Ave Ste Q

      MEDICAL BUILDING • 1,827 SF
      1400 Hand Ave Ste Q, Ormond Beach, FL 32174-8196
      View Details
    • Value Estimation
      $1,240,000
      12,463 SF

      55 Old Kings Rd

      MEDICAL BUILDING • 12,463 SF
      55 Old Kings Rd, Ormond Beach, FL 32174-9506
      View Details
    • Value Estimation by Request
      490 SF

      335 Clyde Morris Blvd, Unit C22

      MEDICAL BUILDING • 490 SF
      335 Clyde Morris Blvd, Ormond Beach, FL 32174-3181
      View Details
    • Value Estimation by Request
      490 SF

      335 Clyde Morris Blvd, Unit C47

      MEDICAL BUILDING • 490 SF
      335 Clyde Morris Blvd, Ormond Beach, FL 32174-3181
      View Details
    • Value Estimation by Request
      490 SF

      335 Clyde Morris Blvd, Unit C6

      MEDICAL BUILDING • 490 SF
      335 Clyde Morris Blvd, Ormond Beach, FL 32174-3181
      View Details

    Similar Nearby for Sale

    • $1,350,000
      4,666 SF

      Ormond Beach Medical Office Building

      Prime US-1 location, 4,666 SF, $1.35M
      479 Us Highway 1, Ormond Beach, FL 32174
      View Details
    • $2,250,000
      8,110 SF

      Ormond Beach Commercial Investment Opportunity

      Prime Ormond Beach location, strong tenant.
      300 Clyde Morris Blvd, Ormond Beach, FL 32174
      View Details
    • $2,350,000
      6.85 Acres

      Ormond Beach Commercial Land Parcel

      6.85-acre commercial land parcel on Ormond Beach's premier corridor.
      720 W Granada Blvd, Ormond Beach, FL 32174
      View Details
    • $300,000

      Ormond Beach Office For Sale

      Office or Medical office in the heart of Ormond Beach.
      106 N Old Kings Rd, Ormond Beach, FL 32174
      View Details
    • $762,000
      5,667 SF

      Ormond Beach Professional Office Space

      Turnkey office space in desirable Ormond Beach location.
      500 Memorial E-1 & Cir, Ormond Beach, FL 32174
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    • Contact for pricing

      Ormond Beach Medical Office Outparcel

      Pad-ready site for medical office in premier shopping center.
      1250 W Granada Blvd, Ormond Beach, FL 32174
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      23,467 SF

      West Granada Center: Medical Offices

      Ormond Beach medical suites available
      1425 Granada Blvd, Ormond Beach, FL 32174
      View Details
    • $23 SF/Yr
      4,765 SF

      275 Williamson Blvd

      Medical Office Space • 4,765 SF
      275 Williamson Blvd, Ormond Beach, FL 32174
      View Details
    • $21 SF/Yr
      12,088 SF

      Ormond Beach Office Space for Lease

      Prime Office, 3,604 SF Available
      141 Sagebrush Trl, Ormond Beach, FL 32174
      View Details
    • $3,554 /Mo
      17,516 SF

      Ormond Beach Office Space Available

      2070 SF office space in a busy professional center.
      298 S Nova Rd Unit, Ormond Beach, FL 32174
      View Details
    • $3,601 /Mo
      23,278 SF

      Ormond Beach Medical Office Space

      Medical office space available in central Ormond Beach location.
      570 Memorial Cir, Ormond Beach, FL 32174
      View Details
    • $1,200 /Mo
      766 SF

      Ormond Beach First-Floor Office Suite

      766 SF office suite in prime Ormond Beach location.
      555 W Granada Blvd, Ormond Beach, FL 32174
      View Details
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    621 Nova Rd
    Ormond Beach, FL 32174-6901
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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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