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    Property profile & analytics

    653 E University Blvd Melbourne, FL 32901

    • Grocery and convenience stores
    • 3,120 SF
    • 0.62 lot acres
    For Sale
    View listing
    $1,280,000
    Last Sale
    Apr 05, 2023
    $1,200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5181948
    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

    • University Food Mart / Grocery Store
    • bp / Car Wash / Gas Station
    • U-Mart / Gas Station / Convenience Store

    Property Details for 653 E University Blvd

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.62 lot acres
    Property size
    3,120 SF
    Zone code
    CC2
    Property type
    Grocery and convenience stores
    APN
    28-37-10-00-00757.0-0000.00
    APU
    9223372036854775807

    Description

    This exceptional investment opportunity presents a 27,007.2 sq ft property at 653 E University Boulevard, Melbourne, FL 32901. Built in 1980, this versatile property currently operates as a thriving convenience store and gas station, included in the sale price of $1,400,000. The property boasts a C-1 Neighborhood Zoning Commercial classification, offering flexibility for various uses including residential development, office, medical, and retail. Its strategic location, less than a mile from Florida Institute of Technology, places it on a high-traffic corridor with an estimated 10,000 vehicles daily (buyer to verify). The property consists of one unit situated on a substantial lot, presenting significant potential for growth and diverse income streams. This is a rare chance to acquire a turnkey business and prime real estate in a desirable location. The property's zoning allows for a wide range of development options, catering to various investment strategies. The high daily traffic count ensures strong visibility and potential for increased revenue. This is a unique opportunity to capitalize on a thriving business and a highly sought-after location in Melbourne, Florida.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $920,000
      ML approach
      $1,050,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $825,000
      Market price range: $826k - $1.79M

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6101
    Latitude
    28.0633
    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
    $6,972
    $67,500
    $223,130
    $290,630
    -
    $67,500
    $223,130
    $290,630

    Comparable in this City

    • Value Estimation
      $270,000
      1,073 SF

      1800 Hbr City Blvd

      CONVENIENCE STORE (W/FUEL PUMP) • 1,073 SF
      1800 Hbr City Blvd, Melbourne, FL 32901-4745
      View Details
    • Value Estimation
      $365,000
      960 SF

      3000 Babcock St

      CONVENIENCE STORE (W/FUEL PUMP) • 960 SF
      3000 Babcock St, Melbourne, FL 32901-6923
      View Details
    • Value Estimation
      $400,000
      2,476 SF

      4000 Babcock St

      CONVENIENCE STORE (W/FUEL PUMP) • 2,476 SF
      4000 Babcock St, Melbourne, FL 32901-8527
      View Details
    • Value Estimation
      $510,000
      6,217 SF

      1105 Palmetto Ave

      CONVENIENCE STORE (W/FUEL PUMP) • 6,217 SF
      1105 Palmetto Ave, Melbourne, FL 32901-4709
      View Details
    • Value Estimation
      $775,000
      2,046 SF

      739 New Hvn Ave

      CONVENIENCE STORE (W/FUEL PUMP) • 2,046 SF
      739 New Hvn Ave, Melbourne, FL 32901-4210
      View Details
    • Value Estimation
      $7,445,000
      3,561 SF

      3998 Babcock St

      CONVENIENCE STORE (W/FUEL PUMP) • 3,561 SF
      3998 Babcock St, Melbourne, FL 32901-8212
      View Details

    Similar Nearby for Sale

    • $3,800,000
      1,585 SF

      Melbourne Gas Station Investment Opportunity

      New gas station with convenience store near Melbourne International Airport.
      601 S Babcock St, Melbourne, FL 32901
      View Details
    • $1,280,000
      2,600 SF

      Melbourne Gas Station and Store

      Operating gas station and convenience store near Florida Institute of Technology.
      653 E University Blvd, Melbourne, FL 32901
      View Details
    • Contact for pricing
      1,916,640 SF

      Melbourne City Center Mixed-Use

      Prime FL location, massive development potential.
      3999 Babcock St, Melbourne, FL 32901
      View Details
    • $2,149,000
      8,607 SF

      Mixed-Use Property with High Exposure

      Mixed-use property with commercial and residential units in high-traffic area.
      2016 Melbourne Ct, Melbourne, FL 32901
      View Details
    • $975,000
      4,673 SF

      Retail Assemblage on New Haven

      Three properties zoned C2 with high visibility and traffic.
      780 W New Haven Ave, Melbourne, FL 32901
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    • $1,950,000
      7,833 SF

      Jessups of Melbourne: Prime Retail Space

      Melbourne Storefront, 7,833 SF, High Income Potential
      912 New Haven Ave, Melbourne, FL 32901
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    Similar Nearby for Lease

    • Contact for pricing
      870 SF

      Neighborhood Shopping Center Retail Space

      Retail space in a neighborhood shopping center for lease.
      765-945 S Babcock St, Melbourne, FL 32901
      View Details
    • Contact for pricing
      7,500 SF

      Retail Space in Highline Apartments

      Retail space available in a mixed-use development.
      916 E New Haven Ave, Melbourne, FL 32901
      View Details
    • $28 SF/Yr
      1,500 SF

      Prime Commercial Space in Melbourne

      Versatile commercial space suitable for retail, office, or restaurant.
      826 E New Haven Ave, Melbourne, FL 32901
      View Details
    • $7,000 /Mo
      3,109 SF

      Retail or Professional Office Space

      Stand-alone building with flexible layout in Central Melbourne Commercial District.
      665 S Babcock St, Melbourne, FL 32901
      View Details
    • $20 SF/Yr
      870 SF

      Retail Space in Busy Location

      Retail space in a newly renovated building with high traffic.
      404-410 S Babcock St, 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
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    653 E University Blvd
    Melbourne, FL 32901
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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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