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    778 Ontario St Palm Bay, FL 32907
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    778 Ontario St Palm Bay, FL 32907

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    • Commercial real estate
    Off-Market
    Property ID
    US18-4390201
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 778 Ontario St

    Property type
    Commercial real estate

    Description

    This exceptional .23-acre commercial lot, located at 778 Ontario Street NW in Palm Bay, Florida (zip code 32907), presents a unique investment opportunity. The property encompasses 10,018.8 square feet of land, ideally suited for various commercial ventures. Situated in Brevard County, this lot offers a strategic location, just 10 minutes away from essential amenities such as grocery stores, restaurants, and schools. The convenience extends to nearby beaches, easily accessible within a 30-minute drive. A notable feature is the canal frontage, providing privacy and eliminating the concern of rear neighbors. Furthermore, the absence of a homeowner's association (HOA) offers flexibility and freedom. The seller is open to selling this lot individually or in conjunction with an adjacent, similarly sized parcel, allowing for the potential acquisition of nearly half an acre. This property's prime location and desirable features make it an attractive prospect for developers and investors seeking a foothold in the thriving Palm Bay commercial market. The asking price for this exceptional opportunity is $56,900.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.692597
    Latitude
    28.006594

    Comparable in this City

    • $55,000
      0.28 Acres

      Palm Bay Corner Lot

      0.28 acre corner lot in Port Malabar neighborhood.
      737 Doverbrook Dr, Palm Bay, FL 32907
      View Details
    • $49,500
      0.23 Acres

      Residential Land in Palm Bay

      Two side-by-side lots near St. Johns Pkwy area.
      1318 Defender St NW, Palm Bay, FL 32907
      View Details
    • $450,000
      4.63 Acres

      Vacant Land in Palm Bay

      4.63 acres of vacant land, ideal for building.
      Vars St NW, Palm Bay, FL 32907
      View Details
    • $59,000
      0.23 Acres

      Palm Bay Homesite Opportunity

      0.23-acre homesite in North Palm Bay, city water and septic.
      36 Emerson Dr NW, Palm Bay, FL 32907
      View Details
    • $170,000
      1.10 Acres

      Palm Bay Commercial Land Available

      1.1 acre commercial land suitable for retail development.
      198 Emerson Dr NW, Palm Bay, FL 32907
      View Details

    Similar Nearby for Sale

    • $55,000
      0.28 Acres

      Palm Bay Corner Lot

      0.28 acre corner lot in Port Malabar neighborhood.
      737 Doverbrook Dr, Palm Bay, FL 32907
      View Details
    • $49,500
      0.23 Acres

      Residential Land in Palm Bay

      Two side-by-side lots near St. Johns Pkwy area.
      1318 Defender St NW, Palm Bay, FL 32907
      View Details
    • $450,000
      4.63 Acres

      Vacant Land in Palm Bay

      4.63 acres of vacant land, ideal for building.
      Vars St NW, Palm Bay, FL 32907
      View Details
    • $59,000
      0.23 Acres

      Palm Bay Homesite Opportunity

      0.23-acre homesite in North Palm Bay, city water and septic.
      36 Emerson Dr NW, Palm Bay, FL 32907
      View Details
    • $170,000
      1.10 Acres

      Palm Bay Commercial Land Available

      1.1 acre commercial land suitable for retail development.
      198 Emerson Dr NW, Palm Bay, FL 32907
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Palm Bay Office Space Available

      Office space available for rent in Palm Bay, Florida.
      6100 Minton Rd, Palm Bay, FL 32907
      View Details
    • Contact for pricing

      Retail Parcels Near Publix Center

      Retail development parcels with high visibility and access.
      32907 Usa, Palm Bay, FL 32907
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    • Contact for pricing
      5,918 SF

      Unique Restaurant and Retail Opportunity

      Former museum spaces ideal for restaurant, food hall, or retail.
      1510-1520 Highland Ave, Melbourne, FL 32907
      View Details
    • $5,246 /Mo
      18,505 SF

      Palm Bay Professional Office Space

      First-floor office with reception, offices, bullpen, and conference room.
      490 Centre Lake Dr NE, Palm Bay, FL 32907
      View Details
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    778 Ontario St
    Palm Bay, FL 32907
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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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