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Property profile & analytics
OFF-MARKET
Estimated value
$1,000,000
Garden apartment buildings
807 Azalea Ln Vero Beach, FL 32963-1946
Individually Owned
24-yr Hold
~
Est. High Equity
Property ID
US18-0490673
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1956
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
7,117 SF
Lot
0.45 ac (19,602 SF)
Zoning code
RM-10/12
APN
32-40-32-00006-0050-00027.0
UPID
US18-0490673
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
$1.17M
Comparable Approach
Comparable
$917k
Blend (final)
Blend
$1.00M
Owner & transaction history
Glenn Northey · 24 yrs held
Glenn Northey
since 2001
1 recorded transaction
Zoning & alternative use
RM-10/12 · Vero Beach, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.5M
+15.4%
Retail stores
$1.5M
+14.7%
Office building
$1.5M
+10.8%
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 Vero Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Vero Beach 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%
$1,265,000
6.5%
$1,165,000
7%
$1,085,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,340,000
Current use
AUTO REPAIR, GARAGE
$1,545,000
Change: +15% · Conversion: Difficult
RETAIL STORES
$1,535,000
Change: +15% · Conversion: Difficult
OFFICE BUILDING
$1,485,000
Change: +11% · Conversion: Moderate
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±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
$141 / 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
$12,663
Tax year 2023
Assessed value
$733,809
Assessed 2023
Previous assessed
$743,629
-1.3% YoY
Effective rate
1.73%
On assessed value
Assessed land
$331,500
Assessed improvement
$402,309
Land market value
$331,500
Improvement market value
$402,309
Total market value
$733,809
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1956
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Cooling
AC.PACKAGE
Stories
2
Units
11
Total area
7,117 SF
Lot
0.45 ac (19,602 SF)
Zoning code
RM-10/12
APN
32-40-32-00006-0050-00027.0
UPID
US18-0490673
Jurisdiction
INDIAN RIVER
Zoning & alternative use
RM-10/12 · Vero Beach, FL
Zoning RM-10/12 · permitted uses
RM-10/12 · Vero Beach, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Vero Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.5M
RETAIL STORES
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
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
1956
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Cooling
Yes
Stories
2
Units
11
Lot
0.45 ac
Current owner
From public records · entity-resolved
Glenn Northey
Individual
Mailing address
109 RIV OAK DR, VERO BEACH, FL 32963-3811
Ownership since
2001
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
Sep 6, 2001
$665,000
Glenn Northey
Polce,joseph J
Grant Deed
$300,000 · Jacqueline A
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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