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Property profile & analytics
FOR SALE
Retail space
881 N State Road 21 Melrose, FL 32666
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US18-2467540
For Sale
1 / 2
$1,188,337
881 N State Road 21, Melrose, FL 32666
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2014
Construction
STEEL FRAME
Total area
8,400 SF
Lot
2.96 ac (128,938 SF)
APN
18-09-23-0000-075.3-004.0
UPID
US18-2467540
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
by Request
Comparable Approach
Comparable
$1.96M
Blend (final)
Blend
$1.97M
Owner & transaction history
Sri Aruna LLC · 8 yrs held
Sri Aruna LLC
since 2018
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.2M
+184.1%
Commercial (general)
$1.5M
+31.0%
Office building
$1.2M
+6.5%
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 Melrose submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melrose 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$3,200,000
Change: +184% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,475,000
Change: +31% · Conversion: Easy
OFFICE BUILDING
$1,200,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$1.97M
Range $1.77M – $2.16M · ±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
$234 / 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
$20,612
Tax year 2023
Assessed value
$1,260,430
Assessed 2023
Previous assessed
$1,151,280
+9.5% YoY
Effective rate
1.64%
On assessed value
Land market value
$139,240
Improvement market value
$1,121,190
Total market value
$1,260,430
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Sale
Year built
2014
Construction
STEEL FRAME
Heating
CENTRAL
Total area
8,400 SF
Lot
2.96 ac (128,938 SF)
APN
18-09-23-0000-075.3-004.0
UPID
US18-2467540
Jurisdiction
PUTNAM
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.2M
RESTAURANT
COMMERCIAL (GENERAL)
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
2014
Construction
STEEL FRAME
Heating
CENTRAL
Lot
2.96 ac
Current owner
From public records · entity-resolved
Sri Aruna LLC
Entity
Mailing address
500 VOLVO PKWY, CHESAPEAKE, VA 23320-1604
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 30, 2018
$1,223,500
Sri Aruna LLC
Arcp Fd 2014 Alb Portfolio I LLC
Special Warranty Deed
$9,100,000 · Unify Financial FCU
Sep 11, 2014
$1,205,200
Fd 2014 Alb Portfolio I Arcp
Sb Melrose Fds LLC
Grant Deed
—
Mar 10, 2014
$132,500
Sb Melrose Fds LLC
Elkin,michele & George G
Warranty Deed
$1,111,000 · Gulfstream Funding LLC
Aug 11, 2006
$286,500
Michael T Thompson
Lake Area Realty INC
Quit Claim Deed
related
—
Aug 11, 2006
—
Lake Area Realty INC
Thompson,michael T & Sandra A
Quit Claim Deed
related
—
Mar 9, 2005
$110,000
Michele Elkin
Five Masters Corp
Warranty Deed
—
Apr 20, 2004
$75,000
Michael Thompson
Five Masters Corp
Grant Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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