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    Property profile & analytics

    89 NW Irwin Ave Melbourne, FL 32904

    • Apartment buildings
    • 5,960 SF
    • 0.58 lot acres
    For Sale
    View listing
    $1,480,000
    Last Sale
    Apr 09, 2021
    $937,500
    Value Estimations
    Cap Rate Potential
    6%
    Apartment buildings
    Location Intelligence
    Property ID
    US18-6100691
    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

    • Apartment buildings

    Property Details for 89 NW Irwin Ave

    Year built
    1973
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.58 lot acres
    Property size
    5,960 SF
    Zone code
    R2
    Property type
    Apartment buildings
    APN
    28-37-05-02-0000C.0-0006.00
    APU
    283705020000C0000600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,010,000
      ML approach
      $1,035,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,015,000
      6.5%
      $940,000
      7%
      $870,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $974,000
      Market price range: $625k - $6.10M

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

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6416
    Latitude
    28.0804
    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
    $9,155
    $34,650
    $504,110
    $538,760
    -
    $34,650
    $504,110
    $538,760

    Comparable in this City

    • Value Estimation
      $1,110,000
      10,182 SF

      101 Beth Ln, Unit 390

      APARTMENT HOUSE (5+ UNITS) • 10,182 SF
      101 Beth Ln, West Melbourne, FL 32904-8101
      View Details
    • Value Estimation
      $2,615,000
      27,001 SF

      Melbourne, FL 32904

      APARTMENT HOUSE (5+ UNITS) • 27,001 SF
      Melbourne, FL 32904
      View Details
    • Value Estimation
      $885,000
      3,120 SF

      2268 New Hvn Ave

      APARTMENT HOUSE (5+ UNITS) • 3,120 SF
      2268 New Hvn Ave, West Melbourne, FL 32904-3874
      View Details
    • Value Estimation by Request
      9,188 SF

      7500 Greenboro Dr

      APARTMENT HOUSE (5+ UNITS) • 9,188 SF
      7500 Greenboro Dr, West Melbourne, FL 32904-1683
      View Details
    • Value Estimation
      $3,080,000
      28,993 SF

      4012 Merrillville Dr

      APARTMENT HOUSE (5+ UNITS) • 28,993 SF
      4012 Merrillville Dr, West Melbourne, FL 32904-6186
      View Details
    • Value Estimation by Request
      45,610 SF

      4532 Explorer Dr

      APARTMENT HOUSE (5+ UNITS) • 45,610 SF
      4532 Explorer Dr, West Melbourne, FL 32904-6919
      View Details

    Similar Nearby for Sale

    • $1,480,000
      Pending

      Melbourne Multifamily Investment Opportunity

      Eleven units near employers, beaches, mall, and airport.
      89 NW Irwin Ave, Melbourne, FL 32904
      View Details
    • $59,990

      Melbourne Commercial Land - 7,405 SF

      Prime Commercial/Residential Lot in Melbourne, FL
      719 Vine St, Melbourne, FL 32904
      View Details
    • $325,000

      Melbourne Commercial Land - $325K

      Prime 33,541 SF lot, ready to build.
      6915 Sheridan Rd, Melbourne, FL 32904
      View Details
    • Contact for pricing
      350,000 SF

      Space Coast Town Center Development

      Mixed-use development opportunity in growing Space Coast region.
      US-192 & St Johns Heritage Pkwy, West Melbourne, FL 32904
      View Details
    • $439,900

      Melbourne Land: 4.67 Acres

      Prime Commercial/Residential Land
      1207 Eber Blvd, Melbourne, FL 32904
      View Details
    • $138,500

      Melbourne Commercial Land - Prime Location

      37,026 SF Buildable Lot - Motivated Seller
      0000 Ohio St, Melbourne, FL 32904
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      1,300 SF

      Melbourne Retail Space - Prime Location

      Vacant Retail Space, Negotiable Terms
      3340 New Haven Ave, Melbourne, FL 32904
      View Details
    • $16 SF/Yr
      45,000 SF

      Melbourne Office Building Investment Opportunity

      Executive Suites, Prime Location, Ample Parking
      1990 New Haven Ave, Melbourne, FL 32904
      View Details
    • $11 SF/Yr
      10,000 SF

      West Melbourne Warehouse with Office

      10,000 SF warehouse with 2,100 SF office space.
      7100-7600 Technology Dr, West Melbourne, FL 32904
      View Details
    • $36 SF/Yr
      2,930 SF

      Retail Space in Growing Area

      Retail space available in a high-growth Melbourne, Florida location.
      6375 N Wickham Rd, Melbourne, FL 32904
      View Details
    • $9 SF/Yr
      20,000 SF

      Melbourne Flex/Industrial Space For Lease

      20,000 SF flex/industrial space available for lease in Melbourne.
      800 Commerce Dr, Melbourne, FL 32904
      View Details
    • $13 SF/Yr
      6,455 SF

      Industrial Building in Melbourne Corridor

      6,455 SF industrial building in Melbourne's primary industrial corridor.
      515 Distribution Dr, Melbourne, FL 32904
      View Details
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    89 NW Irwin Ave
    Melbourne, FL 32904
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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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