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    9065 Ellis Rd West Melbourne, FL 32904-1017

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    9065 Ellis Rd West Melbourne, FL 32904-1017

    View on Map
    • Office buildings
    • 3,858 SF
    • 2.37 lot acres
    Off-Market
    Last Sale Jan 24, 2025
    Property ID
    US18-5911781
    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
    $655,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 9065 Ellis Rd

    Year built
    1999
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.37 lot acres
    Property size
    3,858 SF
    Zone code
    M1
    Property type
    Office buildings
    APN
    27-36-35-00-00009.0-0000.00
    APU
    9223372036854775807

    Description

    This exceptional 3,600-square-foot single-tenant warehouse is situated on a 2.37-acre lot in West Melbourne, Florida. The property, located at 9065 Ellis Road (APN 27-36-35-00-00009.0-0000.00), boasts a prime location with high visibility on Ellis Road, experiencing an estimated 18,100 vehicles per day. The building features a spacious interior including a reception/lobby area, twelve offices, a conference room, a break room, and four restrooms (one with a shower). The entire interior benefits from 100% HVAC and a drop ceiling, complemented by abundant natural light from perimeter windows. A new shingle roof was installed in 2023. The property is fully fenced and offers expansion potential with a pad already in place for a 2,500-square-foot addition. Its strategic location provides easy access to Interstate 95 (three interchanges within a 3-mile radius) and proximity to major employers such as Melbourne International Airport, L3Harris, Northrop Grumman, and Amazon. This is an ideal opportunity for businesses seeking a well-maintained, conveniently located industrial space in a thriving area. The property is a single-story building with one suite.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $935,000
      6.5%
      $860,000
      7%
      $800,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $903,000
      Market price range: $561k - $1.10M
      AI Estimate
      $555,000
      Market price range: $220k - $774k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $780,000
      Current use
      COMMERCIAL (GENERAL)
      $915,000
      Change: +17% Conversion: Easy
      AUTO REPAIR, GARAGE
      $805,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6925
    Latitude
    28.0985
    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
    $8,164
    $309,370
    $242,360
    $551,730
    -
    $309,370
    $242,360
    $551,730

    Comparable in this City

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      10,235 SF

      1070 Wickham Rd

      OFFICE BUILDING • 10,235 SF
      1070 Wickham Rd, West Melbourne, FL 32904-1653
      View Details
    • Value Estimation
      $2,005,000
      9,760 SF

      475 John Rodes Blvd

      OFFICE BUILDING • 9,760 SF
      475 John Rodes Blvd, Melbourne, FL 32904-1093
      View Details
    • Value Estimation
      $1,720,000
      8,569 SF

      3453 New Hvn Ave

      OFFICE BUILDING • 8,569 SF
      3453 New Hvn Ave, Melbourne, FL 32904-3539
      View Details
    • Value Estimation
      $745,000
      6,026 SF

      2110 Dairy Rd Ste, Unit 102

      OFFICE BUILDING • 6,026 SF
      2110 Dairy Rd Ste, West Melbourne, FL 32904-5200
      View Details
    • Value Estimation by Request
      1,800 SF

      7608 Silver Sands Rd

      OFFICE BUILDING • 1,800 SF
      7608 Silver Sands Rd, West Melbourne, FL 32904-1128
      View Details
    • Value Estimation by Request
      1,862 SF

      3960 Minton Rd

      OFFICE BUILDING • 1,862 SF
      3960 Minton Rd, Melbourne, FL 32904-9558
      View Details

    Similar Nearby for Sale

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      Office Building with Expansion Potential

      Office building for rent with room for expansion.
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      Multi-Building Commercial Property For Sale

      Three-building commercial property with bonus apartment, fully occupied, fenced.
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    Similar Nearby for Lease

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      Prime Office Space, US 192

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      Versatile Flex Space Near Airport

      Adaptable space suitable for office, flex, R&D, manufacturing, or warehouse.
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      Prime Office Space, US 192

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      View Details
    • Contact for pricing

      Space Coast Town Center

      Mixed-use development opportunity in growing Florida Space Coast region.
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      View Details
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    9065 Ellis Rd
    West Melbourne, FL 32904-1017
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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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