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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    966 Aurora Rd Melbourne, FL 32935-5967

    • Retail space
    • 10,529 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $1,005,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5928617
    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

    • Retail space

    Property Details for 966 Aurora Rd

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.38 lot acres
    Property size
    10,529 SF
    Zone code
    M1
    Property type
    Retail space
    APN
    27-37-16-50-0000B.0-0023.00
    APU
    273716500000B0002300

    Description

    This exceptional 9,800-square-foot industrial flex space, located at 966 Aurora Road in Melbourne, Florida, presents a unique opportunity for businesses seeking a versatile and well-situated property. The single-tenant building, constructed in 1962, sits on a 0.38-acre lot and boasts a convenient single-story design. The property is zoned M1, offering flexibility for a range of industrial and commercial uses. Key features include three dock-high doors situated on the west side of the building, providing efficient loading and unloading capabilities. The entire 9,800 square feet is currently vacant and ready for immediate occupancy. The building benefits from full air conditioning throughout, ensuring a comfortable and productive work environment. Its strategic location on Aurora Road, between Bunch Street and Southland Avenue, offers excellent accessibility, with proximity to US Highway 1 (within 0.1 miles). The property's address is 966-982 Aurora Rd, Melbourne, FL 32935, and its APN is 27-37-16-50-B-23. This property in Brevard County represents a compelling investment opportunity for businesses seeking a functional and strategically located industrial space. The combination of size, location, and features makes this a highly desirable property in the Melbourne market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,029,000
      Market price range: $813k - $1.81M
      AI Estimate
      $842,000
      Market price range: $485k - $1.82M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,540,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,440,000
      Change: -6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Melbourne
    County
    Brevard
    State
    Florida
    Longitude
    -80.6349
    Latitude
    28.1344
    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
    $9,688
    $76,650
    $638,360
    $715,010
    -
    $76,650
    $638,360
    $715,010

    Comparable in this City

    • Value Estimation by Request
      1,200 SF

      1380 Cypress Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      1380 Cypress Ave, Melbourne, FL 32935-5933
      View Details
    • Value Estimation
      $1,290,000
      11,335 SF

      1201 Lk Washington Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,335 SF
      1201 Lk Washington Rd, Melbourne, FL 32935-5542
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    • Value Estimation
      $1,085,000
      6,638 SF

      2444 Wickham Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,638 SF
      2444 Wickham Rd, Melbourne, FL 32935-8125
      View Details
    • Value Estimation by Request
      1,752 SF

      1482 Pineapple Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,752 SF
      1482 Pineapple Ave, Melbourne, FL 32935-6590
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    • Value Estimation
      $930,000
      6,201 SF

      2900 Post Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,201 SF
      2900 Post Rd, Melbourne, FL 32935-2320
      View Details
    • Value Estimation
      $10,475,000
      60,945 SF

      1270 Wickham Rd

      RETAIL STORES (PERSONAL SERVICES) • 60,945 SF
      1270 Wickham Rd, Melbourne, FL 32935-8923
      View Details

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    Similar Nearby for Lease

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      Retail or office space with high traffic count.
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      Retail Space on Aurora Road

      Retail space available on high-traffic Aurora Road in Melbourne.
      2722 Aurora Rd, Melbourne, FL 32935
      View Details
    • Contact for pricing

      Retail Building on Highway 1

      4,509 SF building with high visibility on 0.67 acres.
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      View Details
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    966 Aurora Rd
    Melbourne, FL 32935-5967
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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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