1945 Palm Bay RdPalm Bay, FL 32905

Property Details for 1945 Palm Bay Rd

Year built

1984

Construction

WOOD

Lot size

2.69 AC

Property size (Sq ft)

12,190 SF

Zone code

CC

Property type

Office properties

Property subtype

Office buildings

APN

28-37-22-00-00274.0-0000.00

APU

9223372036854775807

Description

This exceptional value-add investment opportunity presents two vacant commercial buildings totaling 21,720 square feet situated on a 2.69-acre lot in Palm Bay, Florida. Built in 1984 and 1985, the property boasts a prime location with 150 feet of frontage on Palm Bay Road and 500 feet of depth, offering excellent visibility and accessibility. The property features 75 striped parking spaces with potential for expansion, a two-sided lighted sign, and convenient access via Palm Bay Road and Pinewood Drive. City of Palm Bay utilities are in place. The property is zoned CC and is ideally positioned amidst a thriving mix of office, retail, restaurant, and residential uses, just minutes from major employers like L3Harris Corp., DRS, and Intersil. A 7-Eleven convenience store is located at the southwest corner, further enhancing the property's strategic location. The half-acre on-site retention area adds to the property's functionality. This property presents a unique chance to acquire a substantial commercial asset with significant upside potential. The asking price is $2,400,000, translating to $110.50 per square foot. The property's APN is 28-37-22-00-274.

• CAP approach

  CAP return

  Valuation

  6%

  $3,350,302

  6.5%

  $3,092,586

  7%

  $2,871,688

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,914,196

  Geo Method

  $1,914,196

• Alternative Use

  Use

  Valuation

  Residential

  $3,834,807

  Hospitality

  $3,512,663

  Educational

  $2,922,494

  Medical

  $3,023,003

  Retail

  $4,546,102

Location Insight

City

Palm Bay

County

Brevard

State

Florida

Latitude

28.0361

Longitude

-80.614

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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