825 John Rodes BlvdMelbourne, FL 32904

Property Details for 825 John Rodes Blvd

Year built

1926

Lot size

18.76 AC

Property size (Sq ft)

1,352 SF

Zone code

IU

Property type

Industrial land

APN

27-36-35-00-00251.0-0000.00

APU

9223372036854775807

Description

This exceptional 18.76-acre industrial land parcel, located at 825 S John Rodes Blvd, West Melbourne, FL 32904, presents a significant development opportunity. Zoned M-1 Light Industrial, this property boasts 631+ feet of frontage on John Rodes Blvd, a two-lane paved road, ensuring excellent highway exposure. The site's dimensions are approximately 631+ feet on John Rodes Blvd, 1,287+ feet on the north boundary, 624+ feet on the east boundary, and 1,288+ feet on the south boundary. While approximately 7.2 acres are wetlands, development is potentially feasible with estimated mitigation costs of $150,000 per acre. Conveniently situated, the property benefits from an 8" water main at the southeast corner of John Rodes Blvd and Ellis Road, and gravity sewer access on John Rodes Blvd near Fortune Place Industrial Park. Currently, a Lamar Billboard lease generates $3,000 annually, renewing yearly on July 1st, with the next renewal concluding June 30th, 2024, and a 60-day termination notice. The property is free of apparent adverse easements or encroachments. This offering presents a compelling investment prospect for industrial development in a strategic location. The asking price is $4,033,400.

• CAP approach

  CAP return

  Valuation

  6%

  $781,352

  6.5%

  $721,248

  7%

  $669,730

• Comparable approach

  Method

  Valuation

  Relative Method

  $339,687

  Geo Method

  $339,687

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $378,481

  Mixed-Use / Specialty

  $383,932

  Hospitality / Lodging

  $290,532

  Office

  $388,734

  Institutional / Educational

  $401,565

  Residential Income

  $469,831

  Multifamily

  $525,792

  Automotive / Energy

  $344,199

  Parking / Income-Based Land

  $112,060

  Restaurant / Food Service

  $214,199

  Healthcare / Senior Housing

  $386,742

Location Insight

City

West Melbourne

County

Brevard

State

Florida

Latitude

28.0965

Longitude

-80.6981

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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