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    1175 N Courtenay Parkway Merritt Island, FL 32953

    View on Map
    For Sale
    $1,249,000

    SINGLE_FAMILY - Merritt Island, FL

    Type:Retail
    Property size:
    8,053 SF
    Lot size:
    0.68 Acres
    Added:
    May 19, 2025
    Days on Market:
    317
    Last Refresh:
    Mar 31 at 9:06 pm

    Property Features for 1175 N Courtenay Parkway

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Bathrooms
    8
    Rooms
    Bathroom 7, Bathroom 4, Bathroom 6, Bathroom 3, Bathroom 2, Bathroom 8, Bathroom 1, Bathroom 5
    Parking features
    Guest
    Standard status
    Active
    APN
    24-36-23-Bx-00000.0-0031.01
    Size
    8,053 SF
    Lot size
    0.68 Acres

    Taxes and HOA fees

    TaxYear
    2023
    TaxDescription
    NEVINS SUBD OF PT OF SECS 23,26 PART OF LOTS 30,31 W OF A1A AS DES IN ORB 1004 PG 349
    TaxAnnualAmount
    8948

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1986
    Number of units
    8
    Building materials
    Block

    We can help!

    Listing Contact
    Ralph S Perrone
    Ralph S Perrone

    Listing agent Ralph S Perrone License #3045618

    Listing office Perrone Realty, LLC 234 E Merritt Island Cswy. #C, Merritt Island, FL

    Listing date May 19, 2025

    MLS# 1046593

    Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Merritt Island Retail/Office Center

    This is an investment opportunity to acquire a renovated 8,053 square foot retail and office center located in Merritt Island, Florida. The property is strategically positioned on high-traffic North Courtenay Parkway, directly across from Merritt Island High School and adjacent to the public library. The property features 8 units with updated interiors and a strong tenant mix. Ample parking is available. The property is situated on a 0.68-acre lot. This property is ideal for a 1031 exchange or portfolio addition.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jae's Therapeutic Touch ... Alternative Medicine Practice Security First Title ... Title Company The ARK Church of Brevard ... Church US Defense Investigation ... Military Base Fantastique Fashions Upscale ... Discount Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Merritt Investment LLC — 1850 N Courtenay Pkwy # 102, Merritt Island, FL 32953
    • Centre of Merritt — Florida Blvd, Merritt Island, FL 32953
    • Merritt Crossing — 233 Crockett Blvd, Merritt Island, FL 32953
    • Shoppes of Victoria Square — 1450 N Courtenay Pkwy, Merritt Island, FL 32953
    • Coin Cloud Bitcoin ATM — 1385 N Courtenay Pkwy, Merritt Island, FL 32952

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7026447
    Latitude
    28.3774293

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    FAQs

    What type of property is this?
    Shopping center - Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
    Where is this shopping center located?
    The property is located at 1175 N Courtenay Parkway Merritt Island, FL.
    What is the asking price?
    The asking price for this property is $1,249,000.
    What are key features of this property?
    This property features: Renovated 8,053 SF retail/office center.; Strategically located on high‑traffic N Courtenay Pkwy.; Directly across from Merritt Island High School and adjacent to the public library.
    (407) 733-0725
    We can help!
    Listing Contact
    Ralph S Perrone
    Ralph S Perrone
    Real Estate License ID: 3045618
    Learn More
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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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