Renovated Mixed-Use
For Sale
$1,249,000
1175 N Courtenay Parkway, Merritt Island, FL 32953
Commercial Sale, Merritt Island, FL
Property Size8,053 SF
Lot Size0.68 Acres
Price / SF$155.10
Days on Market494
Property Features for 1175 N Courtenay Parkway
General Information
Property type
Residential
Property subtype
Retail
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 4, Bathroom 7, Bathroom 1, Bathroom 2, Bathroom 8, Bathroom 6, Bathroom 5
Parking features
Guest
Subdivision
Nevins Subd of Pt of Secs 23 26
Lot features
Dead End Street, Many Trees
Directions
From 528 head south on SR3 / Courtenay Pkwy. Building is down on your right side across from High School.
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
Tax Year
2023
Tax Description
NEVINS SUBD OF PT OF SECS 23,26 PART OF LOTS 30,31 W OF A1A AS DES IN ORB 1004 PG 349
Tax Annual Amount
8948
Legal Description
NEVINS SUBD OF PT OF SECS 23,26 PART OF LOTS 30,31 W OF A1A AS DES IN ORB 1004 PG 349
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1986
Number of units
8
Building materials
Block
Listing Agency:
Perrone Realty, LLC
(321) 452-9838
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Added: May 19, 2025
Changed: Sep 13
Last Checked: Sep 24 at 6:06AM
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.
Investment Insights
Based on property information with market context.
This renovated mixed-use center contains 8,053 square feet of retail and office space arranged across 8 units. Updated interiors support the property’s multi-tenant configuration, while block construction, guest parking, public water, and public sewer add to its functional profile. The building was constructed in 1986 and occupies a 0.68-acre site.
Positioned at 1175 N Courtenay Parkway in Merritt Island, the property is directly across from Merritt Island High School and next to the public library. Its setting places retail and office space near established civic and educational facilities, with the address providing a clear commercial presence along N Courtenay Parkway.
Positioned at 1175 N Courtenay Parkway in Merritt Island, the property is directly across from Merritt Island High School and next to the public library. Its setting places retail and office space near established civic and educational facilities, with the address providing a clear commercial presence along N Courtenay Parkway.
Key Highlights
- 8,053 SF retail and office center on a 0.68‑acre site
- 8 units with renovated interiors
- Directly across from Merritt Island High School
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$93,435
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,868,700
$1.9M
Cap Rate 7%
$1,334,786
$1.3M
Cap Rate 9%
$1,038,167
$1.0M
Market Conditions
NOI Build-Up for 8,053 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$164.3K $20.40/SF
− Vacancy
−$14.8K −$1.84/SF
EGI
$149.5K $18.56/SF
− OpEx
−$56.1K −$6.96/SF
NOI
$93.4K $11.60/SF
Area
Brevard County, FL
Vacancy
9.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,868,700
Cap Rate 7%
$1,334,786
Cap Rate 9%
$1,038,167
Alternative Uses
Best Use
Mixed Use
$1.33M
$1.17M – $1.56M
NOI $93,435 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$1.33M
$1.16M – $1.55M
NOI $92,843 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,723 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 34%
Apparel 12%
Home Improvements & Furnishings 6%
McDonald's
Dining
25,882 visits/mo
0.3 miles
Goodwill
Apparel
12,721 visits/mo
0.5 miles
Cumberland Farms
Shops & Services
11,992 visits/mo
0.3 miles
7-Eleven
Shops & Services
7,402 visits/mo
0.2 miles
Burger King
Dining
7,360 visits/mo
0.4 miles
Demographics for 32953, FL
24,430
Population
11,566
Households
2.1
Avg Household Size
51
Median Age
35%
College-Educated
95%
High-School Grad
39.8 sq mi
ZIP Area
614
Density / Sq Mi
$84,248
Median Household Income
$41,534
Median Earnings
$1,300
Median Rent
$394,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated retail and office center with multiple units, updated interiors, guest parking, and public utilities.
Where is this mixed-use property 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: 8,053 SF retail and office center on a 0.68‑acre site; 8 units with renovated interiors; Directly across from Merritt Island High School
