Strip Mall with Eight
For Sale
$1,249,000
1175 N Courtenay Parkway, Merritt Island, FL 32953
SINGLE_FAMILY - Merritt Island, FL
Property Size8,053 SF
Lot Size0.68 Acres
Price / SF$155.10
Days on Market448
Property Features for 1175 N Courtenay Parkway
General Information
Property type
Residential
Property subtype
Retail
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 6, Bathroom 2, Bathroom 8, Bathroom 1, Bathroom 3, Bathroom 7, Bathroom 4, 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: Aug 2
Last Checked: Aug 9 at 12:06PM
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.
Renovated strip mall totaling 8,053 square feet on a 0.68-acre lot, built with block construction in 1986. The property is configured with eight units and features updated interiors, with ample parking for tenants and guests (guest parking is listed). Public utilities include public water and public sewer.
Located at 1175 N Courtenay Parkway in Merritt Island, the center sits on N Courtenay Pkwy. It is directly across from Merritt Island High School and adjacent to the public library, providing a high-footfall retail and office setting.
This offering is presented as a fit for an investor seeking a 1031 exchange or a portfolio addition.
Located at 1175 N Courtenay Parkway in Merritt Island, the center sits on N Courtenay Pkwy. It is directly across from Merritt Island High School and adjacent to the public library, providing a high-footfall retail and office setting.
This offering is presented as a fit for an investor seeking a 1031 exchange or a portfolio addition.
Key Highlights
- 8,053 SF strip mall on 0.68 acres
- Eight units with updated interiors
- Block construction built in 1986
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
$109,585
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
8.77%
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%
$2,191,700
$2.2M
Cap Rate 7%
$1,565,500
$1.6M
Cap Rate 9%
$1,217,611
$1.2M
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
$173.9K $21.60/SF
− Vacancy
−$27.8K −$3.46/SF
EGI
$146.1K $18.14/SF
− OpEx
−$36.5K −$4.54/SF
NOI
$109.6K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,191,700
Cap Rate 7%
$1,565,500
Cap Rate 9%
$1,217,611
Alternative Uses
Best Use
Office B
$1.57M
$1.37M – $1.83M
NOI $109,585 @ 7.0% cap · market cap 8.77%
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
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Renovated strip mall on N Courtenay Pkwy with eight units, block construction, and public water and sewer.
Where is this strip mall 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 strip mall on 0.68 acres; Eight units with updated interiors; Block construction built in 1986
