Flex Space Former Car
For Sale
$9,998,900
1850 E Merritt Island Causeway, Merritt Island, FL 32952
COMMERCIAL - Merritt Island, FL
Property Size63,125 SF
Lot Size6.92 Acres
Price / SF$158.40
Days on Market1055
Property Features for 1850 E Merritt Island Causeway
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security
Directions
From US1 head east on SR520. Building is located on SR520 on Merritt Island.
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-37-31-00-00001.1-0000.00
Size
63,125 SF
Lot size
6.92 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
LOTS 73 TO 82 & S 30.5 FT OF LOT 83 OF PB 4 PG 35 AND PART OF GOVT LOTS 1 & 4 LYING W OF PB 4 PG 35, E OF NORTH BANANA R
Tax Annual Amount
98252
Legal Description
LOTS 73 TO 82 & S 30.5 FT OF LOT 83 OF PB 4 PG 35 AND PART OF GOVT LOTS 1 & 4 LYING W OF PB 4 PG 35, E OF NORTH BANANA R
Utilities
Utilities
Cable Available
Heating system
Zoned
Cooling system
Zoned
Water source
Public
Amenities
restaurant
gym
playroom
daycare
movie theater
conference rooms
barber shop
game room
Building Details
Year built
2003
Number of units
2
Flooring type
Tile, Carpet
Building materials
Concrete
Roof type
Mixed
Listing Agency:
Perrone Realty, LLC
(321) 452-9838
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Added: Sep 20, 2023
Changed: Aug 4
Last Checked: Aug 9 at 12:06PM
MLS# 975630
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.
Former car dealership flex space at 1850 E Merritt Island Causeway with a mixed office and service/warehouse configuration. The property includes approximately 20,000 SF of professional and executive offices, plus about 30,000 SF of service/warehouse/bays and storage. An additional roughly 17,000 SF is described as being broken into multiple indoor activity and amenity areas, including a restaurant, gym, playroom, daycare, movie theater, conference rooms, barber shop, and game room.
Built in 2003 with concrete construction, the space features mixed roofing and tile and carpet flooring. Heating and cooling are described as zoned. Public water is available, and cable is available for communications and services.
This layout supports a user seeking a flexible facility that can accommodate both office and service-oriented functions, along with additional specialized rooms described in the amenity buildout.
Built in 2003 with concrete construction, the space features mixed roofing and tile and carpet flooring. Heating and cooling are described as zoned. Public water is available, and cable is available for communications and services.
This layout supports a user seeking a flexible facility that can accommodate both office and service-oriented functions, along with additional specialized rooms described in the amenity buildout.
Key Highlights
- 6.92‑acre flex space built in 2003
- Approximately 20,000 SF of professional and executive offices
- About 30,000 SF of service/warehouse/bays and storage
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
$644,519
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
6.45%
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%
$12,890,380
$12.9M
Cap Rate 7%
$9,207,414
$9.2M
Cap Rate 9%
$7,161,322
$7.2M
Market Conditions
NOI Build-Up for 63,125 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
$1.06M $16.80/SF
− Vacancy
−$68.9K −$1.09/SF
EGI
$991.6K $15.71/SF
− OpEx
−$347.0K −$5.50/SF
NOI
$644.5K $10.21/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$12,890,380
Cap Rate 7%
$9,207,414
Cap Rate 9%
$7,161,322
Alternative Uses
Best Use
Flex RnD
$9.21M
$8.06M – $10.74M
NOI $644,519 @ 7.0% cap · market cap 6.45%
Second Best
Warehouse
$6.21M
$5.44M – $7.25M
NOI $434,938 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$16.65M
$14.57M – $19.43M
NOI $1,165,793 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with zoned heating and cooling, public water, and cable available.
Where is this flex space located?
The property is located at 1850 E Merritt Island Causeway Merritt Island, FL.
What is the asking price?
The asking price for this property is $9,998,900.
What are key features of this property?
This property features: 6.92‑acre flex space built in 2003; Approximately 20,000 SF of professional and executive offices; About 30,000 SF of service/warehouse/bays and storage
