Showroom and Multi-Tenant Retail
For Sale
$3,749,900
234 E Merritt Island Causeway, Merritt Island, FL 32952
COMMERCIAL - Merritt Island, FL
Property Size16,500 SF
Lot Size1.36 Acres
Price / SF$227.27
Days on Market3938
Property Features for 234 E Merritt Island Causeway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Property is east from Courtenay about 1/2 mile on the North side of SR 520.
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-36-35-02-00000.0-0010.B0
Size
16,500 SF
Lot size
1.36 Acres
Taxes and HOA fees
Tax Year
2015
Tax Description
TRACT NO 10B, PART OF ACCESS ESMNT & PART OF S 1/2 OF NE 1/4 ALL AS DESC IN ORB 5790 PG 4383
Tax Annual Amount
22599
Legal Description
TRACT NO 10B, PART OF ACCESS ESMNT & PART OF S 1/2 OF NE 1/4 ALL AS DESC IN ORB 5790 PG 4383
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1956
Number of units
2
Flooring type
Carpet
Building materials
Concrete
Roof type
Tar/Gravel
Listing Agency:
Perrone Realty, LLC
(321) 452-9838
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Added: Oct 29, 2015
Changed: Aug 4
Last Checked: Aug 9 at 12:06PM
MLS# 738574
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.
The property includes two renovated retail buildings totaling 16,200 square feet on 1.36 acres. The front building is an 8,460-square-foot single-tenant showroom. The rear building offers 7,740 square feet divided into five separate tenant/shop spaces.
Both buildings have been renovated and freshly landscaped. The site sits directly on SR 520 in Merritt Island, positioned within the area’s business corridor with stated traffic counts of over 35,000 cars daily.
For buyers seeking a mixed configuration, this layout supports either a single-tenant showroom strategy in the front while maintaining multiple separate shop spaces in the rear building.
Both buildings have been renovated and freshly landscaped. The site sits directly on SR 520 in Merritt Island, positioned within the area’s business corridor with stated traffic counts of over 35,000 cars daily.
For buyers seeking a mixed configuration, this layout supports either a single-tenant showroom strategy in the front while maintaining multiple separate shop spaces in the rear building.
Key Highlights
- High‑traffic location on SR 520 with exceptional exposure (over 35,000 cars daily).
- Substantial 16,200 SqFt of total building space on 1.36 acres.
- Two buildings: an 8460 sq ft single‑tenant showroom and a 7740 sq ft building with five tenant spaces.
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
$190,229
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
5.07%
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%
$3,804,580
$3.8M
Cap Rate 7%
$2,717,557
$2.7M
Cap Rate 9%
$2,113,656
$2.1M
Market Conditions
NOI Build-Up for 16,500 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
$297.0K $18.00/SF
− Vacancy
−$25.2K −$1.53/SF
EGI
$271.8K $16.47/SF
− OpEx
−$81.5K −$4.94/SF
NOI
$190.2K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,804,580
Cap Rate 7%
$2,717,557
Cap Rate 9%
$2,113,656
Alternative Uses
Best Use
Retail
$2.72M
$2.38M – $3.17M
NOI $190,229 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.35M
$3.81M – $5.08M
NOI $304,722 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
419k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Shops & Services 29%
Apparel 16%
Superstores 8%
Chick-fil-A
Dining
49,393 visits/mo
0.2 miles
Macy's
Apparel
39,001 visits/mo
0.3 miles
BJ's Wholesale Club
Superstores
35,532 visits/mo
0.4 miles
Michaels
Shops & Services
28,458 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
28,420 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Showroom - Renovated showroom plus five rear tenant shops on 1.36 acres with frontage on SR 520.
Where is this showroom located?
The property is located at 234 E Merritt Island Causeway Merritt Island, FL.
What is the asking price?
The asking price for this property is $3,749,900.
What are key features of this property?
This property features: High‑traffic location on SR 520 with exceptional exposure (over 35,000 cars daily).; Substantial 16,200 SqFt of total building space on 1.36 acres.; Two buildings: an 8460 sq ft single‑tenant showroom and a 7740 sq ft building with five tenant spaces.
