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    The Largest CRE Database in the US with Over 1 Million Listings

    271 N Grove St Merritt Island, FL 32953

    Sponsored
    For Lease
    $1,250 /Mo ($18 SF/Yr)

    COMMERCIAL - Merritt Island, FL

    Type:Office
    Property size:
    800 SF
    Lot size:
    0.22 Acres
    Days on Market:
    27
    Last Refresh:
    Feb 5 at 6:06 am

    Property Features for 271 N Grove St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Rooms
    Bathroom 1
    Bathrooms
    1
    APN
    24-36-35-32-0000k.0-0011.00
    Parking features
    Parking Lot, Driveway, Guest
    Fencing
    Privacy
    Size
    800 SF
    Lot size
    0.22 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air, Electric, Separate Meters
    Water source
    Public

    Building Details

    Year built
    1959
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Tile
    Building materials
    Block, Stucco
    Roof type
    Metal

    We can help!

    Listing Contact
    Becky Schryer
    Becky Schryer

    Pastermack Real Estate (321) 452-7785

    Listing agent Becky Schryer (321) 452-7785

    Listing date Jan 10, 2026

    MLS# 1054468

    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.

    Learn more

    Property Insight Report

    Overview

    Merritt Island Office Space Available

    Located in the heart of historic Merritt Park Place on Grove Street, this commercial space is suitable for a professional office or small business. The available unit is the left (south) one, ready for immediate occupancy. The space features a private front entrance with a small porch, leading into a reception/show/waiting room with a semi-private front reception desk. It includes a large conference or meeting room, a storage area, a private office, and a private bathroom with additional storage. The unit has tall ceilings, plantation shutters, and tile floors throughout. The building is well-maintained, with hurricane shutters, block construction, and a metal roof. A private back entrance includes a full roll-down hurricane shutter. Ample parking is available, with two spots directly in front of the unit and additional parking in the back of the building. Water is included in the rent. The property is situated on a 0.22-acre lot. The unit size is 800 square feet. No smoking is allowed on the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.702625
    Latitude
    28.360904

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    FAQs

    What type of property is this?
    Office space - Professional office space in historic Merritt Park Place for rent.
    Where is this office space located?
    The property is located at 271 N Grove St Merritt Island, FL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - Prime location in Historic Merritt Park Place on desirable Grove St, ideal for professional office/small business.; - Immediate occupancy with private front entrance and porch.; - Well-maintained building with hurricane shutters, block construction, and metal roof.
    (321) 591-8070
    Request Owner's contact information
    271 N Grove St Merritt Island, FL 32953
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    Merritt Island, FL 32953
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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
    271 N Grove St Merritt Island, FL 32953
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    We can help!
    Listing Contact
    Becky Schryer
    Becky Schryer
    (321) 591-8070
    Learn more
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