Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Merritt Island Land Opportunity Title is generated by Realmo AI

    280 Grove Boulevard, Merritt Island, FL 32953

    View on Map
    Claim this Listing
    Picture of Land at 280 Grove Boulevard, Merritt Island, FL
    Pending
    $275,000

    LAND - Merritt Island, FL

    Lot size:
    2.43 Acres
    Added:
    Mar 3, 2025
    Days on Market:
    434
    Last Refresh:
    May 11 at 8:06 am

    Property Features for 280 Grove Boulevard

    General Information

    Property type
    Land
    Property subtype
    Other
    Fencing
    Chain Link
    Standard status
    Pending
    APN
    24-36-23-Bx-00000.0-0015.03
    Lot size
    2.43 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    NEVINS SUBD OF PT OF SECS 23,26 SE 1/4 OF LOT 15
    Tax Annual Amount
    609

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Jon Scott Santy

    Listing agent Jon Scott Santy License #3345231

    Listing office Atlantic Group Real Estate 1541 N Cocoa Blvd #109, Cocoa, FL

    Listing date Mar 3, 2025

    MLS# 1039078 Listing URL

    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.

    HighLights

    • Large 2.5‑acre property in Merritt Island.
    • Conveniently located near schools, shopping, beaches, rivers, and the space center.
    • Parcel is being re‑zoned to allow for single and multi‑family residential use.
    • Public water source available.
    • Cable available.
    • Chain link fencing present.

    Overview

    This property offers approximately 2.43 acres in Merritt Island, Florida. The location provides proximity to schools, shopping areas, beaches, rivers, and the space center. The owners are currently undertaking a process to re-zone the parcel for single and multi-family residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.706364
    Latitude
    28.3798929

    Nearby Similar for Sale

    • $599,999
      3,104 SF

      Remodeled Duplex in Sea Gate

      Spacious, remodeled duplex with RV slab in desirable location.
      3078 Sea Gate Circle, Merritt Island, FL 32953
      View Details
    • $599,000

      Two Buildable Residential Parcels

      Two adjacent residential parcels totaling over 2 acres in Merritt Island.
      264 Serenity Point Lane, Merritt Island, FL 32952
      View Details
    • $1,249,000
      8,053 SF

      Merritt Island Retail/Office Center

      Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
      1175 N Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $430,000

      Merritt Island Vacant Lot

      One acre vacant lot in Hacienda Del Sol Community.
      155 Hacienda Drive, Merritt Island, FL 32952
      View Details
    • $165,000

      Land in Merritt Island, FL

      2.45 acre land parcel in Merritt Island, Florida.
      6235 N Tropical Trail, Merritt Island, FL 32953
      View Details
    • $1,475,000

      Merritt Island Land Parcel

      5.91-acre parcel zoned PIP in Merritt Island, Florida.
      N Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $399,000

      Riverfront Property on Merritt Island

      Direct riverfront land with potential for dock and boardwalk.
      3700 S Courtenay Parkway, Merritt Island, FL 32952
      View Details
    • $150,000

      Merritt Island Land For Sale

      Commercial land available in Merritt Island, Florida.
      4200 Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $1,500,000

      Waterfront Land on Indian River

      Vacant lot on Indian River, close to Banana River.
      2940 MARITIME LANE, MERRITT ISLAND, FL 32953
      View Details
    • $100,000

      Residential Land in Merritt Island

      0.27 acre lot ready for custom home construction.
      790 INDIANOLA DRIVE, MERRITT ISLAND, FL 32953
      View Details
    • $550,000

      Indian Riverfront Land Opportunity

      Vacant land with direct Indian River frontage and panoramic views.
      S Tropical Trail, Merritt Island, FL 32952
      View Details
    • $1,475,000

      Merritt Island Land Parcel

      5.91-acre parcel zoned PIP in Merritt Island, Florida.
      000000, Merritt Island, FL 32953
      View Details

    FAQs

    What type of property is this?
    Land - 2.43 acres in Merritt Island, close to amenities.
    Where is this land located?
    The property is located at 280 Grove Boulevard Merritt Island, FL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Large 2.5‑acre property in Merritt Island.; Conveniently located near schools, shopping, beaches, rivers, and the space center.; Parcel is being re‑zoned to allow for single and multi‑family residential use.
    (321) 482-8337
    We can help!
    Listing Contact
    Jon Scott Santy
    Real Estate License ID: 3345231
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    280 Grove Boulevard, Merritt Island, FL 32953
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!