Convertible Duplex with Triplex
347 W Merritt Avenue Merritt Island, FL 32953
For Sale
$389,000
MULTI_FAMILY - Merritt Island, FL
Property Size2,243 SF
Lot Size0.38 Acres
Price / SF$173.43
Days on Market876
Property Features for 347 W Merritt Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Rooms
- Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3
- Parking
- 4
- Parking features
- Carport, Guest
- Fencing
- Privacy, Chain Link
- Appliances
- Gas Oven, Gas Range, Refrigerator
- Standard status
- Active
- APN
- 24-36-35-32-0000j.0-0014.00
- Size
- 2,243 SF
- Lot size
- 0.38 Acres
Taxes and HOA fees
- Tax Year
- 2023
- Tax Description
- MERRITT PARK PLACE LOTS 14,15 BLK J
- Tax Annual Amount
- 3303
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central, Varies by Unit (Heating)
- Cooling system
- Central Air, Varies by Unit, Electric, Wall/Window Unit(s), Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1957
- Floors in Building
- 1
- Number of units
- 3
- Flooring type
- Carpet, Tile, Vinyl
- Building materials
- Block
- Roof type
- Shingle
Listing Agency:
Daignault Realty Inc
(321) 453-2151
Listed By:
Leon McDaniel · License #320846
(321) 480-0548
Added: Feb 29, 2024
Changed: Jul 1
Last Checked: Jul 24 at 4:06AM
MLS# 1006381
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.
This property was formerly configured as a triplex and has been converted into a duplex, with the ability to revert to its original triplex arrangement. In the triplex layout, it offers a mix of unit types including a spacious 2-bedroom, 1-bath unit, a 1-bedroom, 1-bath unit, and a larger 1-bedroom, 1-bath unit. The current and original configurations provide straightforward options for different residential unit mixes.
Located at 347 W Merritt Avenue in Merritt Island, Florida, the property is positioned close to everyday needs. It is less than two miles from all schools and is described as just blocks away from Mila Elementary. The remarks also note proximity to shopping and restaurants, supporting a convenient day-to-day setting for residents.
For buyers or operators seeking residential income flexibility, the primary differentiator here is the conversion history and the stated ability to return to a triplex configuration. That configuration includes one 2-bedroom and two 1-bedroom units when operating as a triplex, while the converted duplex format supports a different unit mix. The location’s access to schools and nearby retail and dining can also help support tenant convenience across either configuration.
Located at 347 W Merritt Avenue in Merritt Island, Florida, the property is positioned close to everyday needs. It is less than two miles from all schools and is described as just blocks away from Mila Elementary. The remarks also note proximity to shopping and restaurants, supporting a convenient day-to-day setting for residents.
For buyers or operators seeking residential income flexibility, the primary differentiator here is the conversion history and the stated ability to return to a triplex configuration. That configuration includes one 2-bedroom and two 1-bedroom units when operating as a triplex, while the converted duplex format supports a different unit mix. The location’s access to schools and nearby retail and dining can also help support tenant convenience across either configuration.
Key Highlights
- Converted duplex with possibility to revert to original triplex configuration
- Triplex unit layout (per prior configuration): one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units
- Block construction with 1957 year built and shingle roof
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.0k | $17.40 |
| − Vacancy | −$2.5k | −$1.13 |
| EGI | $36.5k | $16.27 |
| − OpEx | −$10.9k | −$4.88 |
| NOI | $25.5k | $11.39 |
2,243 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$364.9K
$319.3K – $425.7K
NOI $25,544 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$328.0K
$287.0K – $382.7K
NOI $22,961 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$591.8K
$517.8K – $690.4K
NOI $41,424 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Converted to a duplex with flexibility to return to a triplex configuration for diversified residential income use.
Where is this triplex located?
The property is located at 347 W Merritt Avenue Merritt Island, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Converted duplex with possibility to revert to original triplex configuration; Triplex unit layout (per prior configuration): one 2‑bedroom/1‑bath unit and two 1‑bedroom/1‑bath units; Block construction with 1957 year built and shingle roof
