Neighborhood Retail Strip
For Sale
$1,249,000
1175 N Courtenay Parkway, Merritt Island, FL 32953
Well-positioned retail strip mall listed for sale in Brevard County.
Property Size8,053 SF
Price / SF$155.10
Days on Market228
Property Features for 1175 N Courtenay Parkway
General Information
Standard status
Active
Size
8,053 SF
Taxes and HOA fees
Annual Taxes
$8,948
Amenities
Attached, Guest, Garage
Building Details
Building Size
8,053 SF
Year Built
1986
Listing Agency:
Perrone Realty, LLC
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Source:
Evrealestate
Added: Jan 19
Changed: Aug 24
Last Checked: Sep 4 at 3:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Perrone Realty, LLC
Investment Insights
Based on property information with market context.
This for-sale retail strip mall offers a multi-tenant storefront environment within a commercial shopping center setting. The property totals 8,053 square feet, providing flexible space for compatible retail users.
Located in Brevard County, the asset is addressed at 1175 N Courtenay Parkway in Merritt Island, Florida. Prospective tenants and buyers can review the specific unit layout and frontage during due diligence to confirm operational fit.
With its strip-mall configuration and established retail property type, the offering is suited to parties looking for a small retail center opportunity on a defined commercial footprint.
Located in Brevard County, the asset is addressed at 1175 N Courtenay Parkway in Merritt Island, Florida. Prospective tenants and buyers can review the specific unit layout and frontage during due diligence to confirm operational fit.
With its strip-mall configuration and established retail property type, the offering is suited to parties looking for a small retail center opportunity on a defined commercial footprint.
Key Highlights
- Year built: 1986
- Parking includes attached parking, guest parking, and a garage
- Located in Brevard County
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
$92,843
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
7.43%
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%
$1,856,860
$1.9M
Cap Rate 7%
$1,326,329
$1.3M
Cap Rate 9%
$1,031,589
$1.0M
Market Conditions
NOI Build-Up for 8,053 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
$145.0K $18.00/SF
− Vacancy
−$12.3K −$1.53/SF
EGI
$132.6K $16.47/SF
− OpEx
−$39.8K −$4.94/SF
NOI
$92.8K $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%
$1,856,860
Cap Rate 7%
$1,326,329
Cap Rate 9%
$1,031,589
Alternative Uses
Best Use
Retail
$1.33M
$1.16M – $1.55M
NOI $92,843 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,723 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 34%
Apparel 12%
Home Improvements & Furnishings 6%
McDonald's
Dining
25,882 visits/mo
0.3 miles
Goodwill
Apparel
12,721 visits/mo
0.5 miles
Cumberland Farms
Shops & Services
11,992 visits/mo
0.3 miles
7-Eleven
Shops & Services
7,402 visits/mo
0.2 miles
Burger King
Dining
7,360 visits/mo
0.4 miles
Demographics for 32953, FL
24,430
Population
11,566
Households
2.1
Avg Household Size
51
Median Age
35%
College-Educated
95%
High-School Grad
39.8 sq mi
ZIP Area
614
Density / Sq Mi
$84,248
Median Household Income
$41,534
Median Earnings
$1,300
Median Rent
$394,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Well-positioned retail strip mall listed for sale in Brevard County.
Where is this strip mall located?
The property is located at 1175 N Courtenay Parkway Merritt Island, FL.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Year built: 1986; Parking includes attached parking, guest parking, and a garage; Located in Brevard County
