8-Unit Retail
For Sale
$1,249,000
1175 N Courtenay Parkway, Merritt Island, FL 32953
Commercial Sale, Merritt Island, FL
Property Size8,053 SF
Lot Size0.68 Acres
Price / SF$155.10
Days on Market515
Property Features for 1175 N Courtenay Parkway
General Information
Property type
Residential
Property subtype
Retail
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 1, Bathroom 6, Bathroom 8, Bathroom 7, Bathroom 5, Bathroom 2, Bathroom 4, Bathroom 3
Parking features
Guest
Subdivision
Nevins Subd of Pt of Secs 23 26
Lot features
Dead End Street, Many Trees
Directions
From 528 head south on SR3 / Courtenay Pkwy. Building is down on your right side across from High School.
Standard status
Active
APN
24-36-23-Bx-00000.0-0031.01
Size
8,053 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
NEVINS SUBD OF PT OF SECS 23,26 PART OF LOTS 30,31 W OF A1A AS DES IN ORB 1004 PG 349
Tax Annual Amount
8948
Legal Description
NEVINS SUBD OF PT OF SECS 23,26 PART OF LOTS 30,31 W OF A1A AS DES IN ORB 1004 PG 349
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1986
Number of units
8
Building materials
Block
Listing Agency:
Perrone Realty, LLC
(321) 452-9838
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Added: May 19, 2025
Changed: Oct 14
Last Checked: Oct 15 at 6:06AM
MLS# 1046593
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 8,053-square-foot retail and office center contains 8 units on a 0.68-acre parcel. Built in 1986, the block construction property has renovated interiors, guest parking, and public water and sewer service.
The center is on N Courtenay Parkway in Merritt Island, across from Merritt Island High School and next to the public library.
The center is on N Courtenay Parkway in Merritt Island, across from Merritt Island High School and next to the public library.
Key Highlights
- 8,053‑square‑foot retail and office center with 8 units
- 0.68‑acre parcel
- Renovated interiors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,435
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,868,700
$1.9M
Cap Rate 7%
$1,334,786
$1.3M
Cap Rate 9%
$1,038,167
$1.0M
Market Conditions
NOI Build-Up for 8,053 SF
Gross rent
$164.3K $20.40/SF
− Vacancy
−$14.8K −$1.84/SF
EGI
$149.5K $18.56/SF
− OpEx
−$56.1K −$6.96/SF
NOI
$93.4K $11.60/SF
Area
Brevard County, FL
Vacancy
9.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,868,700
Cap Rate 7%
$1,334,786
Cap Rate 9%
$1,038,167
Alternative Uses
Best Use
Mixed Use
$1.33M
$1.17M – $1.56M
NOI $93,435 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$1.33M
$1.16M – $1.55M
NOI $92,843 @ 7.0% cap · market cap 7.43%
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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
102k
Monthly Visits Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Palm Bay Plaza — 765 N Courtenay Pkwy, Merritt Island, FL 32953
- Perrone Park — 950 N Courtenay Pkwy, Merritt Island, FL 32953
- Coin Cloud Bitcoin ATM — 1385 N Courtenay Pkwy, Merritt Island, FL 32952
- Shoppes of Victoria Square — 1450 N Courtenay Pkwy, Merritt Island, FL 32953
- Merritt Crossing — 233 Crockett Blvd, Merritt Island, FL 32953
Frequently Asked Questions
What type of property is this?
Shopping center - Renovated retail and office space offers a multi-tenant configuration near a high school and public library.
Where is this shopping center 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: 8,053‑square‑foot retail and office center with 8 units; 0.68‑acre parcel; Renovated interiors
