Renovated Showroom and Retail
For Sale
$3,749,900
234 E Merritt Island Cswy, Merritt Island, FL 32952
Two renovated buildings on SR 520 offer a single-tenant showroom and five retail shops for flexible occupancy.
Property Size16,500 SF
Lot Size1.36 Acres
Price / SF$227.27
Days on Market759
Property Features for 234 E Merritt Island Cswy
General Information
Standard status
Active
Size
16,500 SF
Lot size
1.36 Acres
Additional Details
Traffic Count
35,000 vehicles/day
Listing Agency:
Perrone Realty, LLC
(407) 733-0725
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Source:
Exprealty
Added: Jul 15, 2024
Changed: Jul 10
Last Checked: Aug 12 at 10:46AM
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.
The property consists of two renovated buildings totaling 16,200 square feet on 1.36 acres. The front building is an 8,460-square-foot single-tenant showroom, while the rear building contains 7,740 square feet divided into five separate tenant shops. Both buildings have been renovated, and the site is freshly landscaped.
The buildings are situated right on SR 520 in the heart of Merritt Island business activity, providing substantial roadway exposure with over 35,000 cars daily. This setup offers visibility to passersby while maintaining a mix of accommodation for operators seeking either larger showroom space or smaller, shop-style layouts.
For buyers, the configuration supports multiple acquisition strategies: a tenant could occupy the larger front showroom, while separate operators may lease individual rear shops. The property’s renovated condition and landscaped site help support retail and service-oriented tenant use cases that benefit from storefront-style access and on-site variety across two buildings.
The buildings are situated right on SR 520 in the heart of Merritt Island business activity, providing substantial roadway exposure with over 35,000 cars daily. This setup offers visibility to passersby while maintaining a mix of accommodation for operators seeking either larger showroom space or smaller, shop-style layouts.
For buyers, the configuration supports multiple acquisition strategies: a tenant could occupy the larger front showroom, while separate operators may lease individual rear shops. The property’s renovated condition and landscaped site help support retail and service-oriented tenant use cases that benefit from storefront-style access and on-site variety across two buildings.
Key Highlights
- Total 16,200 SF on 1.36 acres right on SR 520
- Front building: 8,460 SF single‑tenant showroom
- Rear building: 7,740 SF split into (5) tenant shops
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
$190,229
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
5.07%
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%
$3,804,580
$3.8M
Cap Rate 7%
$2,717,557
$2.7M
Cap Rate 9%
$2,113,656
$2.1M
Market Conditions
NOI Build-Up for 16,500 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
$297.0K $18.00/SF
− Vacancy
−$25.2K −$1.53/SF
EGI
$271.8K $16.47/SF
− OpEx
−$81.5K −$4.94/SF
NOI
$190.2K $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%
$3,804,580
Cap Rate 7%
$2,717,557
Cap Rate 9%
$2,113,656
Alternative Uses
Best Use
Retail
$2.72M
$2.38M – $3.17M
NOI $190,229 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.35M
$3.81M – $5.08M
NOI $304,722 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
419k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Shops & Services 29%
Apparel 16%
Superstores 8%
Chick-fil-A
Dining
49,393 visits/mo
0.2 miles
Macy's
Apparel
39,001 visits/mo
0.3 miles
BJ's Wholesale Club
Superstores
35,532 visits/mo
0.4 miles
Michaels
Shops & Services
28,458 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
28,420 visits/mo
0.3 miles
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
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?
Showroom - Two renovated buildings on SR 520 offer a single-tenant showroom and five retail shops for flexible occupancy.
Where is this showroom located?
The property is located at 234 E Merritt Island Cswy Merritt Island, FL.
What is the asking price?
The asking price for this property is $3,749,900.
What are key features of this property?
This property features: Total 16,200 SF on 1.36 acres right on SR 520; Front building: 8,460 SF single‑tenant showroom; Rear building: 7,740 SF split into (5) tenant shops
