Free-Standing Automotive/Retail
For Sale
$1,475,000
110 S Courtenay Pkwy, Merritt Island, FL 32952
Built in 1981, this free-standing building is offered for sale with BU-2 zoning on S Courtenay Pkwy.
Property Size5,848 SF
Price / SF$186.69
Days on Market98
Property Features for 110 S Courtenay Pkwy
General Information
Standard status
Active
Size
5,848 SF
Property subtype
Retail
Zoning
BU-2
Additional Details
Highway Access
Yes
Building Details
Building Size
5,848 SF
Year Built
1981
Listing Agency:
Lightle Beckner Robison Inc
Listed By:
Jeffery T. Robison, CCIM · License #FL #BK3113472
(321) 722-0707
Source:
Teamlbr
Added: Jun 1
Changed: Sep 2
Last Checked: Sep 5 at 4:53AM
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 Lightle Beckner Robison Inc
Investment Insights
Based on property information with market context.
Offered for sale, this free-standing automotive/retail storefront building was constructed in 1981 and is suited to BU-2 zoning. The property is identified as having approximately 5,848 square feet in the listing data.
Located at 110 S Courtenay Pkwy in Merritt Island, the site is positioned for straightforward customer access and is described as convenient to major roads and highways. The surrounding area is described as a mix of residential and commercial activity, supporting a neighborhood retail environment.
Located at 110 S Courtenay Pkwy in Merritt Island, the site is positioned for straightforward customer access and is described as convenient to major roads and highways. The surrounding area is described as a mix of residential and commercial activity, supporting a neighborhood retail environment.
Key Highlights
- 7,901 SF free‑standing commercial building built in 1981
- BU‑2 zoning
- Located on S Courtenay Pkwy in Merritt Island, FL
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
$91,091
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
6.18%
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%
$1,821,820
$1.8M
Cap Rate 7%
$1,301,300
$1.3M
Cap Rate 9%
$1,012,122
$1.0M
Market Conditions
NOI Build-Up for 7,901 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
$142.2K $18.00/SF
− Vacancy
−$12.1K −$1.53/SF
EGI
$130.1K $16.47/SF
− OpEx
−$39.0K −$4.94/SF
NOI
$91.1K $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%
$1,821,820
Cap Rate 7%
$1,301,300
Cap Rate 9%
$1,012,122
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,091 @ 7.0% cap · market cap 6.18%
Second Best
Industrial
$689.8K
$603.5K – $804.7K
NOI $48,283 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,916 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
329k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Apparel 22%
Shops & Services 17%
Home Improvements & Furnishings 16%
The Home Depot
Home Improvements & Furnishings
47,314 visits/mo
0.2 miles
Publix
Groceries
44,037 visits/mo
0.2 miles
T.J. Maxx
Apparel
41,205 visits/mo
0.1 miles
Ross Dress for Less
Apparel
29,126 visits/mo
0.4 miles
Olive Garden
Dining
19,136 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- RW Blacklers autobody&paint — 605 Fern Dr, Merritt Island, FL 32952
Frequently Asked Questions
What type of property is this?
Auto shop - Built in 1981, this free-standing building is offered for sale with BU-2 zoning on S Courtenay Pkwy.
Where is this auto shop located?
The property is located at 110 S Courtenay Pkwy Merritt Island, FL.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 7,901 SF free‑standing commercial building built in 1981; BU‑2 zoning; Located on S Courtenay Pkwy in Merritt Island, FL
