Canal-Front Assisted Living
1275 N BANANA RIVER, Merritt Island, FL 32952
For Sale
$446,000
Canal-front property with prior assisted living, office, and school use.
Property Size3,008 SF
Days on Market50
Property Features for 1275 N BANANA RIVER
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
PRIMESTATE REALTY,INC.
Listed By:
Hoover Yap · License #618482
(407) 342-9395
Source:
Elliman
Added: Sep 21
Changed: Oct 28
Last Checked: Nov 8 at 7:02AM
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 PRIMESTATE REALTY,INC.
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Investment Insights
Based on property information with market context.
This assisted living property was previously licensed for six residents and includes an additional one-bedroom, one-bathroom living quarter. The building has also operated as a real estate office and school, supporting a range of documented prior uses. Built in 1966, the property includes a fifth-wheel camper in the rear that conveys with the sale.
Canal frontage provides a water connection leading toward the Banana River Lagoon and the Atlantic Ocean. The property is located at 1275 N Banana River in Merritt Island, Florida, with a car-dependent setting and limited walkability reflected by a walk score of 5 and bike score of 27.
Canal frontage provides a water connection leading toward the Banana River Lagoon and the Atlantic Ocean. The property is located at 1275 N Banana River in Merritt Island, Florida, with a car-dependent setting and limited walkability reflected by a walk score of 5 and bike score of 27.
Key Highlights
- Previously licensed assisted living facility for 6 residents
- Additional 1‑bedroom, 1‑bathroom living quarter
- Prior use as a real estate office and school
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,900
Cap Rate
7.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$698,000
$698.0K
Cap Rate 7%
$498,571
$498.6K
Cap Rate 9%
$387,778
$387.8K
Market Conditions
NOI Build-Up for 3,008 SF
Gross rent
$61.4K $20.40/SF
− Vacancy
−$5.5K −$1.84/SF
EGI
$55.8K $18.56/SF
− OpEx
−$20.9K −$6.96/SF
NOI
$34.9K $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%
$698,000
Cap Rate 7%
$498,571
Cap Rate 9%
$387,778
Alternative Uses
Best Use
Mixed Use
$498.6K
$436.3K – $581.7K
NOI $34,900 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$439.9K
$384.9K – $513.2K
NOI $30,792 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$793.6K
$694.4K – $925.9K
NOI $55,552 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
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
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Similar Off Market Nearby
- Coastal Senior Living-Banana River Villas — 1275 N Banana River Dr, Merritt Island, FL 32952
Frequently Asked Questions
What type of property is this?
Assisted living facility - Canal-front property with prior assisted living, office, and school use.
Where is this assisted living facility located?
The property is located at 1275 N BANANA RIVER Merritt Island, FL.
What is the asking price?
The asking price for this property is $446,000.
What are key features of this property?
This property features: Previously licensed assisted living facility for 6 residents; Additional 1‑bedroom, 1‑bathroom living quarter; Prior use as a real estate office and school
