Canal-Front Assisted Living
New
For Sale
$447,000
1275 N BANANA RIVER, Merritt Island, FL 32952
Canal-front property with prior assisted living, office, and school use.
Property Size3,008 SF
Days on Market3
Property Features for 1275 N BANANA RIVER
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,811
Building Details
Building Size
3,008 SF
Year Built
1966
Listing Agency:
PRIMESTATE REALTY,INC.
Listed By:
Hoover Yap · License #618482
(407) 342-9395
Source:
Elliman
Added: Sep 21
Last Checked: Sep 22 at 6:54PM
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.
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 = 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
$34,900
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
7.81%
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%
$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
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
$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 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%
$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 7.81%
Second Best
Apartment 5plus
$439.9K
$384.9K – $513.2K
NOI $30,792 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$793.6K
$694.4K – $925.9K
NOI $55,552 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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 $447,000.
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
