Multi-Tenant Office
For Sale
Contact for pricing
1351-1355 N Courtenay Parkway, Merritt Island, FL 32953
Established office property with flexible suites and existing occupancy.
Property Size32,273 SF
Price / SF$164.22
Days on Market49
Property Features for 1351-1355 N Courtenay Parkway
General Information
Standard status
Active
Size
32,273 SF
Total Parking Spaces
103
Property subtype
Office
Zoning
BU-ICC
Investment Type
Value Add
Building Details
Year Built
1983
Buildings
3
Stories
2
Tenancy
Multi
Listing Agency:
Charles A. Von Stein, Inc
(772) 778-4885
Listed By:
Kirk Von Stein · License #FL
Source:
Crexi
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 1:38AM
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 Charles A. Von Stein, Inc
Investment Insights
Based on property information with market context.
Town Square is a multi-tenant office complex comprising 32,273 square feet of commercial space. The property includes a varied suite layout intended for professional, medical, and service-oriented users, providing flexibility across different office requirements. Existing occupancy is in place, supporting ongoing use of the building as an operating office asset.
Constructed in 1983, the property is located at 1351-1355 N Courtenay Parkway in Merritt Island, Florida. Zoning is designated BU-ICC.
Constructed in 1983, the property is located at 1351-1355 N Courtenay Parkway in Merritt Island, Florida. Zoning is designated BU-ICC.
Key Highlights
- 32,273‑square‑foot multi‑tenant office complex
- Flexible suite mix for professional, medical, and service‑oriented users
- Existing occupancy in place
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
$439,171
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
8.29%
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%
$8,783,420
$8.8M
Cap Rate 7%
$6,273,871
$6.3M
Cap Rate 9%
$4,879,678
$4.9M
Market Conditions
NOI Build-Up for 32,273 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
$697.1K $21.60/SF
− Vacancy
−$111.5K −$3.46/SF
EGI
$585.6K $18.14/SF
− OpEx
−$146.4K −$4.54/SF
NOI
$439.2K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$8,783,420
Cap Rate 7%
$6,273,871
Cap Rate 9%
$4,879,678
Alternative Uses
Best Use
Office B
$6.27M
$5.49M – $7.32M
NOI $439,171 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.51M
$7.45M – $9.93M
NOI $596,018 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Established office property with flexible suites and existing occupancy.
Where is this office building located?
The property is located at 1351-1355 N Courtenay Parkway Merritt Island, FL.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: 32,273‑square‑foot multi‑tenant office complex; Flexible suite mix for professional, medical, and service‑oriented users; Existing occupancy in place
