Convertible
For Sale
$389,000
347 W Merritt Avenue, Merritt Island, FL 32953
The current two-unit layout can be reconfigured to accommodate three residential units.
Property Size2,243 SF
Price / SF$173.43
Days on Market968
Property Features for 347 W Merritt Avenue
General Information
Standard status
Active
Size
2,243 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,302
Amenities
RV/Boat Storage
Building Details
Building Size
2,243 SF
Year Built
1957
Buildings
1
Units
3
Listing Agency:
Daignault Realty Inc
(321) 453-2151
Listed By:
Leon McDaniel · License #320846
(321) 480-0548
Source:
Atlantic321
Added: Feb 29, 2024
Changed: Oct 22
Last Checked: Oct 22 at 2:20PM
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 Daignault Realty Inc
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1957, this duplex is arranged as two residential units and can be changed to a three-unit configuration. The described three-unit layout includes one two-bedroom, one-bath unit and two one-bedroom, one-bath units.
Mila Elementary is a few blocks away, with other schools, shopping, and restaurants within two miles of the property.
Mila Elementary is a few blocks away, with other schools, shopping, and restaurants within two miles of the property.
Key Highlights
- Currently configured as a duplex, with the option to restore a three‑unit layout
- Potential three‑unit mix: one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- Built in 1957
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,544
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,880
$510.9K
Cap Rate 7%
$364,914
$364.9K
Cap Rate 9%
$283,822
$283.8K
Market Conditions
NOI Build-Up for 2,243 SF
Gross rent
$39.0K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$36.5K $16.27/SF
− OpEx
−$10.9K −$4.88/SF
NOI
$25.5K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,880
Cap Rate 7%
$364,914
Cap Rate 9%
$283,822
Alternative Uses
Best Use
Multifamily LT 5
$364.9K
$319.3K – $425.7K
NOI $25,544 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$328.0K
$287.0K – $382.7K
NOI $22,961 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$591.8K
$517.8K – $690.4K
NOI $41,424 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,290
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 Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The current two-unit layout can be reconfigured to accommodate three residential units.
Where is this duplex located?
The property is located at 347 W Merritt Avenue Merritt Island, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Currently configured as a duplex, with the option to restore a three‑unit layout; Potential three‑unit mix: one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; Built in 1957
