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    1450 North Courtenay Parkway Merritt Island, FL 32953

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    High-visibility retail spaces available in a renovated shopping center.

    Type:Retail
    Property size:
    109,000 SF
    Added:
    Apr 20, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 20 at 9:04 pm

    Property Features for 1450 North Courtenay Parkway

    General Information

    Standard status
    Active
    Size
    109,000 SF
    Property subtype
    Retail

    Spaces For Lease

    at 1450 North Courtenay Parkway Contact us

    We can help!

    Listing Contact
    Bruce Corn
    Bruce Corn

    Listing agent Bruce Corn License #FL BK531450

    Listing office NAI Merin Hunter Codman, Inc.| West Palm Beach

    Listing date Apr 20, 2026

    Source Naiglobal

    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 NAI Merin Hunter Codman, Inc.| West Palm Beach

    Overview

    Renovated Retail Center on Merritt Island

    Shoppes at Victoria Square is a ±109,000 SF neighborhood retail center located along Merritt Island's primary retail corridor. Anchored by Burlington, Ulta Beauty, and Five Below, the property has undergone over $8 million in capital improvements, resulting in a modernized asset with strong curb appeal and a versatile layout. The center benefits from a proven national co-tenancy that drives consistent daily foot traffic. Available spaces include second-generation junior anchor suites and a freestanding outparcel. The location is suitable for fitness, medical, off-price retail, specialty concepts, or QSR operators seeking a high-visibility retail location on Florida's Space Coast. The property benefits from signalized access and over 400 feet of frontage on N. Courtenay Pkwy, which sees over 30,000 vehicles per day. The surrounding area has over 77,655 residents within a 5-mile radius and an average household income of $112K, with a Wealth Index of 117. The location is minutes from Kennedy Space Center, SpaceX, Blue Origin, Port Canaveral, and Patrick Space Force Base.
    Location Intelligence

    Current Use by Public Records

    Brevard County Occupation ... County Government Office Jessica Hocks Real ... Real Estate Agency Janet Herron* REALTOR Real Estate Agency Bagel World Victoria ... (Bike/Boat/Book/etc) Store Topline Appliance & Mattress Home Appliance Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Merritt Investment LLC — 1850 N Courtenay Pkwy # 102, Merritt Island, FL 32953
    • Centre of Merritt — Florida Blvd, Merritt Island, FL 32953
    • Merritt Crossing — 233 Crockett Blvd, Merritt Island, FL 32953
    • Shoppes of Victoria Square — 1450 N Courtenay Pkwy, Merritt Island, FL 32953
    • Coin Cloud Bitcoin ATM — 1385 N Courtenay Pkwy, Merritt Island, FL 32952

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7012767
    Latitude
    28.3832693

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    FAQs

    What type of property is this?
    Shopping center - High-visibility retail spaces available in a renovated shopping center.
    Where is this shopping center located?
    The property is located at 1450 North Courtenay Parkway Merritt Island, FL.
    What are key features of this property?
    This property features: Anchored by Burlington, Ulta Beauty, and Five Below, driving consistent daily foot traffic.; High‑visibility location on N. Courtenay Pkwy with 30,000+ vehicles per day and signalized access.; Recently renovated with over $8 million in capital improvements, offering a modern design and updated facade.
    (561) 371-7616
    We can help!
    Listing Contact
    Bruce Corn
    Bruce Corn
    Real Estate License ID: FL BK531450
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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