Flex Space with
For Sale
$3,449,900
150 & 160 Venetian Way, Merritt Island, FL 32953
Air-conditioned office area, private restroom, and electric roll-up doors support varied commercial operations.
Property Size24,000 SF
Price / SF$143.75
Days on Market321
Property Features for 150 & 160 Venetian Way
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Commercial
Lease Term
[]
Amenities
Private bathroom
Air conditioned office
Building Details
Year Built
2005
Listing Agency:
Perrone Realty,LLC
(407) 733-0725
Listed By:
Ralph S Perrone · License #3045618
(321) 259-2993
Source:
Onesothebysrealty
Added: Oct 13, 2025
Changed: Aug 28
Last Checked: Aug 28 at 5:35PM
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 Perrone Realty,LLC
Investment Insights
Based on property information with market context.
This flex property combines warehouse functionality with finished office space. The improvements include electric roll-up overhead doors, glass entry doors and windows, an air-conditioned office area, and a private bathroom. The building contains approximately 24,000 square feet and is suited to businesses requiring a combination of work, storage, and administrative areas.
The property includes 150 and 160 Venetian Way in Merritt Island, Florida. No common area maintenance fee is associated with the property, providing a straightforward ownership structure for the two-address flex space.
The property includes 150 and 160 Venetian Way in Merritt Island, Florida. No common area maintenance fee is associated with the property, providing a straightforward ownership structure for the two-address flex space.
Key Highlights
- Approximately 24,000 square feet of flex space
- Electric roll‑up overhead doors
- Air‑conditioned office area
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
$245,045
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
7.10%
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%
$4,900,900
$4.9M
Cap Rate 7%
$3,500,643
$3.5M
Cap Rate 9%
$2,722,722
$2.7M
Market Conditions
NOI Build-Up for 24,000 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
$403.2K $16.80/SF
− Vacancy
−$26.2K −$1.09/SF
EGI
$377.0K $15.71/SF
− OpEx
−$131.9K −$5.50/SF
NOI
$245.0K $10.21/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$4,900,900
Cap Rate 7%
$3,500,643
Cap Rate 9%
$2,722,722
Alternative Uses
Best Use
Flex RnD
$3.50M
$3.06M – $4.08M
NOI $245,045 @ 7.0% cap · market cap 7.10%
Second Best
Warehouse
$2.36M
$2.07M – $2.76M
NOI $165,362 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$6.33M
$5.54M – $7.39M
NOI $443,232 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned office area, private restroom, and electric roll-up doors support varied commercial operations.
Where is this flex space located?
The property is located at 150 & 160 Venetian Way Merritt Island, FL.
What is the asking price?
The asking price for this property is $3,449,900.
What are key features of this property?
This property features: Approximately 24,000 square feet of flex space; Electric roll‑up overhead doors; Air‑conditioned office area
