Office-Integrated Flex
For Sale
$3,449,900
150 & 160 Venetian Way, Merritt Island, FL 32953
Commercial Sale, Merritt Island, FL
Property Size24,000 SF
Lot Size1.32 Acres
Price / SF$143.75
Days on Market3984
Property Features for 150 & 160 Venetian Way
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
2nd right (Western Side) after 528 if heading south on Courtenay.
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-36-14-00-00266.0-0000.00
Size
24,000 SF
Lot size
1.32 Acres
Taxes and HOA fees
Tax Year
2015
Tax Description
PART OF NW 1/4 OF NW 1/4 AS DES IN ORB 1354 PG 662 EX ORB 1462 PG 952, 2297 PG 1136, 2427 PG 2736
Tax Annual Amount
11079
Legal Description
PART OF NW 1/4 OF NW 1/4 AS DES IN ORB 1354 PG 662 EX ORB 1462 PG 952, 2297 PG 1136, 2427 PG 2736
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
Electric roll up overhead doors
Glass doors and windows
Private bathroom
Air conditioned office
Building Details
Year built
2005
Number of units
10
Flooring type
Carpet
Building materials
Concrete
Roof type
Tar/Gravel
Listing Agency:
Perrone Realty, LLC
(321) 452-9838
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Added: Oct 29, 2015
Changed: Sep 13
Last Checked: Sep 24 at 9:06AM
MLS# 738544
Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 24,000-square-foot flex property combines office and warehouse functionality within a concrete building completed in 2005. The improvements include electric roll-up overhead doors, glass entry doors and windows, an air-conditioned office area, and a private bathroom. Carpet flooring, electric heating, electric cooling, a tar/gravel roof, and public water and sewer serve the property.
The 1.32-acre site is located at 150 & 160 Venetian Way in Merritt Island, Florida. Cable is available, and the property carries no common area maintenance fee. Its combination of warehouse access and dedicated office space supports a range of commercial operating formats.
The 1.32-acre site is located at 150 & 160 Venetian Way in Merritt Island, Florida. Cable is available, and the property carries no common area maintenance fee. Its combination of warehouse access and dedicated office space supports a range of commercial operating formats.
Key Highlights
- 24,000 square feet of office, warehouse, and flex space
- 1.32‑acre site at 150 & 160 Venetian Way
- Electric roll‑up overhead doors and glass doors and windows
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned offices pair with loading access, private facilities, and no common area maintenance fee.
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: 24,000 square feet of office, warehouse, and flex space; 1.32‑acre site at 150 & 160 Venetian Way; Electric roll‑up overhead doors and glass doors and windows
