Office Warehouse Flex
For Sale
$3,449,900
150 & 160 Venetian Way, Merritt Island, FL 32953
COMMERCIAL - Merritt Island, FL
Property Size24,000 SF
Lot Size1.32 Acres
Price / SF$143.75
Days on Market3938
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
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: Aug 4
Last Checked: Aug 9 at 8:06AM
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 office/warehouse/flex building is configured with electric roll-up overhead doors, glass doors and windows, and a private bathroom. The space also includes an air-conditioned office area, supporting flexible day-to-day operations alongside warehouse use.
The property consists of two addresses, 150 and 160 Venetian Way, Merritt Island, Florida, and is offered for sale as a single asset. It is listed at approximately 1.32 acres and includes about 24,000 square feet of building area.
The offering includes key tenant-facing features such as glass entrances and enclosed office space, with overhead door access for warehouse and flex functionality. Additionally, there is no common area maintenance fee noted for the property.
The property consists of two addresses, 150 and 160 Venetian Way, Merritt Island, Florida, and is offered for sale as a single asset. It is listed at approximately 1.32 acres and includes about 24,000 square feet of building area.
The offering includes key tenant-facing features such as glass entrances and enclosed office space, with overhead door access for warehouse and flex functionality. Additionally, there is no common area maintenance fee noted for the property.
Key Highlights
- No common area maintenance fee
- Air conditioned office space
- Electric roll up overhead doors
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
Office B
$4.67M
$4.08M – $5.44M
NOI $326,592 @ 7.0% cap · market cap 9.47%
Second Best
Flex RnD
$3.50M
$3.06M – $4.08M
NOI $245,045 @ 7.0% cap · market cap 7.10%
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex office and warehouse space includes electric roll-up overhead doors, glass entry, private bath, and air-conditioned office.
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: No common area maintenance fee; Air conditioned office space; Electric roll up overhead doors
