Automotive Service
For Sale
$9,998,900
1850 E Merritt Island Cswy, Merritt Island, FL 32952
Former dealership property combining professional offices, vehicle service areas, storage, and diverse interior amenity spaces.
Property Size63,125 SF
Price / SF$158.40
Days on Market368
Property Features for 1850 E Merritt Island Cswy
General Information
Standard status
Active
Size
63,125 SF
Property subtype
Commercial
Additional Details
Office Build-Out
20,000 SF
Amenities
restaurant
gym
playroom
daycare
movie theater
conference rooms
barber shop
game room
Building Details
Year Built
2003
Listing Agency:
Perrone Realty
(407) 733-0725
Listed By:
Ralph S Perrone · License #3045618
Source:
Spacecoasthomefinders
Added: Aug 27, 2025
Changed: Aug 28
Last Checked: Aug 28 at 8:01PM
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
Investment Insights
Based on property information with market context.
The property previously operated as a car dealership and includes professional and executive office areas alongside vehicle service bays, warehouse space, storage, and a detailing department. The layout also includes several specialized interior areas, including a restaurant, gym, daycare, playroom, movie theater, conference rooms, barber shop, and game room.
Located at 1850 E Merritt Island Causeway in Merritt Island, Florida, the property offers a broad combination of automotive, office, storage, service, and recreational improvements within one facility. Its existing mix of spaces supports multiple operational functions without relying on a single-use configuration.
Located at 1850 E Merritt Island Causeway in Merritt Island, Florida, the property offers a broad combination of automotive, office, storage, service, and recreational improvements within one facility. Its existing mix of spaces supports multiple operational functions without relying on a single-use configuration.
Key Highlights
- Former car dealership with professional and executive office areas
- Vehicle service bays, warehouse space, storage, and detailing department
- Interior restaurant, gym, daycare, and playroom areas
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
$859,005
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
8.59%
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%
$17,180,100
$17.2M
Cap Rate 7%
$12,271,500
$12.3M
Cap Rate 9%
$9,544,500
$9.5M
Market Conditions
NOI Build-Up for 63,125 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
$1.36M $21.60/SF
− Vacancy
−$218.2K −$3.46/SF
EGI
$1.15M $18.14/SF
− OpEx
−$286.3K −$4.54/SF
NOI
$859.0K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$17,180,100
Cap Rate 7%
$12,271,500
Cap Rate 9%
$9,544,500
Alternative Uses
Best Use
Office B
$12.27M
$10.74M – $14.32M
NOI $859,005 @ 7.0% cap · market cap 8.59%
Second Best
Retail
$10.40M
$9.10M – $12.13M
NOI $727,768 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$16.65M
$14.57M – $19.43M
NOI $1,165,793 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Erdman Automotive Express Service — 1555 e merritt island causeway, merritt island, fl 32952
- Ultimate Auto Glass & Electronics of Merritt Island — 1555 E Merritt Island Cswy, Merritt Island, FL 32952
- Ron's European Auto Service of Brevard, Inc. — 1559 E Merritt Island Cswy A, Merritt Island, FL 32952
- Buddy Boys Auto Painting and Body Shop — 1559 E Merritt Island Cswy C, Merritt Island, FL 32952
- A Auto Works Auto Repair — 1789 E Merritt Island Cswy, Merritt Island, FL 32952
Frequently Asked Questions
What type of property is this?
Auto shop - Former dealership property combining professional offices, vehicle service areas, storage, and diverse interior amenity spaces.
Where is this auto shop located?
The property is located at 1850 E Merritt Island Cswy Merritt Island, FL.
What is the asking price?
The asking price for this property is $9,998,900.
What are key features of this property?
This property features: Former car dealership with professional and executive office areas; Vehicle service bays, warehouse space, storage, and detailing department; Interior restaurant, gym, daycare, and playroom areas
