Multi-Unit Flex
For Sale
$500,000
21 S Tropical Trail, Merritt Island, FL 32952
Vacant corner property with adaptable retail, showroom, and warehouse-style areas.
Property Size3,966 SF
Lot Size0.18 Acres
Price / SF$126.07
Days on Market138
Property Features for 21 S Tropical Trail
General Information
Standard status
Active
Size
3,966 SF
Lot size
0.18 Acres
Property subtype
Retail
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,795
Amenities
3
Membrane
Parking. Corner Lot.
Lot.
Corner.
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Arium Real Estate, LLC
(321) 389-5568
Listed By:
Mark Lindo · License #SL3466702
(321) 389-5568
Source:
Xome
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 12:06AM
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 Arium Real Estate, LLC
Investment Insights
Based on property information with market context.
This approximately 3,966-square-foot flex property occupies a 0.18-acre corner lot and is configured as multiple commercial areas. The interior includes exposed wood ceilings, open-span retail sections, broad display windows, and layouts that can accommodate retail, office, showroom, contractor, creative studio, service, or mixed commercial operations. The property is currently vacant and is being offered AS-IS.
The building sits at 21 S Tropical Trail in Merritt Island, directly along S Tropical Trail and just off SR-520. On-site parking and the corner position support access to the property, while the existing multi-area configuration gives an owner-user or investor flexibility in planning occupancy and improvements. Built in 1950, the property combines established construction with adaptable interior space.
The building sits at 21 S Tropical Trail in Merritt Island, directly along S Tropical Trail and just off SR-520. On-site parking and the corner position support access to the property, while the existing multi-area configuration gives an owner-user or investor flexibility in planning occupancy and improvements. Built in 1950, the property combines established construction with adaptable interior space.
Key Highlights
- Approximately 3,966 SF on .18 acres
- Multi‑unit configuration with retail, showroom, and warehouse‑style areas
- Exposed wood ceilings, open‑span areas, and large display 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
$45,724
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
9.14%
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%
$914,480
$914.5K
Cap Rate 7%
$653,200
$653.2K
Cap Rate 9%
$508,044
$508.0K
Market Conditions
NOI Build-Up for 3,966 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
$71.4K $18.00/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$65.3K $16.47/SF
− OpEx
−$19.6K −$4.94/SF
NOI
$45.7K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$914,480
Cap Rate 7%
$653,200
Cap Rate 9%
$508,044
Alternative Uses
Best Use
Retail
$653.2K
$571.6K – $762.1K
NOI $45,724 @ 7.0% cap · market cap 9.14%
Second Best
Flex RnD
$578.5K
$506.2K – $674.9K
NOI $40,494 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$1.05M
$915.6K – $1.22M
NOI $73,244 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Under-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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Vacant corner property with adaptable retail, showroom, and warehouse-style areas.
Where is this flex space located?
The property is located at 21 S Tropical Trail Merritt Island, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Approximately 3,966 SF on .18 acres; Multi‑unit configuration with retail, showroom, and warehouse‑style areas; Exposed wood ceilings, open‑span areas, and large display windows
