Leased Office Units with Private
For Sale
$2,699,900
2460 N Courtenay Parkway, Merritt Island, FL 32953
Mostly leased office units with built-in offices and private restrooms, supporting steady income for an owner.
Property Size15,428 SF
Price / SF$175
Days on Market301
Property Features for 2460 N Courtenay Parkway
General Information
Standard status
Active
Size
15,428 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1965
Tenancy
Multi
Listing Agency:
Perrone Realty,LLC
Listed By:
Ralph S Perrone · License #3045618
(407) 733-0725
Source:
Onesothebysrealty
Added: Nov 6, 2025
Changed: Sep 3
Last Checked: Sep 1 at 9:11PM
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 for-sale property consists of office units designed for tenant-ready use. The units include built-out office space and feature private restrooms within each unit, supporting day-to-day workplace requirements without shared facilities. At 15,428 square feet, the building is configured to accommodate multiple office occupants rather than a single open layout.
Located at 2460 N Courtenay Pkwy in Merritt Island, FL, the property is described as staying pretty much leased out. That current operating profile helps provide an income-focused ownership structure, with rental occupancy already in place.
For buyers seeking an office portfolio style asset, the combination of built-out interiors and private restrooms can help attract and retain professional tenants looking for finished space. Because the property is already operating with multiple units leased, it may appeal to owner-users or investors interested in purchasing an office asset with established tenant occupancy rather than starting from scratch.
Located at 2460 N Courtenay Pkwy in Merritt Island, FL, the property is described as staying pretty much leased out. That current operating profile helps provide an income-focused ownership structure, with rental occupancy already in place.
For buyers seeking an office portfolio style asset, the combination of built-out interiors and private restrooms can help attract and retain professional tenants looking for finished space. Because the property is already operating with multiple units leased, it may appeal to owner-users or investors interested in purchasing an office asset with established tenant occupancy rather than starting from scratch.
Key Highlights
- Mostly leased office units
- Units include built‑in offices
- Each unit has a private restroom
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
$209,944
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
7.78%
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%
$4,198,880
$4.2M
Cap Rate 7%
$2,999,200
$3.0M
Cap Rate 9%
$2,332,711
$2.3M
Market Conditions
NOI Build-Up for 15,428 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
$333.2K $21.60/SF
− Vacancy
−$53.3K −$3.46/SF
EGI
$279.9K $18.14/SF
− OpEx
−$70.0K −$4.54/SF
NOI
$209.9K $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%
$4,198,880
Cap Rate 7%
$2,999,200
Cap Rate 9%
$2,332,711
Alternative Uses
Best Use
Office B
$3.00M
$2.62M – $3.50M
NOI $209,944 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.07M
$3.56M – $4.75M
NOI $284,924 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
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?
Office units - Mostly leased office units with built-in offices and private restrooms, supporting steady income for an owner.
Where is this office units located?
The property is located at 2460 N Courtenay Parkway Merritt Island, FL.
What is the asking price?
The asking price for this property is $2,699,900.
What are key features of this property?
This property features: Mostly leased office units; Units include built‑in offices; Each unit has a private restroom
