Office Building with Private
For Sale
$2,699,900
2460 N Courtenay Parkway, Merritt Island, FL 32953
COMMERCIAL - Merritt Island, FL
Property Size15,428 SF
Lot Size1.45 Acres
Price / SF$175
Days on Market3938
Property Features for 2460 N Courtenay Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Just south of 528 on Courtenay, right next to Race Trac Gas station
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-36-14-00-00283.0-0000.00
Size
15,428 SF
Lot size
1.45 Acres
Taxes and HOA fees
Tax Year
2015
Tax Description
THAT PART OF NW 1/4 LYING EAST OF ST RD 3 AS DES IN ORB 2420 PG 1280
Tax Annual Amount
15683
Legal Description
THAT PART OF NW 1/4 LYING EAST OF ST RD 3 AS DES IN ORB 2420 PG 1280
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Amenities
private restrooms
Building Details
Year built
1965
Number of units
30
Flooring type
Carpet, Tile
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 10:06AM
MLS# 738515
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 concrete office building contains 15,428 square feet on a 1.45-acre parcel. Individual units feature private restrooms and completed office interiors, with carpet and tile flooring throughout the property. Electric heating and cooling, a tar/gravel roof, cable availability, and public sewer service are also in place. Constructed in 1965, the property offers a multi-unit office configuration at 2460 N Courtenay Parkway in Merritt Island, Florida.
Key Highlights
- 15,428‑square‑foot office building on 1.45 acres
- Individual units include private restrooms
- Built‑out office interiors throughout the units
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
514
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Concrete office property with built-out suites, carpeting, tile flooring, and public sewer service.
Where is this office building 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: 15,428‑square‑foot office building on 1.45 acres; Individual units include private restrooms; Built‑out office interiors throughout the units
