Built-Out Office
For Sale
$2,699,900
2460 N Courtenay Parkway, Merritt Island, FL 32953
Commercial Sale, Merritt Island, FL
Property Size15,428 SF
Lot Size1.45 Acres
Price / SF$175
Days on Market3984
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
built out offices
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: Sep 13
Last Checked: Sep 24 at 1:06AM
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 15,428-square-foot office property includes multiple units with private restrooms and finished office interiors. Concrete construction, carpet and tile flooring, electric heating and cooling, and a tar-and-gravel roof define the existing improvements. The building was constructed in 1965 and is situated on 1.45 acres.
Located at 2460 N Courtenay Parkway in Merritt Island, the property has public sewer service and cable availability. The office units are generally leased, providing an established occupancy profile for the asset.
Located at 2460 N Courtenay Parkway in Merritt Island, the property has public sewer service and cable availability. The office units are generally leased, providing an established occupancy profile for the asset.
Key Highlights
- 15,428 square feet of office space on 1.45 acres
- Multiple office units with private restrooms
- Finished 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
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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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Office units feature private restrooms and completed interior build-outs.
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: 15,428 square feet of office space on 1.45 acres; Multiple office units with private restrooms; Finished office interiors throughout the units
