Two-Story Office Building with
For Sale
$2,499,900
260 N Tropical, Merritt Island, FL 32953
Commercial Sale, Merritt Island, FL
Property Size10,413 SF
Lot Size1.00 Acre
Price / SF$240.07
Days on Market3973
Property Features for 260 N Tropical
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From 520, North on Tropical Trail between Hibiscus and Tangerine
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-36-35-25-00000.0-0007.00
Size
10,413 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2015
Tax Description
LOTS 7, 8, 9 & 10 EXC E 25 FT OF LOTS 7, 8 & 9 ALSO KNOWN AS PB 3 PG 77
Tax Annual Amount
13974
Legal Description
LOTS 7, 8, 9 & 10 EXC E 25 FT OF LOTS 7, 8 & 9 ALSO KNOWN AS PB 3 PG 77
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Electric
Water source
Public
Building Details
Year built
2010
Number of units
6
Flooring type
Tile, Carpet
Building materials
Concrete
Roof type
Tile, Barrel
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 13 at 2:06PM
MLS# 738542
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 10,413-square-foot office building occupies 1 acre and was constructed in 2010 with concrete materials. The two-story layout includes an elevator, tile and carpet flooring, electric cooling, and a barrel tile roof. Hurricane-rated windows and doors, along with handicap accessibility, support a range of office and medical office uses. On-site parking and a fountain are also part of the property improvements.
The building is located on Merritt Island just north of 520. Public water and sewer serve the property, while cable service is available. The combination of office-oriented improvements, vertical circulation, accessible features, and durable construction creates a defined commercial setting for professional operations.
The building is located on Merritt Island just north of 520. Public water and sewer serve the property, while cable service is available. The combination of office-oriented improvements, vertical circulation, accessible features, and durable construction creates a defined commercial setting for professional operations.
Key Highlights
- 10,413‑square‑foot office building on 1 acre
- Two‑story configuration with elevator
- Concrete construction completed in 2010
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
$141,700
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
5.67%
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%
$2,834,000
$2.8M
Cap Rate 7%
$2,024,286
$2.0M
Cap Rate 9%
$1,574,444
$1.6M
Market Conditions
NOI Build-Up for 10,413 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
$224.9K $21.60/SF
− Vacancy
−$36.0K −$3.46/SF
EGI
$188.9K $18.14/SF
− OpEx
−$47.2K −$4.54/SF
NOI
$141.7K $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%
$2,834,000
Cap Rate 7%
$2,024,286
Cap Rate 9%
$1,574,444
Alternative Uses
Best Use
Office B
$2.02M
$1.77M – $2.36M
NOI $141,700 @ 7.0% cap · market cap 5.67%
Second Best
Healthcare Medical
$1.87M
$1.64M – $2.18M
NOI $131,054 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,307 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,100
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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Cap Rate, Value Estimation, Potential NOI and more
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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 building - Concrete construction with tile and carpet finishes, public water and sewer, and accessible design.
Where is this office building located?
The property is located at 260 N Tropical Merritt Island, FL.
What is the asking price?
The asking price for this property is $2,499,900.
What are key features of this property?
This property features: 10,413‑square‑foot office building on 1 acre; Two‑story configuration with elevator; Concrete construction completed in 2010
