Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3190 South Courtenay Parkway Merritt Island, FL 32952

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $279,900

    6.31 acres with nearly 400 feet of Banana River frontage.

    Type:Land / Unimproved Land
    Lot size:
    6.31 Acres
    Added:
    Sep 19, 2025
    Days on Market:
    212
    Last Refresh:
    Mar 13 at 3:07 pm

    Property Features for 3190 South Courtenay Parkway

    General Information

    Standard status
    Active
    Lot size
    6.31 Acres
    Property subtype
    Land / Unimproved Land

    We can help!

    Listing Contact
    Thomas Englert

    Listing agent Thomas Englert License #3134683

    Listing office RE/MAX Elite

    Listing date Sep 19, 2025

    Source Compass

    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 RE/MAX Elite

    Overview

    Banana Riverfront Vacant Land

    This vacant 6.31-acre property is located on South Merritt Island and features nearly 400 feet of water frontage on the Banana River. The lot offers views of the water and the surrounding area. The property is intended for development.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7053224
    Latitude
    28.4148534

    Nearby Similar for Sale

    • $599,999
      3,104 SF

      Remodeled Duplex in Sea Gate

      Spacious, remodeled duplex with RV slab in desirable location.
      3078 Sea Gate Circle, Merritt Island, FL 32953
      View Details
    • $599,000

      Two Buildable Residential Parcels

      Two adjacent residential parcels totaling over 2 acres in Merritt Island.
      264 Serenity Point Lane, Merritt Island, FL 32952
      View Details
    • $1,249,000
      8,053 SF

      Merritt Island Retail/Office Center

      Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
      1175 N Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $165,000

      Land in Merritt Island, FL

      2.45 acre land parcel in Merritt Island, Florida.
      6235 N Tropical Trail, Merritt Island, FL 32953
      View Details
    • $1,475,000

      Merritt Island Land Parcel

      5.91-acre parcel zoned PIP in Merritt Island, Florida.
      N Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $64,900

      Residential Lot in Merritt Island

      Build-ready lot near beaches, parks, shopping, and Kennedy Space Center.
      478 Roosevelt Ave, Merritt Island, FL 32953
      View Details
    • $399,000

      Riverfront Property on Merritt Island

      Direct riverfront land with potential for dock and boardwalk.
      3700 S Courtenay Parkway, Merritt Island, FL 32952
      View Details
    • $150,000

      Merritt Island Land For Sale

      Commercial land available in Merritt Island, Florida.
      4200 Courtenay Parkway, Merritt Island, FL 32953
      View Details
    • $1,500,000

      Waterfront Land on Indian River

      Vacant lot on Indian River, close to Banana River.
      2940 MARITIME LANE, MERRITT ISLAND, FL 32953
      View Details
    • $100,000

      Residential Land in Merritt Island

      0.27 acre lot ready for custom home construction.
      790 INDIANOLA DRIVE, MERRITT ISLAND, FL 32953
      View Details
    • $119,900

      Waterfront Homesite Ready For Development

      Coastal homesite ready for development with permits and construction plans.
      2513 N Banana River Drive, Merritt Island, FL 32952
      View Details
    • $550,000

      Indian Riverfront Land Opportunity

      Vacant land with direct Indian River frontage and panoramic views.
      S Tropical Trail, Merritt Island, FL 32952
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - 6.31 acres with nearly 400 feet of Banana River frontage.
    Where is this waterfront land located?
    The property is located at 3190 South Courtenay Parkway Merritt Island, FL.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: 6.31‑acre vacant lot on South Merritt Island; Nearly 400 feet of Banana River frontage; Riverfront property with tranquil waters
    (561) 632-9636
    We can help!
    Listing Contact
    Thomas Englert
    Real Estate License ID: 3134683
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!