Duplex with Triplex Conversion
For Sale
$389,000
347 W Merritt Avenue, Merritt Island, FL 32953
Residential Income, Merritt Island, FL
Property Size2,243 SF
Lot Size0.38 Acres
Price / SF$173.43
Days on Market950
Property Features for 347 W Merritt Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Parking
4
Parking features
Carport, Guest
Fencing
Chain Link, Privacy
Appliances
Gas Oven, Gas Range, Refrigerator
Subdivision
Merritt Park Place
Lot features
Many Trees
Elementary school
Mila
Middle school
Jefferson
High school
Merritt Island
Directions
Take Courtenay Parkway to Merritt Avenue, go West on Merritt Avenue to 345 & 347 W Merritt.
Standard status
Active
APN
24-36-35-32-0000j.0-0014.00
Size
2,243 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
MERRITT PARK PLACE LOTS 14,15 BLK J
Tax Annual Amount
3303
Legal Description
MERRITT PARK PLACE LOTS 14,15 BLK J
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Varies by Unit (Heating), Central
Cooling system
Wall/Window Unit(s), Varies by Unit, Window Unit(s), Central Air, Electric
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Number of units
3
Flooring type
Carpet, Tile, Vinyl
Building materials
Block
Roof type
Shingle
Listing Agency:
Daignault Realty Inc
(321) 453-2151
Listed By:
Leon McDaniel · License #320846
(321) 480-0548
Added: Feb 29, 2024
Changed: Sep 13
Last Checked: Oct 6 at 9:06PM
MLS# 1006381
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 1957 duplex occupies a 0.38-acre parcel at 347 W Merritt Avenue in Merritt Island. The 2,243-square-foot property is block constructed and includes carpet, tile, and vinyl flooring, a shingle roof, carport and guest parking, chain-link and privacy fencing, and a mix of central and wall or window heating and cooling systems. The property was previously configured as a triplex and may be returned to that arrangement, subject to applicable requirements. That layout included one 2-bedroom, 1-bath unit and two 1-bedroom, 1-bath units.
Public water and public sewer serve the property, with cable available. The site is less than two miles from area schools and is located a few blocks from Mila Elementary. Shopping and restaurants are also nearby. Existing appliances include a gas oven, gas range, and refrigerator.
Public water and public sewer serve the property, with cable available. The site is less than two miles from area schools and is located a few blocks from Mila Elementary. Shopping and restaurants are also nearby. Existing appliances include a gas oven, gas range, and refrigerator.
Key Highlights
- 2,243‑square‑foot duplex on 0.38 acres
- Former triplex layout included one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- Block construction with shingle roof and mixed carpet, tile, and vinyl flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,544
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,880
$510.9K
Cap Rate 7%
$364,914
$364.9K
Cap Rate 9%
$283,822
$283.8K
Market Conditions
NOI Build-Up for 2,243 SF
Gross rent
$39.0K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$36.5K $16.27/SF
− OpEx
−$10.9K −$4.88/SF
NOI
$25.5K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,880
Cap Rate 7%
$364,914
Cap Rate 9%
$283,822
Alternative Uses
Best Use
Multifamily LT 5
$364.9K
$319.3K – $425.7K
NOI $25,544 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$328.0K
$287.0K – $382.7K
NOI $22,961 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$591.8K
$517.8K – $690.4K
NOI $41,424 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,290
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 Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Block-built duplex with public utilities, carport parking, and access to nearby schools, shopping, and restaurants.
Where is this duplex located?
The property is located at 347 W Merritt Avenue Merritt Island, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 2,243‑square‑foot duplex on 0.38 acres; Former triplex layout included one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; Block construction with shingle roof and mixed carpet, tile, and vinyl flooring
