Triplex-Style Home Converted to
For Sale
$389,000
347 W Merritt Avenue, Merritt Island, FL 32953
MULTI_FAMILY - Merritt Island, FL
Property Size2,243 SF
Lot Size0.38 Acres
Price / SF$173.43
Days on Market903
Property Features for 347 W Merritt Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4
Parking
4
Parking features
Guest, Carport
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
Central, Varies by Unit (Heating)
Cooling system
Electric, Central Air, Varies by Unit, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Number of units
3
Flooring type
Tile, Carpet, 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: Aug 1
Last Checked: Aug 20 at 12:06AM
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 block-built income property was formerly a triplex and has been converted into a duplex, with the ability to revert to its original triplex configuration. The triplex layout provided a 2-bedroom, 1-bath unit along with two separate 1-bedroom, 1-bath units. Interior finishes include tile, carpet, and vinyl flooring. Heating is central with variation by unit, and cooling is available as electric, central air, and wall/window or window unit(s) depending on the unit.
The property sits on 0.38 acres and was built in 1957. Exterior features include chain link and privacy fencing, along with guest parking and carport parking. Utilities include public water and public sewer, with cable available. The roof is shingle.
Appliances include a gas oven, gas range, and refrigerator. The floorplan includes multiple bedrooms (Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4) and supports flexible configuration as the property can operate as a duplex or revert to a triplex setup.
The property sits on 0.38 acres and was built in 1957. Exterior features include chain link and privacy fencing, along with guest parking and carport parking. Utilities include public water and public sewer, with cable available. The roof is shingle.
Appliances include a gas oven, gas range, and refrigerator. The floorplan includes multiple bedrooms (Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4) and supports flexible configuration as the property can operate as a duplex or revert to a triplex setup.
Key Highlights
- Former triplex converted into a duplex; can revert to original triplex configuration
- Triplex unit mix included a 2‑bedroom, 1‑bath unit plus two 1‑bedroom, 1‑bath units
- 0.38‑acre lot; 2,243 SF total property size
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
$25,544
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
6.57%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Block-built income property on public water and sewer with gas appliances, central and varied unit cooling, and fenced exterior.
Where is this triplex 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: Former triplex converted into a duplex; can revert to original triplex configuration; Triplex unit mix included a 2‑bedroom, 1‑bath unit plus two 1‑bedroom, 1‑bath units; 0.38‑acre lot; 2,243 SF total property size
