Concrete-Block Duplex with Outdoor
For Sale
$448,700
75 Peck Ave, Merritt Island, FL 32952
Two separately metered residences offer private laundry hookups, dedicated parking, and flexible owner-occupant or rental use.
Property Size2,184 SF
Price / SF$205.45
Days on Market209
Property Features for 75 Peck Ave
General Information
Standard status
Active
Size
2,184 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,304
Amenities
private balcony
screened-in porch
fenced yard
private washer/dryer hookups
Building Details
Buildings
1
Construction
concrete block
Listing Agency:
coastal life properties llc
(321) 863-7143
Listed By:
Shane F Sorenson
(321) 863-7143
Source:
Exprealty
Added: Feb 2
Changed: Aug 29
Last Checked: Aug 29 at 6:53PM
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 coastal life properties llc
Investment Insights
Based on property information with market context.
Located in Merritt Island, this 2,184-square-foot concrete-block duplex is arranged as a split-level property with two three-bedroom, two-bath units. Each residence has a separate electric meter, central HVAC, private washer and dryer hookups, and two dedicated parking spaces. A shared water meter serves both units, with tenants currently dividing the water bill.
The roof was replaced in 2025, while the HVAC systems date to 2015 and 2024. Outdoor features include a private balcony for the upper unit, plus a screened porch and fenced yard serving the lower unit. The property has no HOA and is outside a FEMA-designated flood zone. Both units are currently occupied, and the configuration also supports living in one unit while leasing the other.
The roof was replaced in 2025, while the HVAC systems date to 2015 and 2024. Outdoor features include a private balcony for the upper unit, plus a screened porch and fenced yard serving the lower unit. The property has no HOA and is outside a FEMA-designated flood zone. Both units are currently occupied, and the configuration also supports living in one unit while leasing the other.
Key Highlights
- 2,184 SF duplex with two 3‑bedroom, 2‑bath units
- Concrete‑block, split‑level construction with roof replacement completed in 2025
- Each unit includes two dedicated parking spaces and private washer/dryer hookups
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
$24,872
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
5.54%
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%
$497,440
$497.4K
Cap Rate 7%
$355,314
$355.3K
Cap Rate 9%
$276,356
$276.4K
Market Conditions
NOI Build-Up for 2,184 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
$38.0K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$35.5K $16.27/SF
− OpEx
−$10.7K −$4.88/SF
NOI
$24.9K $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%
$497,440
Cap Rate 7%
$355,314
Cap Rate 9%
$276,356
Alternative Uses
Best Use
Multifamily LT 5
$355.3K
$310.9K – $414.5K
NOI $24,872 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$319.4K
$279.5K – $372.6K
NOI $22,357 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$576.2K
$504.2K – $672.2K
NOI $40,334 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
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?
Duplex - Two separately metered residences offer private laundry hookups, dedicated parking, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 75 Peck Ave Merritt Island, FL.
What is the asking price?
The asking price for this property is $448,700.
What are key features of this property?
This property features: 2,184 SF duplex with two 3‑bedroom, 2‑bath units; Concrete‑block, split‑level construction with roof replacement completed in 2025; Each unit includes two dedicated parking spaces and private washer/dryer hookups
