Renovated Mixed-Use
For Sale
$3,249,900
76 E Merritt Island Causeway, Merritt Island, FL 32952
Commercial Sale, Merritt Island, FL
Property Size12,444 SF
Lot Size0.53 Acres
Price / SF$261.16
Days on Market3973
Property Features for 76 E Merritt Island Causeway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Just east of the 520 and Courtenay intersection about 1 block on north side of the road.
Subdivision
251 - Central Merritt Island
Standard status
Active
APN
24-36-35-02-00000.0-0015.00
Size
12,444 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2015
Tax Description
TRACT NO 15 AS PER SURVEY BOOK 1 PG 90; PT OF ACCESS ESMT LYING N AS DESC IN ORB 2593 PG 2893 BLK A.2
Tax Annual Amount
14395
Legal Description
TRACT NO 15 AS PER SURVEY BOOK 1 PG 90; PT OF ACCESS ESMT LYING N AS DESC IN ORB 2593 PG 2893 BLK A.2
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1962
Number of units
13
Flooring type
Tile, Carpet
Building materials
Concrete
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 11:06AM
MLS# 738524
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.
Renovated two-story mixed-use property containing 12,444 square feet on a 0.53-acre site. The upper floor includes 10 offices, while the ground floor is occupied by a Tijuana Flats restaurant, a massage company, and a nail agency. Concrete construction, tile and carpet flooring, electric heating and cooling, and public water and sewer serve the building.
The property is located at 76 E Merritt Island Causeway in Merritt Island, with positioning along SR 520. The existing configuration brings office space together with multiple commercial service and food uses in one building. Cable is available, and the property was built in 1962.
The property is located at 76 E Merritt Island Causeway in Merritt Island, with positioning along SR 520. The existing configuration brings office space together with multiple commercial service and food uses in one building. Cable is available, and the property was built in 1962.
Key Highlights
- 12,444 square feet on 0.53 acres
- Two‑story building with 10 upstairs offices
- Renovated commercial property on SR 520
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
$165,754
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
5.10%
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%
$3,315,080
$3.3M
Cap Rate 7%
$2,367,914
$2.4M
Cap Rate 9%
$1,841,711
$1.8M
Market Conditions
NOI Build-Up for 12,444 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
$238.9K $19.20/SF
− Vacancy
−$17.9K −$1.44/SF
EGI
$221.0K $17.76/SF
− OpEx
−$55.3K −$4.44/SF
NOI
$165.8K $13.32/SF
Area
Brevard County, FL
Vacancy
7.50%
Lease Rate
$19.20 /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%
$3,315,080
Cap Rate 7%
$2,367,914
Cap Rate 9%
$1,841,711
Alternative Uses
Best Use
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,754 @ 7.0% cap · market cap 5.10%
Second Best
Mixed Use
$2.06M
$1.80M – $2.41M
NOI $144,382 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,816 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,607
Businesses Nearby
506k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Shops & Services 22%
Apparel 14%
Groceries 11%
The Home Depot
Home Improvements & Furnishings
47,314 visits/mo
0.1 miles
Publix
Groceries
44,037 visits/mo
0.2 miles
T.J. Maxx
Apparel
41,205 visits/mo
0.3 miles
BJ's Wholesale Club
Superstores
35,532 visits/mo
0.4 miles
Ross Dress for Less
Apparel
29,126 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story commercial property combines upstairs office space with restaurant, massage, and nail-service uses on the lower level.
Where is this mixed-use property located?
The property is located at 76 E Merritt Island Causeway Merritt Island, FL.
What is the asking price?
The asking price for this property is $3,249,900.
What are key features of this property?
This property features: 12,444 square feet on 0.53 acres; Two‑story building with 10 upstairs offices; Renovated commercial property on SR 520
