Two-Story Office Building with
For Sale
$3,249,900
76 E Merritt Island Causeway, Merritt Island, FL 32952
COMMERCIAL - Merritt Island, FL
Property Size12,444 SF
Lot Size0.53 Acres
Price / SF$261.16
Days on Market3938
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
Carpet, Tile
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: Aug 4
Last Checked: Aug 9 at 9:06AM
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.
This renovated two-story commercial building is positioned with a primarily occupied tenant mix. The second floor is configured with 10 offices, while the first floor features a restaurant along with additional service-oriented spaces including a massage company and a nail agency.
The property is located on SR 520 in Merritt Island, FL, and is described as staying mostly fully occupied due to its location.
Overall, the layout supports an office component upstairs paired with street-facing tenant uses downstairs, creating a multi-tenant arrangement within one building.
The property is located on SR 520 in Merritt Island, FL, and is described as staying mostly fully occupied due to its location.
Overall, the layout supports an office component upstairs paired with street-facing tenant uses downstairs, creating a multi-tenant arrangement within one building.
Key Highlights
- High occupancy due to attractive location on SR 520.
- Renovated 2‑story building.
- Mix of office and retail tenants.
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
$169,338
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
5.21%
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%
$3,386,760
$3.4M
Cap Rate 7%
$2,419,114
$2.4M
Cap Rate 9%
$1,881,533
$1.9M
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
$268.8K $21.60/SF
− Vacancy
−$43.0K −$3.46/SF
EGI
$225.8K $18.14/SF
− OpEx
−$56.4K −$4.54/SF
NOI
$169.3K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
Lease Rate
$21.60 /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%
$3,386,760
Cap Rate 7%
$2,419,114
Cap Rate 9%
$1,881,533
Alternative Uses
Best Use
Office B
$2.42M
$2.12M – $2.82M
NOI $169,338 @ 7.0% cap · market cap 5.21%
Second Best
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,754 @ 7.0% cap · market cap 5.10%
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
Property Profile
Current Use
Lease Details
10
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
850
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated two-story building with 10 upstairs offices and multiple tenants downstairs, including a restaurant.
Where is this office units 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: High occupancy due to attractive location on SR 520.; Renovated 2‑story building.; Mix of office and retail tenants.
