Signalized Intersection Retail
For Sale
$1,395,000
890 N Courtenay Pkwy, Merritt Island, FL 32953
Retail property with strong visibility at a signalized intersection, currently leased with no interior access for viewing.
Property Size5,116 SF
Price / SF$272.67
Days on Market56
Property Features for 890 N Courtenay Pkwy
General Information
Standard status
Active
Size
5,116 SF
Taxes and HOA fees
Annual Taxes
$9,393
Listing Agency:
Providence Realty Team, Inc.
(321) 288-4111
Listed By:
Michael A DiChristopher
(321) 288-4111
Source:
Exprealty
Added: Jun 29
Changed: Aug 23
Last Checked: Aug 22 at 1:45PM
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 Providence Realty Team, Inc.
Investment Insights
Based on property information with market context.
890 N. Courtenay Pkwy is a retail property positioned for visibility and convenient access at a signalized intersection. The site is described as having strong frontage along a major corridor and is surrounded by established commercial activity.
The property is currently leased, and there is no interior access available for viewing; prospective parties are directed to ride by only. Documents are available upon request.
The immediate area is noted for nearby retailers and services including McDonald’s, Arby’s, Domino’s, Ace Hardware, Tire Kingdom, Pep Boys, Pinch-a-Penny, and Quest Diagnostics.
The property is currently leased, and there is no interior access available for viewing; prospective parties are directed to ride by only. Documents are available upon request.
The immediate area is noted for nearby retailers and services including McDonald’s, Arby’s, Domino’s, Ace Hardware, Tire Kingdom, Pep Boys, Pinch-a-Penny, and Quest Diagnostics.
Key Highlights
- Retail property built in 1988 with high‑visibility access at a signalized intersection
- Located on N. Courtenay Pkwy with strong frontage along a major corridor for ingress/egress
- Property is currently leased; no interior access available for viewing (ride by only)
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
$58,982
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
4.23%
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%
$1,179,640
$1.2M
Cap Rate 7%
$842,600
$842.6K
Cap Rate 9%
$655,356
$655.4K
Market Conditions
NOI Build-Up for 5,116 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
$92.1K $18.00/SF
− Vacancy
−$7.8K −$1.53/SF
EGI
$84.3K $16.47/SF
− OpEx
−$25.3K −$4.94/SF
NOI
$59.0K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /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%
$1,179,640
Cap Rate 7%
$842,600
Cap Rate 9%
$655,356
Alternative Uses
Best Use
Retail
$842.6K
$737.3K – $983.0K
NOI $58,982 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,482 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
91k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 40%
Home Improvements & Furnishings 8%
Beauty & Spa 1%
McDonald's
Dining
25,882 visits/mo
0.1 miles
Dollar Tree
Shops & Services
13,582 visits/mo
0.2 miles
Sunoco
Shops & Services
7,937 visits/mo
0.3 miles
7-Eleven
Shops & Services
7,402 visits/mo
0.2 miles
Arby's
Dining
7,301 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with strong visibility at a signalized intersection, currently leased with no interior access for viewing.
Where is this retail space located?
The property is located at 890 N Courtenay Pkwy Merritt Island, FL.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Retail property built in 1988 with high‑visibility access at a signalized intersection; Located on N. Courtenay Pkwy with strong frontage along a major corridor for ingress/egress; Property is currently leased; no interior access available for viewing (ride by only)
