Flex Space with Roll-Up
For Sale
$1,200,000
95 S Plumosa Street, Merritt Island, FL 32952
Metal-frame flex building with multiple roll-up garage doors, two units, and loft storage, including one fully remodeled unit.
Property Size8,200 SF
Price / SF$146.34
Days on Market189
Property Features for 95 S Plumosa Street
General Information
Standard status
Active
Size
8,200 SF
Property subtype
Retail
Zoning
BU-2
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$10,894
Amenities
circular driveway
upstairs loft storage
fenced rear yard
Electric
3
Tile, Vinyl, Laminate
Metal
Parking.
Garage, Guest Parking, Assigned Parking Space, Circular Driveway, Lot.
Clear lot.
Building Details
Year Built
1973
Construction
metal-frame and concrete block
Tenancy
Multi
Listing Agency:
Real Broker LLC
(321) 458-0298
Listed By:
Kayla Adamson · License #3341997
(321) 458-0298
Source:
Xome
Added: Feb 15
Changed: Aug 23
Last Checked: Aug 23 at 6:20AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This metal-frame and concrete block flex building includes two separate units that can operate independently or be combined into a larger space. The property is equipped with multiple roll-up garage doors, an upstairs loft storage area, and a fenced rear yard. For access, there is a circular driveway designed to support convenient customer entry and circulation. One unit has been fully remodeled for immediate occupancy, while the second unit offers value-add potential.
The asset is located directly off highly traveled Highway 520 in Merritt Island, with visibility and access tailored for retail and service-oriented uses. The property is described as zoned BU-2 Retail Store - Multiple Units, supporting a range of flexible commercial applications.
As currently configured, the building’s layout and shared exterior features make it suitable for tenants seeking multiple bays or a combination workspace. The zoning and two-unit structure also provide an option for mixed operations under a single ownership setup.
The asset is located directly off highly traveled Highway 520 in Merritt Island, with visibility and access tailored for retail and service-oriented uses. The property is described as zoned BU-2 Retail Store - Multiple Units, supporting a range of flexible commercial applications.
As currently configured, the building’s layout and shared exterior features make it suitable for tenants seeking multiple bays or a combination workspace. The zoning and two-unit structure also provide an option for mixed operations under a single ownership setup.
Key Highlights
- Metal‑frame and concrete block commercial building directly off heavily traveled Highway 520
- Two separate units with flexibility to combine into one larger business space
- Multiple roll‑up garage doors plus circular driveway for customer access
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
$94,538
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
7.88%
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%
$1,890,760
$1.9M
Cap Rate 7%
$1,350,543
$1.4M
Cap Rate 9%
$1,050,422
$1.1M
Market Conditions
NOI Build-Up for 8,200 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
$147.6K $18.00/SF
− Vacancy
−$12.5K −$1.53/SF
EGI
$135.1K $16.47/SF
− OpEx
−$40.5K −$4.94/SF
NOI
$94.5K $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%
$1,890,760
Cap Rate 7%
$1,350,543
Cap Rate 9%
$1,050,422
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.58M
NOI $94,538 @ 7.0% cap · market cap 7.88%
Second Best
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,724 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,438 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,516
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Metal-frame flex building with multiple roll-up garage doors, two units, and loft storage, including one fully remodeled unit.
Where is this flex space located?
The property is located at 95 S Plumosa Street Merritt Island, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Metal‑frame and concrete block commercial building directly off heavily traveled Highway 520; Two separate units with flexibility to combine into one larger business space; Multiple roll‑up garage doors plus circular driveway for customer access
