Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    141 Courtenay Pkwy Merritt Island, FL 32952

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    141 Courtenay Pkwy Merritt Island, FL 32952

    View on Map
    • Retail properties & Spaces
    • 6,670 SF
    • 0.72 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 321 Realty & 321 Business Brokers / Real Estate Agency
    • Clark Brothers Roofing & Construction / Roofing Company / General Contractor
    • Justin Bender, 321 Realty, LLC / Real Estate Agency
    • 321 Realty Tina Scarbrough / Real Estate Agency
    • Salty Bean Coffee / Cafe & Coffee Shop

    Property Details for 141 Courtenay Pkwy

    Year built
    1964
    Lot size
    0.72 lot acres
    Property size
    6,670 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    This exceptional Merritt Island commercial property, Watson Plaza, presents a prime leasing opportunity. Located at 141 S Courtenay Parkway, 32952, this single-story, 6,670 square foot building offers flexible office space ranging from 1,112 to 2,224 contiguous square feet. Currently, 2,224 square feet are vacant, perfect for a variety of businesses. Built in 1964 and renovated in 2024, the building boasts a Class B rating and features a reception area, conference room, office, and restroom within the available space. Modern amenities include 100% HVAC, LVP flooring, and a drop ceiling. Utilities include city water, sewer, and FPL electric. Ample parking is provided with 47 asphalt-paved and striped spaces. The 0.72-acre lot is zoned BU-1, allowing for diverse uses including office, retail, medical, and restaurant establishments. Its strategic location offers easy access to I-95, US1, and A1A, placing it near Merritt Island Airport, Health First Cape Canaveral Hospital, Merritt Square Mall, and Downtown Cocoa Village. This property is ideal for businesses seeking a well-maintained, conveniently located office space in the thriving Space Coast submarket of Brevard County, Florida. The property's APN is 24-36-35-00-00260.0-0000.00.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7002
    Latitude
    28.355

    Comparable in this City

    • Value Estimation by Request

      205 Banana Blvd

      Retail properties & Spaces
      205 Banana Blvd, Merritt Island, FL 32952
      View Details
    • Value Estimation
      $995,000
      6,746 SF

      245 Courtenay Pkwy Ste B

      DENTAL BUILDING • 6,746 SF
      245 Courtenay Pkwy Ste B, Merritt Island, FL 32952-4831
      View Details
    • Value Estimation by Request
      4,080 SF

      258 Fortenberry Rd

      DENTAL BUILDING • 4,080 SF
      258 Fortenberry Rd, Merritt Island, FL 32952-3619
      View Details
    • Value Estimation
      $620,000
      5,483 SF

      80 Fortenberry Rd

      MEDICAL BUILDING • 5,483 SF
      80 Fortenberry Rd, Merritt Island, FL 32952-3616
      View Details
    • Value Estimation
      $770,000
      5,178 SF

      1730 Merritt Is Cswy

      DENTAL BUILDING • 5,178 SF
      1730 Merritt Is Cswy, Merritt Island, FL 32952-2663
      View Details
    • Value Estimation by Request
      3,448 SF

      630 Cone Park Ct

      MEDICAL BUILDING • 3,448 SF
      630 Cone Park Ct, Merritt Island, FL 32952-3779
      View Details

    Similar Nearby for Sale

    • $9,998,900
      63,125 SF

      Former Car Dealership on Causeway

      Former car dealership with offices, service bays, and extra amenities.
      1850 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • $3,249,900
      12,444 SF

      Renovated Mixed-Use Building For Sale

      Renovated, fully occupied mixed-use building on SR 520.
      76 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • Contact for pricing
      5,550 SF

      Established Medical Office Investment

      Profitable medical office near new hospital, Merritt Island, Florida.
      255 Fortenberry Rd, Merritt Island, FL 32952
      View Details
    • Contact for pricing
      3,819 SF

      Retail Property Near Cocoa Beach

      Retail property located near Cocoa Beach and future hospital.
      324 East Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • $700,000

      Merritt Island Waterfront Land

      Prime Riverfront Land: Build Your Dream
      29xx Newfound Harbor Dr, Merritt Island, FL 32952
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      66,318 SF

      Merritt Island Causeway Retail Space

      Prime Retail & Office Opportunity: 66,318 SF
      1850 Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • Contact for pricing

      Merritt Island Office/Medical Space

      First floor office space suitable for medical or office use.
      650 S Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $2,695 /Mo
      11,700 SF

      Modern Retail/Office Space Available

      New construction retail/office space in high-traffic Merritt Island location.
      315 S Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $75,000
      301,435 SF

      Former Car Dealership with Amenities

      Former car dealership with offices, service bays, and unique amenities.
      1850 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • Contact for pricing

      Modern Retail/Office Space Available

      New construction retail/office space in high-traffic Merritt Island location.
      315 S Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $1,400 /Mo
      6,200 SF

      Merritt Island Flex/Warehouse Units

      Flex/Warehouse units in prime Merritt Island location, versatile for businesses.
      635 Fern Dr, Merritt Island, FL 32952
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    141 Courtenay Pkwy
    Merritt Island, FL 32952
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    141 Courtenay Pkwy, Merritt Island, FL, 32952

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!