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    Courtenay Pkwy Merritt Island, FL 32953

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    Courtenay Pkwy Merritt Island, FL 32953

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    • Warehouses
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    Cap Rate Potential
    Location Intelligence

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    • Warehouses

    Property Details for 0 Courtenay Pkwy

    Property type
    Warehouses
    Property subtype
    Land

    Description

    This exceptional 28-acre commercial property, located at 0 N Courtenay Pkwy, Merritt Island, FL 32953 (APN 23-36-13-00-00502.0-0000.00), presents a unique investment opportunity. Boasting a substantial 1,211,839 square feet of land, priced at $67,857.14 per acre, this site is strategically positioned within major transportation corridors, offering seamless access to space, air, sea, highway, and rail networks. Its proximity—just three miles from the secure gate to NASA and Cape Canaveral Air Force Station—makes it ideal for contractors seeking to build custom facilities. The property's zoning allows for industrial park development, supporting transportation needs via Port Canaveral and Orlando International Airport. Given the ongoing revitalization of Kennedy Space Center and the presence of major players like SpaceX, Blue Origin, and OneWeb, this location offers significant long-term growth potential. The nearby development of "Exploration Park" within Kennedy Space Center, which only offers lease opportunities, further underscores the value of this unique land ownership opportunity. This is a prime location for businesses seeking to establish a strong presence in a thriving aerospace and logistics hub.

    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
    -80.7001
    Latitude
    28.3571

    Comparable in this City

    • Value Estimation by Request

      00000 Courtenay Pkwy

      Land
      00000 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Value Estimation
      $595,000
      2,475 SF

      3401 Courtenay Pkwy Ste, Unit 103

      MINI-WAREHOUSE, STORAGE • 2,475 SF
      3401 Courtenay Pkwy Ste, Merritt Island, FL 32953-8344
      View Details
    • Value Estimation by Request
      6,469 SF

      345 Myrtice Ave

      WAREHOUSE, STORAGE • 6,469 SF
      345 Myrtice Ave, Merritt Island, FL 32953-4877
      View Details
    • Value Estimation by Request
      4,872 SF

      215 Tropical Trl

      MINI-WAREHOUSE, STORAGE • 4,872 SF
      215 Tropical Trl, Merritt Island, FL 32953-4738
      View Details
    • Value Estimation by Request
      200 SF

      3245 Courtenay Pkwy1-office

      MINI-WAREHOUSE, STORAGE • 200 SF
      3245 Courtenay Pkwy1-office, Merritt Island, FL 32953-8311
      View Details
    • Value Estimation by Request
      3,000 SF

      3401 Courtenay Pkwy Ste, Unit 101

      MINI-WAREHOUSE, STORAGE • 3,000 SF
      3401 Courtenay Pkwy Ste, Merritt Island, FL 32953-8344
      View Details

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    • $279,900
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      9,002,500 SF

      Courtenay Parkway Commercial Property

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      3.83 Acre Industrial Land Parcel

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      Move-in Ready Medical Space

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    Merritt Island, FL 32953
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    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
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