Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    3190 Courtenay Pkwy Merritt Island, FL 32953

    Property Lookup

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

    3190 Courtenay Pkwy Merritt Island, FL 32953

    View on Map
    • Land
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 3190 Courtenay Pkwy

    Property type
    Land

    Description

    This exceptional 6.31-acre commercial and residential land parcel presents a unique investment opportunity in desirable South Merritt Island, Florida. Located at 3190 S Courtenay Parkway, zip code 32953, the property boasts an impressive 274,863.6 square feet of land. Its prime location offers nearly 400 feet of captivating waterfront access to the Banana River, providing breathtaking views and significant development potential. The property's zoning allows for both commercial and residential uses, opening doors to a wide range of development possibilities, from luxury waterfront homes to commercial ventures capitalizing on the stunning riverfront setting. The expansive lot size provides ample space for ambitious projects, while the tranquil surroundings offer a serene and desirable location for residents and businesses alike. This is a rare opportunity to acquire a substantial piece of waterfront property in a highly sought-after area of Florida, ripe for development and poised for significant return on investment. The property's latitude and longitude coordinates are 28.470872, -80.6992633 respectively. Serious inquiries are encouraged. The asking price for this remarkable property is $359,900.

    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
    -80.6993
    Latitude
    28.4709

    Comparable in this City

    • Value Estimation by Request

      475 Pine Island Rd

      Land
      475 Pine Island Rd, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request

      575 River Moorings Dr

      Land
      575 River Moorings Dr, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request

      132 Gator Dr

      Multifamily properties
      132 Gator Dr, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request

      4042 Tradewinds Trl

      Land
      4042 Tradewinds Trl, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request

      1125 Newfound Harbor Dr

      Land
      1125 Newfound Harbor Dr, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request

      Judson Rd

      Land
      0 Judson Rd, Merritt Island, FL 32953
      View Details

    Similar Nearby for Sale

    • $330,000

      Merritt Island Commercial Land Opportunity

      Over 2 acres, high-traffic location, development potential.
      0 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $148,999

      Land For Sale

      Land available for sale.
      3396 N Tropical Trl, Merritt Island, FL 32953
      View Details
    • $300,000
      105,851 SF

      Central Merritt Island Land Parcel

      2.42 acres in central Merritt Island, zoned AU.
      280 Grove Blvd, Merritt Island, FL 32953
      View Details
    • $1,200,000
      44.39 Acres

      Wooded Land in Merritt Island

      44.39 acres of wooded land with water access.
      Merritt Island, FL 32953
      View Details
    • $279,900
      6.31 Acres

      Banana Riverfront Vacant Land

      6.31 acres of vacant land on Banana River.
      3190 S Courtenay Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,002,500 SF

      Courtenay Parkway Commercial Property

      Prime Retail/Office Space, High Visibility
      4805 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      3.83 Acre Industrial Land Parcel

      3.83 acre industrial land for lease, Merritt Island, FL.
      3265 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Move-in Ready Medical Space

      Second generation medical space available for rent.
      255 N Sykes Creek Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Freestanding Retail Building on Corner

      Retail building with high visibility and easy access.
      2625 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $875 /Mo
      23,087 SF

      Merritt Island Office Space Available

      Remodeled office suite with reception area and private bathroom.
      76 E Merritt Island Cswy, Merritt Island, FL 32953
      View Details
    • $2,980 /Mo
      43,560 SF

      Modern Merritt Island Office Space

      Top-of-the-line office/medical complex in a central location.
      260 N Tropical Trl, Merritt Island, FL 32953
      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.
    3190 Courtenay Pkwy
    Merritt Island, FL 32953
    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

    3190 Courtenay Pkwy, Merritt Island, FL, 32953

    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!