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    Property profile & analytics

    110 Mcleod St Merritt Island, FL 32953

    • Retail space
    • 1,444 SF
    • 0.31 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Last Sale
    Nov 22, 2024
    $799,900
    Value Estimations
    $800,000
    Cap Rate Potential
    2.1%
    Retail space
    Location Intelligence
    Property ID
    US18-9250820
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • BALIBAR Wines & Finds / Bar
    • Bali Cottages / Vacation Home Rental Agency / Cottage Rental

    Property Details for 110 Mcleod St

    Year built
    1928
    Construction
    WOOD
    Lot size
    0.31 lot acres
    Property size
    1,444 SF
    Zone code
    BU1
    Property type
    Retail space
    APN
    24-36-35-32-0000E.0-0014.00
    APU
    243635320000E0001400

    Description

    This exceptional 1,444 square foot special purpose property, located at 110 McLeod Street in Merritt Island, Florida (zip code 32953), sits on a 0.31-acre lot (APN: 24-36-35-32-0000e.0-0014.00). The single-tenant building offers a unique opportunity for a variety of businesses. Currently established as a well-regarded local gathering place, this property presents limitless potential beyond standard bar, restaurant, or music venue uses. Its versatility makes it ideal for events such as weddings, birthdays, and anniversaries. Alternatively, this iconic location is perfect for entrepreneurs seeking to establish their own unique concept. The property's prime location in Merritt Island, Florida, provides excellent visibility and accessibility. The single-suite building offers a cohesive and manageable space for a diverse range of business ventures. This is a rare opportunity to acquire a well-established property with significant upside potential in a desirable location. The property's existing infrastructure and established reputation provide a strong foundation for future success. Serious inquiries are encouraged to explore the possibilities this unique property offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $800,000
      ML approach
      $800,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7009
    Latitude
    28.3584
    CBSA code
    37340
    CBSA name
    PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,929
    $95,380
    $130,730
    $226,110
    -
    $95,380
    $130,730
    $226,110

    Comparable in this City

    • Value Estimation
      $1,160,000
      6,032 SF

      930 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 6,032 SF
      930 Courtenay Pkwy, Merritt Island, FL 32953-4532
      View Details
    • Value Estimation
      $1,050,000
      6,590 SF

      1090 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 6,590 SF
      1090 Courtenay Pkwy, Merritt Island, FL 32953-4533
      View Details
    • Value Estimation
      $975,000
      5,715 SF

      705 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 5,715 SF
      705 Courtenay Pkwy, Merritt Island, FL 32953-4651
      View Details
    • Value Estimation
      $720,000
      4,852 SF

      35 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 4,852 SF
      35 Courtenay Pkwy, Merritt Island, FL 32953-3476
      View Details
    • Value Estimation by Request
      3,050 SF

      2525 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 3,050 SF
      2525 Courtenay Pkwy, Merritt Island, FL 32953-4175
      View Details
    • Value Estimation by Request
      2,052 SF

      691 Courtenay Pkwy Ste B

      RETAIL STORES (PERSONAL SERVICES) • 2,052 SF
      691 Courtenay Pkwy Ste B, Merritt Island, FL 32953-4841
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Corner lot retail building with great access and high traffic.
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      Merritt Island Retail Storefront

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    Similar Nearby for Lease

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    • $27 SF/Yr
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      Merritt Island Retail Space Available

      Retail space in Merritt Island with flexible BU-1 zoning.
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      201 Crockett Blvd

      Neighborhood centers • 92,741 SF
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      High-traffic retail space, prime location.
      925 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $19 SF/Yr
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      Merritt Island Retail Space

      Prime Merritt Island retail space, 2,026 sq ft.
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    110 Mcleod St
    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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