Back to Search
Property profile & analytics
FOR LEASE
Office buildings
115 Alma Blvd Merritt Island, FL 32953
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US18-3117770
For Lease
1 / 3
$16 SF/Yr
115 Alma Blvd, Merritt Island, FL 32953
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1995
Construction
STEEL FRAME
Total area
25,346 SF
Lot
3.15 ac (137,214 SF)
Zoning code
BU1/BU2
APN
24-36-23-BX-00000.0-0012.17
UPID
US18-3117770
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Island Gymnastics Gym & Fitness Center
-
AIA Space Coast Architects Association
-
RS&H, Inc. Architect Engineering Consultant
-
John R. Campbell Surveying LLC Land Surveyor
-
Courtenay Investment Inc Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.59M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.66M
Blend (final)
Blend
$3.53M
Owner & transaction history
Silvanesti Holdings LLC · 4 yrs held
Silvanesti Holdings LLC
since 2021
Last sale
$3.4M
7 recorded transactions
Zoning & alternative use
BU1/BU2 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.3M
+17.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Merritt Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merritt Island submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$3,695,000
ML approach
$3,585,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,490,000
Current use
AUTO REPAIR, GARAGE
$5,285,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$4,075,000
Change: -9% · Conversion: Moderate
MEDICAL BUILDING
$3,935,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$3.53M
Range $3.18M – $3.88M · ±10% · vs last sale $3.43M (Nov 12 2021)
Last sale anchor
$3.43M
Nov 12 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$139 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$37,018
Tax year 2023
Assessed value
$2,721,430
Assessed 2023
Previous assessed
$2,790,470
-2.5% YoY
Effective rate
1.36%
On assessed value
Assessed land
$288,150
Assessed improvement
$2,433,280
Land market value
$288,150
Improvement market value
$2,433,280
Total market value
$2,721,430
Applied tax rate
2,200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1995
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
4
Total area
25,346 SF
Lot
3.15 ac (137,214 SF)
Zoning code
BU1/BU2
APN
24-36-23-BX-00000.0-0012.17
UPID
US18-3117770
Jurisdiction
BREVARD
Zoning & alternative use
BU1/BU2 · Merritt Island, FL
Zoning BU1/BU2 · permitted uses
BU1/BU2 · Merritt Island, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Merritt Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.5M
AUTO REPAIR, GARAGE
Est. value
$5.3M
RETAIL STORES
Est. value
$4.1M
MEDICAL BUILDING
Est. value
$3.9M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1995
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
4
Lot
3.15 ac
Current owner
From public records · entity-resolved
Silvanesti Holdings LLC
Entity
Mailing address
2509 BAY BLVD APT A, INDIAN ROCKS BEACH, FL 33785-3053
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 13, 2022
—
Silvanesti Holdings LLC
—
Deed
related
$1,648,200 · Wells Fargo Bank NA
Nov 12, 2021
$3,425,000
Silvanesti Holdings LLC
Arthur W Berger JR
Warranty Deed
$2,225,000 · Space Coast Cu
Apr 28, 2020
—
Cfi Propco 2 LLC
Cumberland Farms INC
Warranty Deed
related
—
Dec 26, 2019
—
Arthur W Berger JR.
—
Deed
related
$564,796 · Space Coast Cu
Dec 26, 2012
$950,000
Benson,jeanne A Trust
Courtenay Investment INC
Grant Deed
$760,000 · Space Coast Cu
Feb 21, 1997
$2,185,000
Alu Stahl Florida INC
Crystal Creek INC
Grant Deed
$1,230,000 · Il Annuity & Insurance Co
Jul 12, 1995
$5,000
Crystal Creek INC
Dania Martinez|c B M C 1982 Land Trust
Warranty Deed
related
—
—
—
Arthur W Berger JR.
—
Loan Modification
related
$564,796 · Space Coast Cu
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
