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Property profile & analytics
OFF-MARKET
Estimated value
$1,145,000
Strip malls
133 Courtenay Pkwy Merritt Island, FL 32952-4843
Individually Owned
2-yr Hold
Free & Clear
Property ID
US18-6111486
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
7,130 SF
Lot
0.72 ac (31,363 SF)
Zoning code
BU1
APN
24-36-35-00-00260.0-0000.00
UPID
US18-6111486
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
-
Florida Blue Health & Medicare Plans Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.15M
CAP Approach
CAP
$1.46M
Comparable Approach
Comparable
$901k
Blend (final)
Blend
$1.15M
Owner & transaction history
Duane Watson · 2 yrs held
Duane Watson
since 2024
Last sale
$1.1M
2 recorded transactions
Zoning & alternative use
BU1 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.7M
+72.1%
Auto repair, garage
$1.5M
+51.4%
Office building
$1.2M
+23.8%
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
$1,145,000
ML approach
$1,145,000
CAP Approach
CAP Return
Estimation
6%
$1,585,000
6.5%
$1,460,000
7%
$1,355,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$980,000
Current use
COMMERCIAL (GENERAL)
$1,690,000
Change: +72% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,485,000
Change: +51% · Conversion: Difficult
OFFICE BUILDING
$1,215,000
Change: +24% · Conversion: Moderate
RETAIL STORES
$1,145,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$1,105,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$1.15M
Range $1.03M – $1.26M · ±10% · vs last sale $1.15M (Feb 21 2024)
Last sale anchor
$1.15M
Feb 21 2024
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
$161 / 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
$8,998
Tax year 2023
Assessed value
$552,680
Assessed 2023
Previous assessed
$552,680
+0.0% YoY
Effective rate
1.63%
On assessed value
Assessed land
$156,750
Assessed improvement
$395,930
Land market value
$156,750
Improvement market value
$395,930
Total market value
$552,680
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
6
Total area
7,130 SF
Lot
0.72 ac (31,363 SF)
Zoning code
BU1
APN
24-36-35-00-00260.0-0000.00
UPID
US18-6111486
Jurisdiction
BREVARD
Zoning & alternative use
BU1 · Merritt Island, FL
Zoning BU1 · permitted uses
BU1 · 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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$980,000
COMMERCIAL (GENERAL)
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1964
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
6
Lot
0.72 ac
Current owner
From public records · entity-resolved
Duane Watson
Individual
Free & Clear · 2 yrs held
Mailing address
PO BOX 541707, MERRITT ISLAND, FL 32954-1707
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 21, 2024
$1,145,500
Duane Watson
Cheryl L Frey
Warranty Deed
—
May 18, 2021
—
Arden L Rains
Arden L Rains
Intrafamily Transfer
related
—
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.
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