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    Property profile & analytics

    1587 Courtenay Pkwy Merritt Island, FL 32953-4454

    • Retail space
    • 16,258 SF
    • 1.52 lot acres
    OFF-MARKET
    Last Sale
    Jun 10, 2025
    Value Estimations
    $3,070,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0648473
    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

    • Walgreens / Pharmacy
    • FedEx OnSite / Postal Service / Courier Service
    • Walgreens Pharmacy / Pharmacy
    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Cheryl A. Ganzer, RPH / Pharmacy

    Property Details for 1587 Courtenay Pkwy

    Year built
    2006
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.52 lot acres
    Property size
    16,258 SF
    Zone code
    BU-1
    Property type
    Retail space
    APN
    24-36-23-BX-00000.0-0007.02
    APU
    243623BX000000000702

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,125,000
      6.5%
      $2,885,000
      7%
      $2,680,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,802,000
      Market price range: $1.44M - $4.05M
      AI Estimate
      $2,524,000
      Market price range: $749k - $2.54M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,615,000
      Current use
      COMMERCIAL (GENERAL)
      $3,855,000
      Change: +47% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,390,000
      Change: +30% Conversion: Difficult
      OFFICE BUILDING
      $2,880,000
      Change: +10% Conversion: Easy
      MEDICAL BUILDING
      $2,525,000
      Change: -4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,240,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7033
    Latitude
    28.3847
    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
    $31,459
    $730,070
    $1,379,900
    $2,109,970
    -
    $730,070
    $1,379,900
    $2,109,970

    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
      4,539 SF

      Freestanding Retail Building on Corner Lot

      Corner lot retail building with great access and high traffic.
      2625 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      4,539 SF

      Merritt Island Retail Storefront

      High-traffic corner lot retail space.
      2625 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $525,000
      2,444 SF

      Merritt Island Commercial Property For Sale

      Renovated commercial property in Merritt Island's historic Merritt Park.
      290 Parnell St, Merritt Island, FL 32953
      View Details
    • $325,000

      Merritt Island Retail Opportunity

      Prime Retail Lot, High Traffic Area, $325,000
      4555 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $599,000

      Merritt Island Retail Redevelopment Opportunity

      Prime Corner Lot, High Traffic Area, Endless Potential
      850 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,249,000
      8,053 SF

      Merritt Island Retail/Office Center

      Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Victoria Square

      Retail space available in a high-traffic shopping center.
      1450 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $17 SF/Yr
      17,258 SF

      Merritt Island Retail Space

      High-traffic retail space, prime location.
      925 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $14 SF/Yr
      92,741 SF

      201 Crockett Blvd

      Neighborhood centers • 92,741 SF
      201 Crockett Blvd, Merritt Island, FL 32953
      View Details
    • $3,900 /Mo
      3,000 SF

      Versatile Merritt Island Commercial Space

      Retail, office, medical, or flex space with high visibility.
      1070 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $27 SF/Yr
      1,112 SF

      Merritt Island Retail Space Available

      Retail space in Merritt Island with flexible BU-1 zoning.
      131-141 S Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $14 SF/Yr
      8,472 SF

      Merritt Island Retail Opportunity

      Retail and restaurant spaces available in Merritt Island shopping center.
      125-780 N Sykes Creek Pkwy, Merritt Island, FL 32953
      View Details
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    1587 Courtenay Pkwy
    Merritt Island, FL 32953-4454
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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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