195 Courtenay Pkwy Merritt Island, FL 32952-4823
Entity Owned
2-yr Hold
Free & Clear
Estimated value (blended)
$725k
Range $653k – $798k (±10%)
Implied cap rate
7.30%
In-place · NOI ÷ last sale
Property ID
US18-3869941
Property summary
AI-generated overview
This exceptional 1,949 square foot medical or professional office space presents a fantastic leasing opportunity. Located just 0.13 miles south of Highway 520 on South Courtenay Parkway, this highly visible property boasts 31,000 daily passing vehicles. The single-story building, constructed in 1987 and extensively renovated in 2024, offers an outstanding layout perfect for medical practices. Features include five plumbed exam rooms, three bathrooms, a private office, a reception area, a waiting room, a bonus/break room, and ample storage. The interior showcases attractive vaulted tongue-and-groove wood plank ceilings, fresh paint, new flooring, and a brand-new HVAC system. The 0.5-acre site provides convenient parking with 22 shared spaces. The property is zoned RP - Residential Professional and is part of a larger building totaling 3,818 square feet. The base monthly rent is $3,600. This is a turn-key solution for a medical practice seeking a high-visibility location with modern amenities and a functional design. Don't miss this opportunity to establish your practice in a thriving area.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1987
Construction
WOOD
Total area
4,224 SF
Lot
0.5 ac (21,780 SF)
Zoning code
RP
APN
24-36-35-00-00262.1-0000.00
UPID
US18-3869941
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dental Office
-
Dental Office
-
Dental Office
-
Physician
-
Ophthalmologist (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$725k
CAP Approach
CAP
$820k
Comparable Approach
Comparable
$774k
Blend (final)
Blend
$725k
Owner & transaction history
since 2024
Last sale
$725,000
3 recorded transactions
Zoning & alternative use
RP · Merritt Island, FL
Top alternative use upside
Commercial (general)
$1.0M
+52.7%
Auto repair, garage
$880,000
+34.3%
Office building
$720,000
+9.9%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
7 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$725k
Value range
$653k – $798k
±10% around blend
Estimated value / SF
$172 / SF
Confidence
None
2 county-verified comps
Property data
88
Market benchmarks
33
Comparable evidence
20
$653k
blend $725k
$798k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,224 SF
Lot area
0.5 ac
Year built
1987
Stories
1
APN
24-36-35-00-00262.1-0000.00
Assessed value
$609,640
Annual tax
$8,650
3
Income approach: direct capitalization
Partial preview
Income approach indication
$820k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$885k
@ 6.5% CAP return
$820k
@ 7% CAP return
$760k
4
Sales comparison
Partial preview
Sales approach indication
$774k
Weighted, 0 comps · none confidence
Evidence
2 found
County-verified recorded sales
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$725k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
County 67 sales
$155
+11%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $172/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+53%
vs current-use indication
Auto Repair, Garage
Office Building
Retail Stores
Medical Building · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 2 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
7.30%
Implied, in-place cap rate for this medical office space
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 7.30%
9.0%
NOI (est.)
$51k *
Last sale · Mar 2024
$725k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$695k
Move the market yield to see immediate price impact.
Value / SF
$165
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.80%7.30%7.80%
$46k
$672k
$626k
$586k
$51k
$746k
$695k
$651k
$56k
$821k
$765k
$716k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
2 found
None confidence · county-verified
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,650
Tax year 2023
Assessed value
$609,640
Assessed 2023
Previous assessed
$609,640
+0.0% YoY
Effective rate
1.42%
On assessed value
Assessed land
$109,000
Assessed improvement
$500,640
Land market value
$109,000
Improvement market value
$500,640
Total market value
$609,640
Applied tax rate
2,200.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1987
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
2
Total area
4,224 SF
Lot
0.5 ac (21,780 SF)
Zoning code
RP
APN
24-36-35-00-00262.1-0000.00
UPID
US18-3869941
Jurisdiction
BREVARD
Zoning & alternative use
RP · Merritt Island, FLZoning RP · permitted uses
RP · Merritt Island, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
2
Lot
0.5 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
RP
Jurisdiction
Merritt Island, FL
Recorded code
RP
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Owner identityResolved entity and name variants
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Debt & historyRecorded loans and transaction history
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