Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    218 Parnell St Merritt Island, FL 32953-4714
    Property profile & analytics

    218 Parnell St, Merritt Island, FL 32953-4714

    View on Map
    • Retail space
    • 960 SF
    • 0.14 lot acres
    Off-Market
    Last Sale Jul 30, 2024
    $180,000
    Property ID
    US19-0406545
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Go Travel / Travel Agency
    • Bodacious, Too / Hair Salon / Nail Salon
    • Steven Wall / Alternative Medicine Practice / Spa & Massage Center
    • Blue Moon Therapeutic Massage / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 218 Parnell St

    Year built
    1961
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.14 lot acres
    Zone code
    BU1
    Property type
    Retail space
    APN
    24-36-35-32-0000K.0-0026.00
    APU
    243635320000K0002600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.703
    Latitude
    28.3597
    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
    $2,611
    $43,750
    $105,710
    $149,460
    -
    $43,750
    $105,710
    $149,460

    Comparable in this City

    • Value Estimation by Request
      92,741 SF

      201 Crockett Blvd

      Neighborhood centers
      201 Crockett Blvd, Merritt Island, FL 32953
      View Details
    • Value Estimation
      $1,350,000
      9,400 SF

      3995 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES)
      3995 Courtenay Pkwy, Merritt Island, FL 32953-8108
      View Details
    • Value Estimation by Request
      520 SF

      1320 Tropical Trl

      RETAIL STORES (PERSONAL SERVICES)
      1320 Tropical Trl, Merritt Island, FL 32953-6037
      View Details
    • Value Estimation by Request
      1,425 SF

      237 Grv St

      RETAIL STORES (PERSONAL SERVICES)
      237 Grv St, Merritt Island, FL 32953-3443
      View Details
    • Value Estimation by Request
      2,560 SF

      264 Grv St

      RETAIL STORES (PERSONAL SERVICES)
      264 Grv St, Merritt Island, FL 32953-3444
      View Details
    • Value Estimation by Request
      1,134 SF

      224 Mcleod St

      RETAIL STORES (PERSONAL SERVICES)
      224 Mcleod St, Merritt Island, FL 32953-3464
      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

      Freestanding Retail Building on Corner

      Corner lot with freestanding retail building, great access, high traffic.
      2625 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      14,138 SF

      Medical Retail Space For Sale

      Medical/Retail space for sale, near JFK Space Center.
      2235 N 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
    • Contact for pricing

      Retail Center Inline Suites

      Join established value and beauty retailers in a shopping center setting suited for a range of storefront businesses.
      715 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail Space, Merritt Island

      High-visibility retail/office space in thriving Merritt Island location.
      923 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Merritt Island Retail Space Available

      Renovated retail space with high visibility and traffic.
      925 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Central Merritt Island Retail Space

      Renovated plaza retail space in high-traffic Merritt Island location.
      201 Crockett Blvd, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space Available For Rent

      Retail space available for rent in Merritt Island, Florida.
      1070 North Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $4,350 /Mo
      2,906 SF

      Merritt Island Commercial Building For Rent

      Free-standing commercial building on a high-traffic corner lot.
      2110 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $27 SF/Yr

      Merritt Island Retail Space Available

      Retail space in central Merritt Island location for lease.
      131-141 S Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    218 Parnell St
    Merritt Island, FL 32953-4714
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    218 Parnell St, Merritt Island, FL, 32953
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!