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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2235 Courtenay Pkwy Merritt Island, FL 32953-5213

    • Office buildings
    • 14,138 SF
    • 0.97 lot acres
    OFF-MARKET
    Value Estimations
    $1,685,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5460773
    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

    • Chelsidermy Tattoos - Merritt Island / Tattoo & Piercing Shop
    • Rutledge Insurance Group / Insurance Agency
    • Global Closing Solutions / Title Company
    • HHB / Employment Agency
    • Merritt Island Office Space / Real Estate Agency

    Property Details for 2235 Courtenay Pkwy

    Year built
    1987
    Construction
    WOOD
    Lot size
    0.97 lot acres
    Property size
    14,138 SF
    Zone code
    BU1
    Property type
    Office buildings
    APN
    24-36-14-00-00505.0-0000.00
    APU
    9223372036854775807

    Description

    This exceptional investment opportunity encompasses a 1.29-acre commercial parcel in Merritt Island, Florida, featuring a two-story, 12,495-square-foot freestanding office building and ten additional storage units totaling 2,457 square feet on a separate parcel. The property, situated at the northwest corner of N. Courtenay Parkway and Butler Avenue, boasts a prime location with high visibility on a major commercial thoroughfare experiencing over 30,500 AADT. The main office building, constructed in 1987 and renovated in 2024, offers multiple entrances, balconies, open porches, and a split floor plan, along with approximately 49 parking spaces. Recent improvements include the replacement of all air conditioners and most lighting fixtures with energy-efficient LEDs. The ten storage units, located on a separate 0.32-acre parcel, present additional income potential or redevelopment possibilities. The property's zoning permits a variety of uses, including retail, professional, and personal services, with a maximum building height of 45 feet and a floor area ratio of 1.0. The existing building is currently partially occupied by tenants on short-term leases, providing immediate cash flow while allowing for future redevelopment plans. This versatile property offers multiple development options, from renovating the existing structures to complete demolition and construction of a new mixed-use or retail development. The property's proximity to Cape Canaveral, Kennedy Space Center, and NASA, coupled with the thriving space and cruise industries, presents a compelling investment opportunity in a dynamic market. Potential buyers are responsible for verifying all permits, approvals, regulations, and other relevant factors before closing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,705,000
      Market price range: $1.71M - $3.55M
      AI Estimate
      $1,545,000
      Market price range: $1.55M - $3.45M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,505,000
      Current use
      RETAIL STORES
      $2,275,000
      Change: -9% Conversion: Moderate
      MEDICAL BUILDING
      $2,195,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.705
    Latitude
    28.3962
    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
    $13,276
    $380,930
    $497,110
    $878,040
    -
    $380,930
    $497,110
    $878,040

    Comparable in this City

    • Value Estimation
      $1,770,000
      14,764 SF

      260 Tropical Trl Ste, Unit 205

      OFFICE BUILDING (MULTI-STORY) • 14,764 SF
      260 Tropical Trl Ste, Merritt Island, FL 32953-4800
      View Details
    • Value Estimation by Request
      1,091 SF

      230 Grv St

      OFFICE BUILDING • 1,091 SF
      230 Grv St, Merritt Island, FL 32953-3444
      View Details
    • Value Estimation
      $1,735,000
      12,996 SF

      105 Mcleod St

      OFFICE BUILDING (MULTI-STORY) • 12,996 SF
      105 Mcleod St, Merritt Island, FL 32953-3465
      View Details
    • Value Estimation
      $1,180,000
      8,376 SF

      155 Pioneer Rd

      OFFICE BUILDING (MULTI-STORY) • 8,376 SF
      155 Pioneer Rd, Merritt Island, FL 32953-4243
      View Details
    • Value Estimation by Request
      1,088 SF

      245 Tropical Trl

      OFFICE BUILDING • 1,088 SF
      245 Tropical Trl, Merritt Island, FL 32953-4778
      View Details
    • Value Estimation by Request
      2,544 SF

      30 Grv St

      OFFICE BUILDING • 2,544 SF
      30 Grv St, Merritt Island, FL 32953-3440
      View Details

    Similar Nearby for Sale

    • $799,000

      Fully Leased Pier Park Plaza

      Professional mixed-use office building in Merritt Island, fully leased.
      1365 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $2,699,900
      15,428 SF

      Merritt Island Commercial Office Building

      Commercial office building in Merritt Island, Florida, for sale.
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    • $3,449,900
      24,000 SF

      Merritt Island Flex Space

      Office/warehouse/flex space with roll-up doors and air-conditioned office.
      150 Venetian Way, Merritt Island, FL 32953
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    • $525,000
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      Merritt Island Commercial Property For Sale

      Renovated commercial property in Merritt Island's historic Merritt Park.
      290 Parnell St, Merritt Island, FL 32953
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    • $2,499,900
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      Merritt Island Office/Medical Complex

      New two-story office/medical complex with elevator and ample parking.
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    • $1,249,000
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      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

    • $15 SF/Yr
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      Merritt Island Office Space Available

      Versatile Office Building, 19,000 SF Vacant
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    • $875 /Mo
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      Merritt Island Office Space Available

      Remodeled office suite with reception area and private bathroom.
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    • $16 SF/Yr
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      Merritt Island Office Condo For Sale

      Prime Office Space, 818 sq ft, Great Location
      2255 Courtenay Pkwy, Merritt Island, FL 32953
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    • $15 SF/Yr
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      Town Square Office Complex

      Merritt Island Office Space Available
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    • $3,900 /Mo
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      Versatile Merritt Island Commercial Space

      Retail, office, medical, or flex space with high visibility.
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    • $820 /Mo
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      Remodeled Office Suite For Rent

      Newly remodeled office suite with private bathroom and free utilities.
      2460 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
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    Merritt Island, FL 32953-5213
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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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