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Property profile & analytics
OFF-MARKET
Estimated value
$755,000
Office buildings
228 Courtenay Pkwy Merritt Island, FL 32952-4857
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US18-3353748
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,850 SF
Lot
0.4 ac (17,424 SF)
Zoning code
BU1
APN
24-36-35-02-00000.0-00054.C
UPID
US18-3353748
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
-
Family Vision Center Physician
-
Nass, Mitchell M Physician
-
Heather Gauger Physician
-
Dr. Frank Curington Physician
-
Mitchell Mark Nass Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$860k
Comparable Approach
Comparable
$702k
Blend (final)
Blend
$755k
Owner & transaction history
Cunngton Eye Associates Pa · 8 yrs held
Cunngton Eye Associates Pa
since 2017
7 recorded transactions
Zoning & alternative use
BU1 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$910,000
+39.0%
Auto repair, garage
$805,000
+22.3%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$930,000
6.5%
$860,000
7%
$800,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$655,000
Current use
COMMERCIAL (GENERAL)
$910,000
Change: +39% · Conversion: Easy
AUTO REPAIR, GARAGE
$805,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$620,000
Change: -6% · Conversion: Moderate
MEDICAL BUILDING
$600,000
Change: -9% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$530,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$755k
Range $680k – $831k · ±10%
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
$196 / 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
$5,548
Tax year 2023
Assessed value
$373,620
Assessed 2023
Previous assessed
$359,760
+3.9% YoY
Effective rate
1.48%
On assessed value
Assessed land
$87,500
Assessed improvement
$286,120
Land market value
$87,500
Improvement market value
$286,120
Total market value
$373,620
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
8
Total area
3,850 SF
Lot
0.4 ac (17,424 SF)
Zoning code
BU1
APN
24-36-35-02-00000.0-00054.C
UPID
US18-3353748
Jurisdiction
BREVARD
Zoning & alternative use
BU1 · Merritt Island, FLZoning 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
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$655,000
COMMERCIAL (GENERAL)
Est. value
$910,000
AUTO REPAIR, GARAGE
Est. value
$805,000
RETAIL STORES
Est. value
$620,000
MEDICAL BUILDING
Est. value
$600,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$530,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
8
Lot
0.4 ac
Current owner
From public records · entity-resolved
Cunngton Eye Associates Pa
Entity
Mailing address
1982 US HWY 1ST STE #101, ROCKLEDGE, FL 32955-3760
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 13, 2018
—
Curington Eye Associates Pa
—
Deed
related
$565,000 · Vision One Cu
Oct 20, 2017
$350,000
Cunngton Eye Associates Pa
Montalvo,wilson
Warranty Deed
$440,000 · Vision One Cu
Sep 9, 2016
—
Wilson Montalvo
—
Deed
related
$158,500 · Robert W & Jeanne L Gotcher
Jun 13, 2016
$73,700
Wilson Montalvo
Montalvo,wilson
Quit Claim Deed
related
—
Jun 1, 2016
$175,000
Wilson Montalvo
Gotcher,robert W & Jeanne L
Warranty Deed
$158,500
—
—
Wilson Montalvo
—
Loan Modification
related
$158,500 · Robert W & Jeanne L Gotcher
—
—
Curington Eye Associates Pa
—
Loan Modification
related
$565,000 · Vision One Cu
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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