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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Office buildings
240 Courtenay Pkwy Merritt Island, FL 32952-4857
Entity Owned
~
Est. High Equity
Property ID
US18-5171642
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
2,648 SF
Lot
0.3 ac (13,068 SF)
Zoning code
BU1
APN
24-36-35-02-00000.0-00054.D
UPID
US18-5171642
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
-
Ross Dress for Less Department Store Men'S Clothing Store
-
Bill Bubbers CPA Accounting Firm Tax Preparation
-
Amazon Locker - Fascination Postal Service Courier Service
-
Sky Safety Solutions Aviation Consultant
-
R2 Energy International Waste Management Facility Hazardous Waste Disposal
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$490k
CAP Approach
CAP
$590k
Comparable Approach
Comparable
$635k
Blend (final)
Blend
$515k
Owner & transaction history
Om Shakti 1 INC
Om Shakti 1 INC
since 2026
Last sale
$485,000
3 recorded transactions
Zoning & alternative use
BU1 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$630,000
+39.0%
Auto repair, garage
$550,000
+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
$410,000
ML approach
$490,000
CAP Approach
CAP Return
Estimation
6%
$640,000
6.5%
$590,000
7%
$550,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$450,000
Current use
COMMERCIAL (GENERAL)
$630,000
Change: +39% · Conversion: Easy
AUTO REPAIR, GARAGE
$550,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$425,000
Change: -6% · Conversion: Moderate
MEDICAL BUILDING
$410,000
Change: -9% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$365,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$515k
Range $464k – $567k · ±10% · vs last sale $485k (Jul 1 2022)
Last sale anchor
$485k
Jul 1 2022
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
$194 / 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
$5,798
Tax year 2023
Assessed value
$400,000
Assessed 2023
Previous assessed
$232,100
+72.3% YoY
Effective rate
1.45%
On assessed value
Assessed land
$65,630
Assessed improvement
$334,370
Land market value
$65,630
Improvement market value
$334,370
Total market value
$400,000
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
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
1
Total area
2,648 SF
Lot
0.3 ac (13,068 SF)
Zoning code
BU1
APN
24-36-35-02-00000.0-00054.D
UPID
US18-5171642
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
$450,000
COMMERCIAL (GENERAL)
Est. value
$630,000
AUTO REPAIR, GARAGE
Est. value
$550,000
RETAIL STORES
Est. value
$425,000
MEDICAL BUILDING
Est. value
$410,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$365,000
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
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
0.3 ac
Current owner
From public records · entity-resolved
Om Shakti 1 INC
Entity
Mailing address
549 SCHOONER LN, LONGBOAT KEY, FL 34228-3727
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 6, 2026
$650,000
Om Shakti 1 INC
Drawdy Charles
Warranty Deed
$520,000
Jul 1, 2022
$485,000
Charles D Drawdy
Bill Bubbers Cpa P A
Warranty Deed
—
May 1, 2012
$215,000
Bill Bubbers Cpa Pa
B & C Mowers INC
Warranty Deed
$190,000 · B & C Mowers
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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