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    245 Courtenay Pkwy Ste B Merritt Island, FL 32952-4831
    Property profile & analytics

    245 Courtenay Pkwy Ste B Merritt Island, FL 32952-4831

    View on Map
    • Medical Office Space
    • 6,746 SF
    • 2.00 lot acres
    Off-Market
    Property ID
    US18-6110678
    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
    $995,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dr. Hany I. Girgis, MD / Physician / Medical Clinic
    • Brevard Nephrology Group / Physician / Medical Clinic
    • Dr. Ellery E. Canlas, MD / Physician / Medical Clinic
    • Dr. Samir K. Yassa, MD / Physician / Medical Clinic
    • Dr. Charles K. Wanich, MD / Physician / Medical Clinic

    Property Details for 245 Courtenay Pkwy Ste B

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.00 lot acres
    Property size
    6,746 SF
    Zone code
    BU1
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    24-36-35-00-00513.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,415,000
      6.5%
      $1,305,000
      7%
      $1,215,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $705,000
      Market price range: $386k - $705k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,045,000
      Current use
      COMMERCIAL (GENERAL)
      $1,600,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,405,000
      Change: +34% Conversion: Difficult
      OFFICE BUILDING
      $1,150,000
      Change: +10% Conversion: Easy
      RETAIL STORES
      $1,085,000
      Change: +4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $930,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7011
    Latitude
    28.3528
    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
    $27,485
    $435,600
    $1,465,220
    $1,900,820
    -
    $435,600
    $1,465,220
    $1,900,820

    Comparable in this City

    • Value Estimation by Request
      4,080 SF

      258 Fortenberry Rd

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    • Value Estimation
      $620,000
      5,483 SF

      80 Fortenberry Rd

      MEDICAL BUILDING • 5,483 SF
      80 Fortenberry Rd, Merritt Island, FL 32952-3616
      View Details
    • Value Estimation
      $765,000
      6,256 SF

      295 Plumosa St

      DENTAL BUILDING • 6,256 SF
      295 Plumosa St, Merritt Island, FL 32952-3525
      View Details
    • Value Estimation
      $805,000
      5,405 SF

      215 Cone Rd

      DENTAL BUILDING • 5,405 SF
      215 Cone Rd, Merritt Island, FL 32952-3114
      View Details
    • Value Estimation
      $805,000
      7,201 SF

      220 Courtenay Pkwy Ste D

      MEDICAL BUILDING • 7,201 SF
      220 Courtenay Pkwy Ste D, Merritt Island, FL 32952-4893
      View Details
    • Value Estimation by Request
      3,323 SF

      150 Banana Riv Dr

      DENTAL BUILDING • 3,323 SF
      150 Banana Riv Dr, Merritt Island, FL 32952-2513
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,550 SF

      Established Medical Office Investment

      Profitable medical office near new hospital, Merritt Island, Florida.
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    • $9,998,900
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      Former car dealership with offices, service bays, and extra amenities.
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    • New
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      12,444 SF

      Renovated Mixed-Use Building For Sale

      Renovated, fully occupied mixed-use building on SR 520.
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    • Contact for pricing
      2,012 SF

      Merritt Island Commercial Property For Sale

      Commercial property for sale in Merritt Island, Florida.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Merritt Island Office/Medical Space

      First floor office space suitable for medical or office use.
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      View Details
    • $1,400 /Mo
      6,200 SF

      Merritt Island Flex/Warehouse Units

      Flex/Warehouse units in prime Merritt Island location, versatile for businesses.
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      View Details
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      6,200 SF

      Merritt Island Flex/Warehouse Units

      Versatile flex/warehouse spaces near Merritt Island Airport available for rent.
      655 Fern Dr, Merritt Island, FL 32952
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    • $22 SF/Yr
      3,874 SF

      Class A Office Space Available

      Professional office building in the heart of Merritt Island.
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      View Details
    • $2,695 /Mo
      11,700 SF

      Modern Retail/Office Space Available

      New construction retail/office space in high-traffic Merritt Island location.
      315 S Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $75,000
      301,435 SF

      Former Car Dealership with Amenities

      Former car dealership with offices, service bays, and unique amenities.
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      View Details
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    Merritt Island, FL 32952-4831
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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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