Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3401 Courtenay Pkwy Ste, Unit 105 Merritt Island, FL 32953-8344
    Back to Search
    Property profile & analytics

    3401 Courtenay Pkwy Ste, Unit 105, Merritt Island, FL 32953-8344

    View on Map
    • Warehouses
    • 2,475 SF
    • 1.44 lot acres
    Off-Market
    Last Sale Oct 28, 2021
    $575,000
    Property ID
    US18-6441384
    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
    $595,000
    Show details
    Cap Rate Potential
    4.1%
    Warehouses
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 3401 Courtenay Pkwy Ste

    Year built
    1996
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.44 lot acres
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    24-36-11-00-00261.C-0000.00
    APU
    2436110000261C000000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 28, 2021 $575,000 Watershed Real Estate LLC Courtenay Parkway Corporation Special Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $620,000
      ML approach
      $600,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $420,000
      6.5%
      $385,000
      7%
      $360,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $357,000
      Market price range: $214k - $523k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $585,000
      AUTO REPAIR, GARAGE
      $515,000
      OFFICE BUILDING
      $440,000
      RETAIL STORES
      $400,000
      MEDICAL BUILDING
      $385,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.708
    Latitude
    28.4187
    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
    $3,201
    $0.00
    $173,250
    $173,250
    -
    $0.00
    $173,250
    $173,250

    Comparable in this City

    • Value Estimation
      $595,000
      2,475 SF

      3401 Courtenay Pkwy Ste, Unit 103

      MINI-WAREHOUSE, STORAGE
      3401 Courtenay Pkwy Ste, Merritt Island, FL 32953-8344
      View Details
    • Value Estimation by Request
      4,872 SF

      215 Tropical Trl

      MINI-WAREHOUSE, STORAGE
      215 Tropical Trl, Merritt Island, FL 32953-4738
      View Details
    • Value Estimation by Request
      200 SF

      3245 Courtenay Pkwy1-office

      MINI-WAREHOUSE, STORAGE
      3245 Courtenay Pkwy1-office, Merritt Island, FL 32953-8311
      View Details
    • Value Estimation by Request
      3,000 SF

      3401 Courtenay Pkwy Ste, Unit 101

      MINI-WAREHOUSE, STORAGE
      3401 Courtenay Pkwy Ste, Merritt Island, FL 32953-8344
      View Details
    • Value Estimation by Request
      4,336 SF

      3245 Courtenay Pkwy, Unit 2

      MINI-WAREHOUSE, STORAGE
      3245 Courtenay Pkwy, Merritt Island, FL 32953-8311
      View Details
    • Value Estimation by Request
      4,536 SF

      3245 Courtenay Pkwy, Unit 42

      MINI-WAREHOUSE, STORAGE
      3245 Courtenay Pkwy, Merritt Island, FL 32953-8311
      View Details

    Similar Nearby for Sale

    • $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
      View Details
    • $1,500,000
      1.29 Acres

      Waterfront Land on Indian River

      Vacant lot on Indian River, close to Banana River.
      2940 Maritime Ln, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Merritt Island Development Opportunity

      Prime 0.4-acre commercial land for sale on Merritt Island.
      2180 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Industrial Land Near NASA

      28 acres of industrial land near space exploration facilities.
      00000 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Merritt Island Agricultural Land Parcel

      5-acre agricultural parcel in Merritt Island near major roadways.
      Chase Hammock Rd, Merritt Island, FL 32953
      View Details
    • $150,000
      0.89 Acres

      Merritt Island Land For Sale

      Commercial land available in Merritt Island, Florida.
      4200 Courtenay Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • $900 /Mo
      7,000 SF

      Renovated Open Space in Merritt

      Versatile renovated commercial space with high ceilings in Merritt Island.
      4235 N Courtenay Pkwy N, Merritt Island, FL 32953
      View Details
    • $2,188 /Mo
      43,560 SF

      Top-Tier Merritt Island Office Space

      Newer, centrally located office/medical complex with modern amenities.
      260 N Tropical Trl, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Updated Office Space For Rent

      Updated commercial building ideal for small business near Kennedy Space Center.
      4805 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,097 /Mo
      8,053 SF

      Renovated Merritt Island Office Space

      Renovated 800 sq.ft office space in well-maintained strip plaza.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • 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
    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.
    3401 Courtenay Pkwy Ste, Unit 105
    Merritt Island, FL 32953-8344
    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
    3401 Courtenay Pkwy Ste, 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!