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Property profile & analytics
FOR SALE
Office buildings

370 N Banana River Dr Merritt Island, FL 32952

1,961 SF 0.53 ac lot Built 1965
Entity Owned 6-yr Hold ~ Est. High Equity
Property ID
US18-0308262
Property summary
AI-generated overview

This exceptional investment opportunity presents a thriving childcare facility and accompanying real estate in Merritt Island, Florida. The property, located at 370 N Banana River Dr, 32952, boasts two buildings totaling 2,703 square feet on over half an acre. Built in 1946, the buildings are situated in a desirable, restricted neighborhood zoned B-1-A, offering significant potential for continued operation and expansion. The substantial 2,703 square feet of air rights further enhances the property's development possibilities. This turnkey business is ideally positioned to serve the growing family community along the intercoastal waterway of Merritt Island, providing a safe and engaging environment for children on the Space Coast. The existing infrastructure and established clientele base create a strong foundation for immediate returns and future growth. This is a rare opportunity to acquire a well-established business with significant real estate assets in a prime location. The property's size and zoning provide flexibility for potential expansion or adaptation to meet evolving market demands. This is an ideal investment for those seeking a stable, high-demand business with considerable long-term growth potential. The property's location in Brevard County, Florida, offers easy access to major roadways and amenities, making it highly attractive to both current and prospective clients. This is a unique opportunity to own a successful business and valuable real estate in a thriving community. The asking price for this exceptional property is $799,000.

Property profile
Verified
Property type Office buildings
Use group PROFESSIONAL BUILDING
Year built 1965
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 1,961 SF
Lot 0.53 ac (23,087 SF)
Zoning code BU1A
APN 24-37-30-75-0000N.0-0008.00
UPID US18-0308262
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
  • Bell Oak Academy Merritt Island High School Daycare Center
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$720k
CAP Approach CAP
$440k
Comparable Approach Comparable
$470k
Blend (final) Blend
$695k
Owner & transaction history
Paradise Strategics LLC · 6 yrs held
Paradise Strategics LLC
since 2020
Last sale
$675,000
3 recorded transactions
2020
$675,000
2007
$363,000
1969
Price N/A
Zoning & alternative use
BU1A · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general) $465,000 +39.0%
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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