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    3900 Courtenay Pkwy Merritt Island, FL 32953
    Property profile & analytics

    3900 Courtenay Pkwy, Merritt Island, FL 32953

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    • Commercial real estate
    Off-Market
    Property ID
    US18-2847928
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 3900 Courtenay Pkwy

    Property type
    Commercial real estate

    Description

    This exceptional 37-acre parcel presents a unique investment opportunity in Brevard County, Florida. Located at 3900 N Courtenay Pkwy and 165 Gator Drive, Merritt Island, FL 32953 (28.4275484, -80.7036875), this contiguous land boasts 90 feet of frontage on Courtenay Parkway. The property's dual agricultural and residential zoning offers diverse development potential. Its strategic location provides convenient access to key areas: less than 20 minutes to Port St. John, 25 minutes to Titusville, only 9 miles from Cape Canaveral, and 6 miles from Cocoa. This makes it ideal for a variety of uses, from agricultural pursuits to residential development, or a combination thereof. The asking price for this expansive land parcel is $2,400,000. Given its size, location, and zoning, this property represents a compelling investment opportunity with significant upside potential. Serious inquiries are encouraged to explore the possibilities this remarkable land offering presents. The property is situated in Brevard County and offers a rare combination of accessibility and expansive acreage. Don't miss this chance to acquire a substantial land holding in a rapidly growing region of Florida.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7036875
    Latitude
    28.4275484

    Comparable in this City

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    • $330,000

      Merritt Island Commercial Land Opportunity

      Over 2 acres, high-traffic location, development potential.
      0 Courtenay Pkwy, Merritt Island, FL 32953
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    • $1,475,000
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      Merritt Island Land Near Port

      5.91-acre parcel near Port Canaveral, suitable for various uses.
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      Build-ready lot near beaches, parks, shopping, and Kennedy Space Center.
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    • $165,000
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      Land in Merritt Island, FL

      2.45 acre land parcel in Merritt Island, Florida.
      6235 N Tropical Trl, Merritt Island, FL 32953
      View Details

    Similar Nearby for Sale

    • $395,000
      2,243 SF

      Merritt Island Multifamily Investment Opportunity

      Duplex with triplex conversion potential near schools, shopping, and restaurants.
      347 W Merritt Ave, Merritt Island, FL 32953
      View Details
    • $330,000

      Merritt Island Commercial Land Opportunity

      Over 2 acres, high-traffic location, development potential.
      0 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,475,000
      Pending

      Merritt Island Land Near Port

      5.91-acre parcel near Port Canaveral, suitable for various uses.
      N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing

      Waterfront Lot in Gated Community

      Waterfront lot with deeded boat slip in gated community.
      575 River Moorings Dr, Merritt Island, FL 32953
      View Details
    • $64,900
      0.14 Acres

      Residential Lot in Merritt Island

      Build-ready lot near beaches, parks, shopping, and Kennedy Space Center.
      478 Roosevelt Ave, Merritt Island, FL 32953
      View Details
    • $165,000
      Pending

      Land in Merritt Island, FL

      2.45 acre land parcel in Merritt Island, Florida.
      6235 N Tropical Trl, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      3.83 Acre Industrial Land Parcel

      3.83 acre industrial land for lease, Merritt Island, FL.
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      9,002,500 SF

      Courtenay Parkway Commercial Property

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    • $1,097 /Mo
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      Renovated Merritt Island Office Space

      Renovated 800 sq.ft office space in well-maintained strip plaza.
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      Prime Retail Space, Merritt Island

      High-visibility retail/office space in thriving Merritt Island location.
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      Merritt Island Retail Space Available

      Renovated retail space with high visibility and traffic.
      925 N Courtenay Pkwy, Merritt Island, FL 32953
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    • Contact for pricing

      Central Merritt Island Retail Space

      Renovated plaza retail space in high-traffic Merritt Island location.
      201 Crockett Blvd, Merritt Island, FL 32953
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    Merritt Island, FL 32953
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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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    3900 Courtenay Pkwy, Merritt Island, FL, 32953
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