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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4155 Courtenay Pkwy Merritt Island, FL 32953-8114

    • Bars
    • 3,719 SF
    • 0.78 lot acres
    OFF-MARKET
    Last Sale
    Sep 15, 2023
    $550,000
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0679176
    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.

    Current Use by Public Records

    • Bars

    Property Details for 4155 Courtenay Pkwy

    Year built
    1958
    Construction
    WOOD
    Lot size
    0.78 lot acres
    Property size
    3,719 SF
    Zone code
    BU1
    Property type
    Bars
    APN
    24-36-02-00-00259.0-0000.00
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $480,000
      ML approach
      $525,000

    • Alternative Use

      Use
      Estimation
      NIGHTCLUB (COCKTAIL LOUNGE)
      $340,000
      Current use
      COMMERCIAL (GENERAL)
      $780,000
      Change: +128% Conversion: Difficult
      OFFICE BUILDING
      $630,000
      Change: +85% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $470,000
      Change: +37% Conversion: Difficult
      RETAIL STORES
      $395,000
      Change: +16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7086
    Latitude
    28.4319
    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
    $5,529
    $67,850
    $199,680
    $267,530
    -
    $67,850
    $199,680
    $267,530

    Comparable in this City

    • Value Estimation by Request
      5,473 SF

      2625 Courtenay Pkwy

      NIGHTCLUB (COCKTAIL LOUNGE) • 5,473 SF
      2625 Courtenay Pkwy, Merritt Island, FL 32953-4109
      View Details
    • Value Estimation
      $605,000
      2,572 SF

      370 Courtenay Pkwy

      RESTAURANT • 2,572 SF
      370 Courtenay Pkwy, Merritt Island, FL 32953-3456
      View Details
    • Value Estimation by Request
      1,704 SF

      2140 Courtenay Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,704 SF
      2140 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Value Estimation by Request
      2,613 SF

      300 Courtenay Pkwy

      RESTAURANT • 2,613 SF
      300 Courtenay Pkwy, Merritt Island, FL 32953-3451
      View Details
    • Value Estimation by Request
      1,122 SF

      265 Courtenay Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,122 SF
      265 Courtenay Pkwy, Merritt Island, FL 32953-3407
      View Details
    • Value Estimation by Request
      3,081 SF

      920 Courtenay Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,081 SF
      920 Courtenay Pkwy, Merritt Island, FL 32953-4532
      View Details

    Similar Nearby for Sale

    • $599,000

      Merritt Island Retail Redevelopment Opportunity

      Prime Corner Lot, High Traffic Area, Endless Potential
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    • $325,000

      Merritt Island Retail Opportunity

      Prime Retail Lot, High Traffic Area, $325,000
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    • Contact for pricing
      4,539 SF

      Freestanding Retail Building on Corner Lot

      Corner lot retail building with great access and high traffic.
      2625 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      4,539 SF

      Merritt Island Retail Storefront

      High-traffic corner lot retail space.
      2625 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $525,000
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      Merritt Island Commercial Property For Sale

      Renovated commercial property in Merritt Island's historic Merritt Park.
      290 Parnell St, Merritt Island, FL 32953
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    • $1,249,000
      8,053 SF

      Merritt Island Retail/Office Center

      Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

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      8,472 SF

      Merritt Island Retail Opportunity

      Retail and restaurant spaces available in Merritt Island shopping center.
      125-780 N Sykes Creek Pkwy, Merritt Island, FL 32953
      View Details
    • $14 SF/Yr
      92,741 SF

      201 Crockett Blvd

      Neighborhood centers • 92,741 SF
      201 Crockett Blvd, Merritt Island, FL 32953
      View Details
    • $12 SF/Yr
      8,356 SF

      Merritt Island Retail Showroom

      8,356 SF Showroom, High Visibility
      685 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $5 SF/Yr
      1,800 SF

      Merritt Island Executive Office Space

      1,800 SF Retail/Office, Ample Parking
      1070 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $18 SF/Yr
      64,132 SF

      Merritt Island Retail Center

      Prime Retail Space, Multiple Units Available
      715 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $29 SF/Yr
      1,112 SF

      Watson Plaza Retail Space for Lease

      Merritt Island Retail, Office, 1112 sq ft
      139 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
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    Merritt Island, FL 32953-8114
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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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