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Property profile & analytics
OFF-MARKET
Estimated value
$980,000
Strip malls
450 Myrtice Ave Merritt Island, FL 32953-4727
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US18-4872766
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1960
Construction
WOOD
Total area
7,750 SF
Lot
0.88 ac (38,333 SF)
Zoning code
BU2
APN
24-36-35-27-00000.0-0003.00
UPID
US18-4872766
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$975k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$761k
Blend (final)
Blend
$980k
Owner & transaction history
Space Coast Property LLC · 2 yrs held
Space Coast Property LLC
since 2023
Last sale
$1.1M
3 recorded transactions
Zoning & alternative use
BU2 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.6M
+51.4%
Office building
$1.4M
+28.6%
Retail stores
$1.2M
+16.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Merritt Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merritt Island submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$955,000
ML approach
$975,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,065,000
Current use
AUTO REPAIR, GARAGE
$1,615,000
Change: +51% · Conversion: Difficult
OFFICE BUILDING
$1,370,000
Change: +29% · Conversion: Moderate
RETAIL STORES
$1,245,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$1,205,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$980k
Range $882k – $1.08M · ±10% · vs last sale $1.10M (Oct 18 2023)
Last sale anchor
$1.10M
Oct 18 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$126 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$9,313
Tax year 2023
Assessed value
$460,550
Assessed 2023
Previous assessed
$445,350
+3.4% YoY
Effective rate
2.02%
On assessed value
Assessed land
$191,100
Assessed improvement
$269,450
Land market value
$191,100
Improvement market value
$269,450
Total market value
$460,550
Applied tax rate
2,200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1960
Construction
WOOD
Heating
NONE
Cooling
NONE
Buildings
3
Stories
1
Units
2
Rooms
1
Total area
7,750 SF
Lot
0.88 ac (38,333 SF)
Zoning code
BU2
APN
24-36-35-27-00000.0-0003.00
UPID
US18-4872766
Jurisdiction
BREVARD
Zoning & alternative use
BU2 · Merritt Island, FL
Zoning BU2 · permitted uses
BU2 · Merritt Island, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Merritt Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.4M
RETAIL STORES
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.2M
NEIGHBORHOOD: SHOPPING CENTER Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1960
Construction
WOOD
Heating
NONE
Cooling
Yes
Stories
1
Buildings
3
Units
2
Rooms
1
Lot
0.88 ac
Current owner
From public records · entity-resolved
Space Coast Property LLC
Entity
Mailing address
3505 SUNSET RDG DR, MERRITT ISLAND, FL 32953-8639
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 18, 2023
$1,100,000
Space Coast Property LLC
450 Myrtice LLC
Warranty Deed
$850,000 · 450 Myrtice LLC
Dec 27, 2021
$570,000
450 Myrtice LLC
Alice Carol Mosfwr
Warranty Deed
—
May 26, 2017
—
Dewey,wilma Living Trust
Dewey,wilma
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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