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    Property profile & analytics

    4805 Courtenay Pkwy Merritt Island, FL 32953

    • Truck terminals
    • 6,820 SF
    • 1.47 lot acres
    For Lease
    View listing
    Last Sale
    Nov 08, 2023
    $825,000
    Value Estimations
    $765,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5937611
    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

    • General Contractors, Chematics of the South / Construction Company / General Contractor
    • Sauer Group, INC / Construction Company

    Property Details for 4805 Courtenay Pkwy

    Year built
    1981
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.47 lot acres
    Property size
    6,820 SF
    Zone code
    BU1
    Property type
    Truck terminals
    APN
    23-36-34-00-00025.0-0000.00
    APU
    9223372036854775807

    Description

    This exceptional 9,002,500 square foot commercial property, located at 4805 N Courtenay Parkway, presents a unique investment opportunity. The single-tenant building sits on a 1.47-acre lot and features a fully built-out office space ideal for a small business. The space boasts a large foyer/reception area, an administrative office, a spacious conference room, a break room with kitchen and storage, and two private offices, one of which includes a private bathroom and seating area. High ceilings add to the spacious feel. Seven surface parking spaces are available, along with signage opportunities. The property's strategic location near Kennedy Space Center, Boeing, Blue Origin, SpaceX, and Lockheed Martin ensures high traffic counts and excellent roadside visibility. The building is zoned BU-1 and offers significant advantages for businesses seeking a prominent presence in a high-growth area. Landlord-provided utilities include electricity, water, AC/heat, and sewer/septic. Tenants are responsible for their own internet and phone services. This one-story building presents a rare opportunity to acquire a well-maintained, highly visible commercial property in a thriving location. The property's features and location make it an attractive option for a variety of businesses. The APN is 23-36-34-00-00025.0-0000.00.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $715,000
      ML approach
      $695,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $472,000
      Market price range: $406k - $1.21M

    • Alternative Use

      Use
      Estimation
      TRUCK TERMINAL (MOTOR FREIGHT)
      $745,000
      Current use
      OFFICE BUILDING
      $1,210,000
      Change: +63% Conversion: Difficult
      RETAIL STORES
      $1,095,000
      Change: +48% Conversion: Difficult
      MEDICAL BUILDING
      $1,060,000
      Change: +42% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.7097
    Latitude
    28.4438
    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
    $6,379
    $127,810
    $164,220
    $292,030
    -
    $127,810
    $164,220
    $292,030

    Comparable in this City

    • Value Estimation
      $1,195,000
      12,680 SF

      330 Myrtice Ave

      TRUCK TERMINAL (MOTOR FREIGHT) • 12,680 SF
      330 Myrtice Ave, Merritt Island, FL 32953-4823
      View Details
    • Value Estimation by Request
      7,860 SF

      3340 Courtenay Pkwy

      TRUCK TERMINAL (MOTOR FREIGHT) • 7,860 SF
      3340 Courtenay Pkwy, Merritt Island, FL 32953-8312
      View Details
    • Value Estimation
      $670,000
      6,300 SF

      3390 Courtenay Pkwy Ste B

      TRUCK TERMINAL (MOTOR FREIGHT) • 6,300 SF
      3390 Courtenay Pkwy Ste B, Merritt Island, FL 32953-8341
      View Details
    • Value Estimation by Request
      2,400 SF

      3705 Courtenay Pkwy

      TRUCK TERMINAL (MOTOR FREIGHT) • 2,400 SF
      3705 Courtenay Pkwy, Merritt Island, FL 32953-8106
      View Details
    • Value Estimation by Request
      2,500 SF

      381 Hibiscus Ave

      TRUCK TERMINAL (MOTOR FREIGHT) • 2,500 SF
      381 Hibiscus Ave, Merritt Island, FL 32953-4750
      View Details
    • Value Estimation by Request
      1,155 SF

      2230 Mimosa Ave, Unit B

      TRUCK TERMINAL (MOTOR FREIGHT) • 1,155 SF
      2230 Mimosa Ave, Merritt Island, FL 32953-4228
      View Details

    Similar Nearby for Sale

    • $1,900,000

      Merritt Island Industrial Land

      28-Acre Warehouse Site, $1.9M
      0 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,900,000

      Merritt Island Industrial Land

      28 Acres, PIP Zoning, NASA Proximity
      00000 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $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
    • $359,900

      Merritt Island Commercial Land

      6+ Acre Banana Riverfront Lot
      3190 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,775,000

      Merritt Island Riverfront Land

      3.1 Acres, Indian River Frontage
      1405 Tropical Trl, Merritt Island, FL 32953
      View Details
    • $205,000

      Merritt Island Commercial Land

      Nearly 5 acres, build your dream!
      475 Pine Island Rd, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • $3,900 /Mo
      3,000 SF

      Versatile Merritt Island Commercial Space

      Retail, office, medical, or flex space with high visibility.
      1070 N 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
    • Contact for pricing
      9,002,500 SF

      Courtenay Parkway Commercial Property

      Prime Retail/Office Space, High Visibility
      4805 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Victoria Square

      Retail space available in a high-traffic shopping center.
      1450 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $17 SF/Yr
      1,662 SF

      Courtenay Parkway Retail Space

      Medical/Office Space, High Visibility
      250 Courtenay Pkwy, Merritt Island, FL 32953
      View Details
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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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