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Property profile & analytics
OFF-MARKET
Estimated value
$3,670,000
Office buildings
5455 Courtenay Pkwy Merritt Island, FL 32953-7307
Entity Owned
9-yr Hold
Free & Clear
Property ID
US18-5941830
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
20,168 SF
Lot
8 ac (348,480 SF)
APN
23-36-27-00-00753.0-0000.00
UPID
US18-5941830
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
-
Salas O'Brien/Nelson Engineering Co. Mechanical Engineer Engineering Consultant
-
Nelson Engineering, a Salas O'Brien Company Engineering Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.51M
Comparable Approach
Comparable
$3.32M
Blend (final)
Blend
$3.67M
Owner & transaction history
Nelson Engineering Co · 9 yrs held
Nelson Engineering Co
since 2017
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.8M
+33.9%
Auto repair, garage
$4.2M
+17.8%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$4,880,000
6.5%
$4,505,000
7%
$4,180,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,570,000
Current use
COMMERCIAL (GENERAL)
$4,780,000
Change: +34% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,205,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$3,245,000
Change: -9% · Conversion: Moderate
MEDICAL BUILDING
$3,130,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$3.67M
Range $3.30M – $4.04M · ±10%
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
$182 / 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
$28,390
Tax year 2023
Assessed value
$1,941,720
Assessed 2023
Previous assessed
$1,870,990
+3.8% YoY
Effective rate
1.46%
On assessed value
Assessed land
$522,720
Assessed improvement
$1,419,000
Land market value
$522,720
Improvement market value
$1,419,000
Total market value
$1,941,720
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Total area
20,168 SF
Lot
8 ac (348,480 SF)
APN
23-36-27-00-00753.0-0000.00
UPID
US18-5941830
Jurisdiction
BREVARD
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.6M
COMMERCIAL (GENERAL)
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$4.2M
RETAIL STORES
Est. value
$3.2M
MEDICAL BUILDING
Est. value
$3.1M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
2007
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Lot
8 ac
Current owner
From public records · entity-resolved
Nelson Engineering Co
Entity
Free & Clear · 9 yrs held
Mailing address
5455 N COURTENAY PKWY, MERRITT ISLAND, FL 32953-7307
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 8, 2020
—
Nelson Engineering Co
—
Deed
related
$1,800,000 · Blain & Annette Nelson
Apr 27, 2017
$2,000,000
Nelson Engineering Co
Lutheran Church Extension Fund
Warranty Deed
—
Jun 1, 2016
—
Lutheran Church Extension Fund
Grace Lutheran Ch Of Merritt Isla
Deed In Lieu Of Foreclosure
related
—
Jul 2, 2014
—
Grace Lutheran Ch Of Merritt Isla
Gaich Of Maun Grove Ptshp
Quit Claim Deed
related
—
Jan 19, 2005
$388,000
Grace Lutheran Ch Of Meritt Is In
Gaich Michael G
Warranty Deed
—
—
—
Grace Lutheran Ch Of Merritt Isla
—
Deed Of Trust
related
$607,262 · Lutheran Church Extension Fund
—
—
Nelson Engineering Co
—
Deed Of Trust
related
$1,800,000 · Blain & Annette Nelson
—
—
Grace Lutheran Ch Of Merritt Isla
—
Deed Of Trust
related
$4,664,430 · Lutheran Church Extension Fund
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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