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Property profile & analytics
FOR LEASE
Office buildings
650 S Courtenay Pkwy Merritt Island, FL 32952
Entity Owned
26-yr Hold
~
Est. High Equity
Property ID
US18-0699363
For Lease
$15 SF/Yr
650 S Courtenay Pkwy, Merritt Island, FL 32952
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Property summary
AI-generated overview
This exceptional three-story Class B medical office building, located at 650 S Courtenay Pkwy, Merritt Island, FL 32952, offers 11,904 square feet of versatile space. Built in 1984, the single building sits on a 2.42-acre lot and features multiple tenancies. Currently, there are two available suites ranging from 1,600 to 2,434 contiguous square feet, ideal for a variety of medical or general office uses. Each suite offers the convenience of private offices and restrooms, ensuring privacy and functionality. Ample parking is available for tenants and their clients, providing a convenient and accessible location for patients and staff. The property's location in Merritt Island, Florida, offers excellent visibility and accessibility. The minimum divisible space is 1,600 square feet, making it suitable for smaller practices or businesses, while the maximum contiguous space of 2,434 square feet allows for expansion opportunities. The property's APN is 25-36-02-00-23. This is a fantastic opportunity to secure high-quality office space in a desirable location. First-floor spaces are available.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
17,752 SF
Lot
2.42 ac (105,415 SF)
Zoning code
BU1/BU2
APN
25-36-02-00-00023.0-0000.00
UPID
US18-0699363
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
-
Susan Ville Alternative Medicine Practice
-
Reeves Christopher DPM Physician
-
Shane Amber M DPM Physician
-
Saranita Anthony D DPM Physician
-
Woociker Samuel S DPM Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.60M
Blend (final)
Blend
$2.39M
Owner & transaction history
Merritt Island Properties LLC · 26 yrs held
Merritt Island Properties LLC
since 2000
1 recorded transaction
Zoning & alternative use
BU1/BU2 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.7M
+22.3%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,025,000
Current use
AUTO REPAIR, GARAGE
$3,700,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$2,855,000
Change: -6% · Conversion: Moderate
MEDICAL BUILDING
$2,755,000
Change: -9% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$2,445,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$2.39M
Range $2.15M – $2.63M · ±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
$135 / 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
$21,813
Tax year 2023
Assessed value
$1,381,160
Assessed 2023
Previous assessed
$1,292,520
+6.9% YoY
Effective rate
1.58%
On assessed value
Assessed land
$220,910
Assessed improvement
$1,160,250
Land market value
$220,910
Improvement market value
$1,160,250
Total market value
$1,381,160
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
PROFESSIONAL BUILDING
Status
For Lease
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
3
Total area
17,752 SF
Lot
2.42 ac (105,415 SF)
Zoning code
BU1/BU2
APN
25-36-02-00-00023.0-0000.00
UPID
US18-0699363
Jurisdiction
BREVARD
Zoning & alternative use
BU1/BU2 · Merritt Island, FL
Zoning BU1/BU2 · permitted uses
BU1/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
OFFICE BUILDING Current
Est. value
$3.0M
AUTO REPAIR, GARAGE
Est. value
$3.7M
RETAIL STORES
Est. value
$2.9M
MEDICAL BUILDING
Est. value
$2.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.4M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
3
Lot
2.42 ac
Current owner
From public records · entity-resolved
Merritt Island Properties LLC
Entity
Mailing address
2222 S HBR CITY BLVD STE #610, MELBOURNE, FL 32901-5591
Ownership since
2000
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 6, 2000
$960,000
Merritt Island Properties LLC
Gaich,michael G
Grant Deed
$816,000 · Suntrust Bank NA
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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