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    Property profile & analytics

    650 Courtenay Pkwy Merritt Island, FL 32952

    • Office buildings
    • 17,752 SF
    • 2.42 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0699363
    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

    • Susan Ville / Alternative Medicine Practice
    • Reeves Christopher DPM / Physician
    • Shane Amber M DPM / Physician
    • Saranita Anthony D DPM / Physician
    • Woociker Samuel S DPM / Physician

    Property Details for 650 Courtenay Pkwy

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.42 lot acres
    Property size
    17,752 SF
    Zone code
    BU1/BU2
    Property type
    Office buildings
    APN
    25-36-02-00-00023.0-0000.00
    APU
    9223372036854775807

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,596,000
      Market price range: $2.08M - $4.26M
      AI Estimate
      $2,575,000
      Market price range: $1.31M - $4.51M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.6979
    Latitude
    28.3458
    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
    $21,813
    $220,910
    $1,160,250
    $1,381,160
    -
    $220,910
    $1,160,250
    $1,381,160

    Comparable in this City

    • Value Estimation
      $1,925,000
      16,248 SF

      301 Magnolia Ave

      OFFICE BUILDING • 16,248 SF
      301 Magnolia Ave, Merritt Island, FL 32952-4817
      View Details
    • Value Estimation
      $5,270,000
      41,115 SF

      775 Merritt Is Cswy

      OFFICE BUILDING (MULTI-STORY) • 41,115 SF
      775 Merritt Is Cswy, Merritt Island, FL 32952-3336
      View Details
    • Value Estimation
      $1,830,000
      15,188 SF

      101 Courtenay Pkwy

      OFFICE BUILDING (MULTI-STORY) • 15,188 SF
      101 Courtenay Pkwy, Merritt Island, FL 32952-4863
      View Details
    • Value Estimation by Request
      360 SF

      1644 Cv Plb-3

      OFFICE BUILDING • 360 SF
      1644 Cv Plb-3, Merritt Island, FL 32952-5966
      View Details
    • Value Estimation by Request
      1,848 SF

      200 Merritt Is Cswy

      OFFICE BUILDING • 1,848 SF
      200 Merritt Is Cswy, Merritt Island, FL 32952-4806
      View Details
    • Value Estimation by Request
      810 SF

      800 Courtenay Pkwy

      OFFICE BUILDING • 810 SF
      800 Courtenay Pkwy, Merritt Island, FL 32952-4914
      View Details

    Similar Nearby for Sale

    • $360,000

      Merritt Island Office Building

      Two-story office, great location, $360,000
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    • $9,998,900
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      Former car dealership with offices, service bays, and extra amenities.
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    • $3,249,900
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      Renovated Mixed-Use Building For Sale

      Renovated, fully occupied mixed-use building on SR 520.
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    • $3,500,000

      Prime Merritt Island Waterfront Estate

      Exceptional waterfront land, gated community.
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      Merritt Island Retail Opportunity

      High-traffic retail land, 34,412 SF
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    Similar Nearby for Lease

    • $22 SF/Yr
      4,813 SF

      Class A Office Space Available

      Professional office building in the heart of Merritt Island.
      775 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • New
      $1,471 /Mo
      Pending

      Merritt Island Flex/Warehouse Units

      Functional flex/warehouse space in a prime Merritt Island location.
      655 Fern Dr, Merritt Island, FL 32952
      View Details
    • $24 SF/Yr
      1,340 SF

      Island Oaks Plaza: Last Suite Available

      Brand new retail/office space, high visibility.
      315 Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $15 SF/Yr
      11,904 SF

      Merritt Island Medical Office Suites

      Prime Medical Office Space, Flexible Sizes
      650 Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $25 SF/Yr
      6,670 SF

      Watson Plaza: Merritt Island Office Space

      Merritt Island office, 1,112-2,224 sq ft available
      141 Courtenay Pkwy, Merritt Island, FL 32952
      View Details
    • $2,736 /Mo
      11,700 SF

      Modern Retail/Office Space Available

      New construction retail/office space in high-traffic Merritt Island location.
      315 S Courtenay Pkwy, Merritt Island, FL 32952
      View Details
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    650 Courtenay Pkwy
    Merritt Island, FL 32952
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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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