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Property profile & analytics
FOR LEASE
Office buildings
76 E Merritt Island Cswy Merritt Island, FL 32952
Individually Owned
19-yr Hold
~
Est. High Equity
Property ID
US18-6024503
For Lease
1 / 8
$875/Mo
76 E Merritt Island Cswy, Merritt Island, FL 32952
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1962
Construction
CONCRETE
Total area
15,984 SF
Lot
0.53 ac (23,087 SF)
Zoning code
BU-2
APN
24-36-35-02-00000.0-0015.00
UPID
US18-6024503
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.05M
Blend (final)
Blend
$2.01M
Owner & transaction history
Ralph S Perrone · 19 yrs held
Ralph S Perrone
since 2007
4 recorded transactions
Zoning & alternative use
BU-2 · Merritt Island, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.3M
+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
$2,725,000
Current use
AUTO REPAIR, GARAGE
$3,335,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$2,570,000
Change: -6% · Conversion: Moderate
MEDICAL BUILDING
$2,480,000
Change: -9% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$2,200,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$2.01M
Range $1.80M – $2.21M · ±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
$125 / 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
$17,815
Tax year 2023
Assessed value
$1,089,700
Assessed 2023
Previous assessed
$1,038,720
+4.9% YoY
Effective rate
1.63%
On assessed value
Assessed land
$307,840
Assessed improvement
$781,860
Land market value
$307,840
Improvement market value
$781,860
Total market value
$1,089,700
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 (MULTI-STORY)
Status
For Lease
Year built
1962
Construction
CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
13
Total area
15,984 SF
Lot
0.53 ac (23,087 SF)
Zoning code
BU-2
APN
24-36-35-02-00000.0-0015.00
UPID
US18-6024503
Jurisdiction
BREVARD
Zoning & alternative use
BU-2 · Merritt Island, FL
Zoning BU-2 · permitted uses
BU-2 · 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
$2.7M
AUTO REPAIR, GARAGE
Est. value
$3.3M
RETAIL STORES
Est. value
$2.6M
MEDICAL BUILDING
Est. value
$2.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.2M
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
1962
Construction
CONCRETE
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
13
Lot
0.53 ac
Current owner
From public records · entity-resolved
Ralph S Perrone
Individual
Mailing address
260 N TROPICAL TRL STE #202, MERRITT ISLAND, FL 32953-4800
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 19, 2021
—
Ralph S Perrone SR.
—
Deed
related
$5,000 · Alvin Reiss Etal
Jan 9, 2007
$2,050,000
Ralph S Perrone
Land Trust Cb1
Warranty Deed
$1,500,000 · Paradise Bank
Dec 16, 2004
$625,000
Land Trust Cb1
Discount Auto Parts INC
Grant Deed
$625,000 · Branch Banking & Trust Co
—
—
Land Trust Cb 1
—
Deed Of Trust
related
$80,000 · Branch Banking & Trust Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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