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    Property profile & analytics

    91 E Merritt Island Cswy Merritt Island, FL 32952

    • Retail space
    • 4,423 SF
    • 0.19 lot acres
    For Lease
    View listing
    $2,060 /Mo
    Last Sale
    May 08, 2024
    $835,000
    Value Estimations
    $835,000
    Cap Rate Potential
    6.1%
    Retail space
    Location Intelligence
    Property ID
    US18-4592237
    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

    • Barber 101 Barbershop / Barber Shop
    • Cricket Wireless Authorized Retailer / Mobile Phone Store / Electronics & Wireless Store
    • Phone Medics Plus / Computer & Electronic Repair / Tech Support Center
    • Fountain of You / Spa & Massage Center / Alternative Medicine Practice

    Property Details for 91 E Merritt Island Cswy

    Year built
    1956
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.19 lot acres
    Property size
    4,423 SF
    Zone code
    BU2
    Property type
    Retail space
    APN
    24-36-35-02-00000.0-0044.00
    APU
    9223372036854775807

    Description

    This completely updated 4,398 square foot single-tenant retail and office space is ideally situated on Merritt Island Causeway (SR 520), offering exceptional visibility and high traffic counts. The property boasts a prominent location anchored by a Publix supermarket, ensuring consistent foot traffic and brand recognition. The building features a total of 4,398 square feet, currently with 940 square feet vacant, spread across a single story on a 0.19-acre lot. The space is versatile, suitable for creative office, traditional office, or coworking uses. There are no elevators. The property's Assessed Parcel Number (APN) is 24-36-35-02-00000.0-0044.00. This is a unique opportunity to establish your business in a high-demand area with excellent accessibility and strong neighboring businesses. Flexible lease terms are available. Don't miss this chance to secure a prime location for your business's success. The property is ready for immediate occupancy. The building is a single suite.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $835,000
      ML approach
      $835,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $850,000
      6.5%
      $785,000
      7%
      $730,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $753,000
      Market price range: $392k - $1.10M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $710,000
      Current use
      COMMERCIAL (GENERAL)
      $1,050,000
      Change: +47% Conversion: Easy
      AUTO REPAIR, GARAGE
      $920,000
      Change: +30% Conversion: Difficult
      OFFICE BUILDING
      $755,000
      Change: +6% Conversion: Easy
      MEDICAL BUILDING
      $685,000
      Change: -4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $610,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.6982
    Latitude
    28.3567
    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
    $7,491
    $110,390
    $375,950
    $486,340
    -
    $110,390
    $375,950
    $486,340

    Comparable in this City

    • Value Estimation
      $1,065,000
      10,130 SF

      1625 Merritt Is Cswy

      RETAIL STORES (PERSONAL SERVICES) • 10,130 SF
      1625 Merritt Is Cswy, Merritt Island, FL 32952-2613
      View Details
    • Value Estimation
      $690,000
      6,344 SF

      72 Merritt Is Cswy

      RETAIL STORES (PERSONAL SERVICES) • 6,344 SF
      72 Merritt Is Cswy, Merritt Island, FL 32952-3671
      View Details
    • Value Estimation
      $510,000
      4,986 SF

      250 Courtenay Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 4,986 SF
      250 Courtenay Pkwy, Merritt Island, FL 32952-4857
      View Details
    • Value Estimation by Request
      2,800 SF

      500 Merritt Is Cswy

      RETAIL STORES (PERSONAL SERVICES) • 2,800 SF
      500 Merritt Is Cswy, Merritt Island, FL 32952-4861
      View Details
    • Value Estimation by Request
      4,856 SF

      1835 Merritt Is Cswy

      RETAIL STORES (PERSONAL SERVICES) • 4,856 SF
      1835 Merritt Is Cswy, Merritt Island, FL 32952-2664
      View Details
    • Value Estimation by Request
      1,066 SF

      440 Merritt Is Cswy

      RETAIL STORES (PERSONAL SERVICES) • 1,066 SF
      440 Merritt Is Cswy, Merritt Island, FL 32952-4810
      View Details

    Similar Nearby for Sale

    • $3,749,900
      16,500 SF

      Merritt Island Retail Opportunity

      Retail property on SR520 with high traffic exposure.
      234 E Merritt Island Cswy, Merritt Island, FL 32952
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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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    • $925,000

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      Retail site with existing building and high traffic counts.
      440 W Merritt Island Cswy, Merritt Island, FL 32952
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    • $6,230,769
      1,789 SF

      Merritt Island Car Wash Investment

      NNN leased car wash on 2.07-acre parcel.
      525 E Merritt Island Cswy, Merritt Island, FL 32952
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      Merritt Island Car Wash Opportunity

      Operating car wash on 0.43 acres in high-traffic area.
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      Merritt Island Retail Opportunity

      High-traffic retail land, 34,412 SF
      440 Merritt Island Cswy, Merritt Island, FL 32952
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      82,163 SF

      Merritt Island Retail Center

      High-traffic location, ample parking, diverse spaces.
      780 Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • $2,060 /Mo
      4,398 SF

      Retail/Office Space on SR 520

      Retail/Office space with high visibility in Merritt Island, FL.
      91 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • $1,150 /Mo
      2,420 SF

      Remodeled Retail Space For Rent

      Remodeled 680 SF retail space in thriving shopping center.
      128 E Merritt Island Cswy, 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
    • Contact for pricing
      811,277 SF

      Merritt Square Mall Retail Space

      Prime Brevard County retail space, multiple units available.
      777 Merritt Island Cswy, Merritt Island, FL 32952
      View Details
    • $30 SF/Yr
      3,614 SF

      Merritt Island Retail Opportunity

      Retail and restaurant spaces available in a busy shopping center.
      770 E Merritt Island Cswy, Merritt Island, FL 32952
      View Details
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    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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