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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    925 Courtenay Pkwy Merritt Island, FL 32953

    • Neighborhood centers
    • 17,258 SF
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0639827
    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

    • Yaakuza Japanese Thai Fusion & Sake Bar / Restaurant
    • Tetra Horizon | Marijuana Doctor / Physician
    • Chris & Company (Formerly Chris’ Barbershop) / Barber Shop
    • Tricon Development Inc / Construction Company / General Contractor
    • Smoke Rings 72 / Bar & Pub

    Property Details for 925 Courtenay Pkwy

    Year built
    1997
    Property size
    17,258 SF
    Property type
    Neighborhood centers
    Property subtype
    Office space

    Description

    This exceptional Merritt Island retail property, located at 925 N Courtenay Pkwy, 32953, offers 17,258 square feet of space in a single-story building constructed in 1997. The property sits on a 3.17-acre lot and features 29 suites, with 11,418 square feet currently vacant. Minimum divisible space is 600 square feet, with a maximum contiguous space of 10,000 square feet available. The building boasts a 14-foot ceiling height and ample parking with 105 spaces. Benefit from a high-traffic location with a daily count of 35,700 vehicles (per FDOT 2009 AADT) and recent renovations, including a new 20-foot pylon sign. The property is zoned BU-1 and enjoys proximity to major destinations like Kennedy Space Center, Cocoa Beach, Port Canaveral, and Orlando. This location offers a blend of high visibility and a built-in customer base due to nearby residential areas. One remaining unit (600 sq ft) is available. The property's APN is 24-36-26-BX-*-44.03, located in Brevard County, Florida. This is a rare opportunity to secure retail space in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Merritt Island
    County
    Brevard
    State
    Florida
    Longitude
    -80.700960246307
    Latitude
    28.37291535896

    Comparable in this City

    • $14 SF/Yr
      92,741 SF

      201 Crockett Blvd

      Neighborhood centers • 92,741 SF
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    • $3,900 /Mo
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      Versatile Merritt Island Commercial Space

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      1070 N Courtenay Pkwy, Merritt Island, FL 32953
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    • $1,795 /Mo
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      Merritt Island Renovated Office Space

      Renovated office space in high-traffic Merritt Island strip plaza.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
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      Retail Space in Victoria Square

      Retail space available in a high-traffic shopping center.
      1450 N Courtenay Pkwy, Merritt Island, FL 32953
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      Merritt Island Retail Plaza

      High-traffic retail space available.
      85 Merritt Ave, Merritt Island, FL 32953
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    • $15 SF/Yr
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      Merritt Island Office Space Available

      Versatile Office Building, 19,000 SF Vacant
      255 Sykes Creek Pkwy, Merritt Island, FL 32953
      View Details

    Similar Nearby for Sale

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      Merritt Island Commercial Property For Sale

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      Merritt Island Retail/Office Center

      Renovated 8,053 SF retail/office center on high-traffic N Courtenay Pkwy.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
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      4,539 SF

      Freestanding Retail Building on Corner Lot

      Corner lot retail building with great access and high traffic.
      2625 N Courtenay Pkwy, Merritt Island, FL 32953
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      Merritt Island Retail Storefront

      High-traffic corner lot retail space.
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    • $2,699,900
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      Merritt Island Commercial Office Building

      Commercial office building in Merritt Island, Florida, for sale.
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      Merritt Island Flex Space

      Office/warehouse/flex space with roll-up doors and air-conditioned office.
      150 Venetian Way, Merritt Island, FL 32953
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      92,741 SF

      201 Crockett Blvd

      Neighborhood centers • 92,741 SF
      201 Crockett Blvd, Merritt Island, FL 32953
      View Details
    • $3,900 /Mo
      3,000 SF

      Versatile Merritt Island Commercial Space

      Retail, office, medical, or flex space with high visibility.
      1070 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • $1,795 /Mo
      8,053 SF

      Merritt Island Renovated Office Space

      Renovated office space in high-traffic Merritt Island strip plaza.
      1175 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Victoria Square

      Retail space available in a high-traffic shopping center.
      1450 N Courtenay Pkwy, Merritt Island, FL 32953
      View Details
    • Contact for pricing
      97,500 SF

      Merritt Island Retail Plaza

      High-traffic retail space available.
      85 Merritt Ave, Merritt Island, FL 32953
      View Details
    • $15 SF/Yr
      36,239 SF

      Merritt Island Office Space Available

      Versatile Office Building, 19,000 SF Vacant
      255 Sykes Creek Pkwy, Merritt Island, FL 32953
      View Details
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    Merritt Island, FL 32953
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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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