2235 Courtenay PkwyMerritt Island, FL 32953

Property Details for 2235 Courtenay Pkwy

Year built

1987

Construction

WOOD

Lot size

0.97 AC

Property size (Sq ft)

14,138 SF

Zone code

BU1

Property type

Office buildings

APN

24-36-14-00-00505.0-0000.00

APU

9223372036854775807

Description

This exceptional investment opportunity encompasses a 1.29-acre commercial parcel in Merritt Island, Florida, featuring a two-story, 12,495-square-foot freestanding office building and ten additional storage units totaling 2,457 square feet on a separate parcel. The property, situated at the northwest corner of N. Courtenay Parkway and Butler Avenue, boasts a prime location with high visibility on a major commercial thoroughfare experiencing over 30,500 AADT. The main office building, constructed in 1987 and renovated in 2024, offers multiple entrances, balconies, open porches, and a split floor plan, along with approximately 49 parking spaces. Recent improvements include the replacement of all air conditioners and most lighting fixtures with energy-efficient LEDs. The ten storage units, located on a separate 0.32-acre parcel, present additional income potential or redevelopment possibilities. The property's zoning permits a variety of uses, including retail, professional, and personal services, with a maximum building height of 45 feet and a floor area ratio of 1.0. The existing building is currently partially occupied by tenants on short-term leases, providing immediate cash flow while allowing for future redevelopment plans. This versatile property offers multiple development options, from renovating the existing structures to complete demolition and construction of a new mixed-use or retail development. The property's proximity to Cape Canaveral, Kennedy Space Center, and NASA, coupled with the thriving space and cruise industries, presents a compelling investment opportunity in a dynamic market. Potential buyers are responsible for verifying all permits, approvals, regulations, and other relevant factors before closing.

• CAP approach

  CAP return

  Valuation

  6%

  $3,465,836

  6.5%

  $3,199,234

  7%

  $2,970,717

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,384,562

  Geo Method

  $2,220,090

• Alternative Use

  Use

  Valuation

  Residential

  $3,967,050

  Hospitality

  $3,633,796

  Educational

  $3,023,276

  Medical

  $3,127,251

  Retail

  $4,702,874

Location Insight

City

Merritt Island

County

Brevard

State

Florida

Latitude

28.3962

Longitude

-80.705

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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