2235 Courtenay PkwyMerritt Island, FL 32953
- Office properties
- 14,138 SF
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 properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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