2235 Courtenay PkwyMerritt Island, FL 32953

  • Office properties
  • 14,138 SF
For Sale
$1,300,000 View listing

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
2235 Courtenay Pkwy, Merritt Island, Florida

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

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
$13,276
$380,930
$497,110
$878,040
-
$380,930
$497,110
$878,040

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