715 Courtenay PkwyMerritt Island, FL 32953

Property Details for 715 Courtenay Pkwy

Year built

1966

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

6.40 AC

Property size (Sq ft)

74,543 SF

Zone code

BU-1

Property type

Retail properties

Property subtype

Strip malls

APN

24-36-26-BX-00000.0-0058.00

APU

243626BX000000005800

Description

Merritt Island Square, located at 715 N Courtenay Pkwy, Merritt Island, FL 32953, presents a significant retail investment opportunity. This single-story, 74,543 square foot building sits on a 6.4-acre lot (278,784 sq ft) and features 16 suites, with a minimum divisible space of 1,850 sq ft and a maximum contiguous space of 35,000 sq ft. Currently, 20,662 sq ft is vacant. Built in 1966 and renovated in 2020, the property boasts 17-19 foot ceilings and ample parking for 375+ vehicles. The property is zoned BU-1 General Retail Commercial (APN: 24-36-26-BX-*-58) and benefits from a highly visible location on N. Courtenay Pkwy, near the intersection with a traffic count exceeding 33,000 vehicles daily. The center is anchored by established national tenants. The property's location within Brevard County provides access to a substantial consumer base of over 100,000 residents within a five-mile radius, exhibiting high average household income ($79,511) and home value ($375,000). This area demonstrates significant consumer spending, totaling $1 billion annually, with notable allocations to food and beverage, entertainment, and apparel. The property offers excellent visibility and accessibility, making it an ideal location for businesses seeking to capitalize on the thriving retail environment of Merritt Island.

• CAP approach

  CAP return

  Valuation

  6%

  $27,665,902

  6.5%

  $25,537,754

  7%

  $23,713,630

• Comparable approach

  Method

  Valuation

  Relative Method

  $31,131,746

  Geo Method

  $29,497,828

• Alternative Use

  Use

  Valuation

  Residential

  $21,542,052

  Hospitality

  $19,732,404

  Educational

  $16,417,128

  Medical

  $16,981,738

  Retail

  $25,537,754

Location Insight

City

Merritt Island

County

Brevard

State

Florida

Latitude

28.3696

Longitude

-80.7015

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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