Merritt Island Commercial Center

$2,250,000 | 24,840 NRSF | 100 Units | Merritt Island, FL

Under LOI

INVESTMENT OVERVIEW

Merritt Island Commercial Center is comprised of 24,840 NRSF across 100 Non-Climate units.  The facility is on 1.68 acres just north of the West Merritt Island Causeway, averaging 44,890 vehicles per day.  The facility currently boasts a stabilized 93% physical occupancy and an 94.59% economic occupancy.  Merritt Island Commercial Center has an adjusted NOI of $137,048 and a forecasted Year 1 NOI of $154,752.

The facility has been well maintained by current ownership, offering an opportunity to its next owner with minimal capex improvements needed.  The facility currently lacks an online presence, giving new ownership the opportunity to implement a website and online payment options to its current and future tenants.

INVESTMENT HIGHLIGHTS

  • Strong average household income of $91,449 within a 3 Mile-Radius
  • 2023 population of 45,250 within a 3 Mile-Radius
  • No active or planned developments or expansions within a 2 Mile-Radius
  • Physically stabilized facility with an Economic Occupancy of 94.59%

FACILITY SUMMARY

Property Name: Merritt Island Commercial Center
Address: 330 Myrtice Ave, Merritt Island, FL 32953
County: Brevard County
Land Size: 1.68 Acres
Total NRSF: 24,840 NRSF
Total Units: 100 Units
Physical Occupancy: 93.00%
Economic Occupancy: 94.59%
Building Count: 2 Buildings