555 Nora Ave, Merritt Island
Brevard County Real Estate - Merritt Island
Merritt Island is a census-designated place located on the East Coast of Brevard County, Florida. Although technically a peninsula, Merritt Island is considered a barrier island and is located between the Indian River and the Banana River. The area was visited by Spanish explorers in the early 17th century and the town's roots lie in the mid-19th century agriculture of the area. The majority of the land that makes up the town was covered in citrus groves and cattle ranches until the population began to grow rapidly in the 1950s and 60s with the expansion of NASA.
Merritt Island is located within two zip codes. North of SR520 is 32953 and south of the road is 32952. There are also two separate peninsulas that make the island. The main peninsula is located between the Indian River and Sykes Creek. The southern part of this peninsula is known for high end riverfront properties. Honeymoon Hill is regarded as the most expensive neighborhood on south tropical trail. Courtenay Parkway runs north/south through the center of this part of the island and is primarily business north of SR520 and south of SR528. The northern part of the island is rural and less developed, especially north of the barge canal; where quite a few of the cattle ranches that established the area still exist. The islands other peninsula is known as Newfound Harbor. Newfound Harbor is a strange mix of high-end houses and low-end houses; it is not unusual to see million dollar homes neighbored by trailer parks. Newfound Harbor is bordered by Sykes Creek to the west and the Banana River to the east.
Merritt Island is in East Central Florida. It's population as recorded in the 2010 Census was 34,743. Merritt Island is approximately 46 miles from Orlando (population 238,300) and around 20 miles from Palm Bay (population 103,190).
The median age for residents of Merritt Island is 47.6. Around 26.1% of Merritt Island households include school aged children and 34.2% of households include individuals aged 65 years or over. Census records indicate 88.7% of the Merritt Island population are White, 4.8% are Black or African American, .4% American Indian, 2.2% Asian and 2.5% are Two or more Races.
There are 17,036 housing units in Merritt Island. 2,282 (13.3%) of these were reported as vacant in the 2010 Census. There are 4,298 residential rental units in Merritt Island. 3,687 of them were occupied in 2010 providing a residential rental vacancy rate of 13.8%.
Merritt Island links:
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Brevard County
Brevard County is located in the East Central Florida region, along with Orange, Volusia, Sumter, Seminole, Lake, and Osceola counties. There are many incorporated municipalities in Brevard. Cities include Cape Canaveral, Cocoa, Cocoa Beach, Indian Harbour Beach, Melbourne, Palm Bay, Rockledge, Satellite Beach, Titusville, and West Melbourne. The towns in Brevard are Grant-Valkaria, Indiatlantic, Malabar, Melbourne Beach, Melbourne Village, and Palm Shores. Brevard?s population is well over half a million.
Top industries for Brevard County include technology, tourism, agriculture, and other service businesses. Top public sector employers for Brevard County are the Brevard County School Board, Brevard County Board of County Commissioners, NASA, and US Department of Defense. Private sector employers include Harris Corporation, Health First, Inc., United Space Alliance, Wuesthoff Health System, and Northrop Grumman Corporation.
Kennedy Space Center is located on Merritt Island in Brevard County and provides many jobs for the area, as well as acting as a popular tourist destination. It is from this activity that Brevard takes its nickname, the Space Coast. Nicknamed "Space City USA", the city of Titusville is across the water from KSC. The city?s population is highly-educated. The city is a popular destination for visitors wishing to see spacecraft launches.
Other tourist attractions in Brevard County include Port Canaveral, one of the busiest cruise ports in the world, the Merritt Island National Wildlife Refuge, and Cocoa Beach. Port Canaveral is serviced by Disney Cruise Lines, Carnival, and Royal Caribbean. Not just a tourist destination, the port is within a foreign trade zone.
In 2010 and 2011, the Brookings Institution reported that Brevard ranked in the bottom fifth of the nation's top metro areas, based on unemployment, gross metropolitan product, housing prices and foreclosed properties. In 2011, the county was rated the 6th worst in the nation for foreclosures. RealtyTrac rated Brevard as the best county in the United States for buyers in 2013 because of the low prices.
Neighboring Properties
| Address | Type | Sq Ft | Class | |
|---|---|---|---|---|
| 545 Nora Ave | Single Family | 942 | C |
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| 565 Nora Ave | Single Family | 1,452 | B |
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| 1392 Lenora Dr | Single Family | 1,084 | C |
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| 1399 Earl Dr | Single Family | 1,200 | C |
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| 535 Nora Ave | Single Family | 1,128 | C |
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| 575 Nora Ave | Single Family | 888 | C |
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| 1382 Lenora Dr | Single Family | 912 | C |
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| 1389 Earl Dr | Single Family | 1,200 | C |
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| 1520 Tropical Trl S | Single Family | 1,960 | B |
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| 1530 Tropical Trl S | Single Family | 2,479 | A |
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| 525 Nora Ave | Single Family | 868 | C |
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| 1548 Tropical Trl S | Single Family | 2,363 | B |
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| 1399 Lenora Dr | Single Family | 864 | C |
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| 1408 Earl Dr | Single Family | 1,544 | C |
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| 1396 Earl Dr | Single Family | 906 | C |
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| 1370 Lenora Dr | Single Family | 648 | C |
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| 1377 Earl Dr | Single Family | 922 | C |
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| 1389 Lenora Dr | Single Family | 912 | C |
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| 515 Nora Ave | Single Family | 1,344 | C |
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| 1386 Earl Dr | Single Family | 912 | C |
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| 1377 Lenora Dr | Single Family | 888 | C |
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| 1398 Gary Dr | Single Family | 1,056 | C |
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| 1360 Lenora Dr | Single Family | 648 | C |
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| 1367 Earl Dr | Single Family | 888 | C |
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| 1374 Earl Dr | Single Family | 1,188 | C |
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| 1564 Tropical Trl S | Single Family | 2,322 | B |
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| 1560 Tropical Trl S | Single Family | 2,080 | B |
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| 1376 Gary Dr | Single Family | 1,152 | B |
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| 1367 Lenora Dr | Single Family | 1,227 | C |
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| 1550 Tropical Trl S | Single Family | 2,736 | B |
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| 1348 Lenora Dr | Single Family | 888 | C |
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| 1355 Earl Dr | Single Family | 888 | C |
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| 1362 Earl Dr | Single Family | 1,152 | C |
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| 1355 Lenora Dr | Single Family | 888 | C |
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| 457 Nora Ave | Single Family | 1,196 | C |
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| 455 Nora Ave | Single Family | 1,196 | C |
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| 1364 Gary Dr | Single Family | 1,205 | C |
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| 1570 Tropical Trl S | Single Family | 2,356 | B |
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Nearest MLS Listings
Nearest properties for sale within 3 miles of this location
| Address | Miles | Sq Ft | Price | |
|---|---|---|---|---|
| 247 Island Beach Blvd | .54 | 3,016 | $575,000 |
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| 250 Sykes Creek Pkwy S | 1.42 | 1,260 | $389,000 |
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| 1185 Faulkingham Rd | 1.45 | 2,633 | $1,150,000 |
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| 1095 Newfound Harbor Dr | 1.47 | 840 | $850,000 |
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| 777 Merritt Island Cswy E | 1.52 | 627,156 | $129,000 |
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| 230 Merritt Island Cswy E | 1.79 | 16,200 | $3,149,900 |
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| 76 Merritt Island Cswy E | 1.83 | 12,444 | $3,149,900 |
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| 1980 Harbor Point Dr | 1.93 | 2,240 | $945,000 |
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| 440 Merritt Island Cswy W | 2.01 | 1,066 | $899,000 |
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| 1450 Garden Rd | 2.15 | 920 | $275,000 |
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| 1917 Murrell Rd | 2.17 | 0 | $575,000 | |
| 1395 Courtenay Pkwy N | 2.21 | 1,350 | $179,900 |
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| 260 Tropical Trl N | 2.22 | 10,413 | $2,149,900 |
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| 160 Bounty St | 2.32 | 704 | $115,000 |
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| 84 Banana River Dr S | 2.33 | 0 | $1,850,000 | |
Local Household Income
The median household income in this part of Florida is $72,768. The bottom 10% of the population earn less than $23,880 per year. The top 10% earn more than $187,088 per year. The top 1% earn more than $641,838 per year. Most renters earn between $33,936 (20th percentile) and $61,692 (80th percentile) per year. Someone earning the median household income in this area is likely to qualify for a mortgage between $145,536 and $181,920.
The tax assessed value of this property places it in percentile 5 of all properties in this area. This suggests it would appeal to someone earning around $15,713 per year who should qualify for a mortgage between $31,426 and $39,283.
Source: US Census American Community Survey - 2008-2012 ACS 5-year PUMS estimates
Local Rents
The median monthly rent in this part of Florida is $1,015. Most renters earn between $2,828 and $5,141 per month. They typically spend 31% of their monthly income on rent. Most rents fall in the $738 (20th percentile) to $1,432 (80th percentile) range. The residential vacancy rate is 9%.
This property falls in percentile 5 of all properties in this area. This corresponds to a rent of $502 per month and a monthly household income of $1,996 ($23,952 per year)
Nearby Companies
1355 Lenora Dr