Remodeled Quadplex with
For Sale
$650,000
1002 MADRID STREET, San Juan, PR 00925
Residential Income, SAN JUAN, PRI
Property Size3,000 SF
Lot Size0.08 Acres
Price / SF$216.67
Days on Market263
Property Features for 1002 MADRID STREET
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RESIDENTIA
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 7, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 7, Bathroom 4, Bathroom 6, Bedroom 6, Bedroom 2, Bathroom 5, Bedroom 5, Dining Room, Bedroom 8
Parking features
Guest, On Street, Off Street
Security features
Security
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fans(s), High Ceilings, Living Room/Dining Room Combo, Open Floorplan, Primary Bedroom Main Floor
Exterior features
Outbuildings, Balcony, Courtyard, Fence, French Doors, Sidewalk
Fencing
Fenced
Subdivision
SANTA RITA
Lot features
City Limits, Level, Paved
View
City
Directions
From the corner of Jesus T Pinero Avenue (Road #17) and Luis Munoz Rivera Avenue (Road #1) take Luis Munoz Rivera South for about 3/8 mile to University Avenue and take a left onto University Avenue. On University Avenue take the 4th left onto Madrid Street. The property is the 12th property on the right at the address of 1002 Madrid Street.
Standard status
Active
APN
087-002-452-14-001
Size
3,000 SF
Lot size
0.08 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
rooftop terrace
courtyard
common laundry room
Building Details
Year built
1970
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
Concrete
Roof type
Concrete
Additional Structures
Guest House, Outbuilding
Listing Agency:
MICHAEL MCCARTY
Listed By:
Michael McCarty · License #11386
(787) 398-3174
Added: Dec 20, 2025
Changed: Sep 7
Last Checked: Sep 9 at 2:06PM
MLS# PR9118144
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This remodeled quadplex comprises three concrete buildings organized around a central courtyard. The layout includes two four-bedroom, two-bathroom apartments and two studio apartments, providing 10 bedrooms and 6 1/2 bathrooms across approximately 3,000 square feet. A shared laundry room includes an additional half bathroom, while the main building offers a rooftop terrace and two separate parking areas.
The 1,200 square foot rooftop terrace and 500 square foot courtyard add outdoor amenity space. Each parking area accommodates up to 3 vehicles in a nose-to-tail arrangement. Interior features include tile flooring, high ceilings, ceiling fans, an open floor plan, and combined living and dining areas. The property also includes balconies, patios, fencing, public water, public sewer, and a concrete roof.
Located at 1002 Madrid Street in San Juan, the property is near businesses, attractions, the University of Puerto Rico, and the Botanical Garden. Zoning is identified as RESIDENTIA.
The 1,200 square foot rooftop terrace and 500 square foot courtyard add outdoor amenity space. Each parking area accommodates up to 3 vehicles in a nose-to-tail arrangement. Interior features include tile flooring, high ceilings, ceiling fans, an open floor plan, and combined living and dining areas. The property also includes balconies, patios, fencing, public water, public sewer, and a concrete roof.
Located at 1002 Madrid Street in San Juan, the property is near businesses, attractions, the University of Puerto Rico, and the Botanical Garden. Zoning is identified as RESIDENTIA.
Key Highlights
- Four living units: two 4‑bedroom apartments and two studio apartments
- 10 bedrooms and 6 1/2 bathrooms across approximately 3,000 square feet
- 1,200 square foot rooftop terrace on the main building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,665
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$613,300
$613.3K
Cap Rate 7%
$438,071
$438.1K
Cap Rate 9%
$340,722
$340.7K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.9K $15.30/SF
− Vacancy
−$2.1K −$0.70/SF
EGI
$43.8K $14.60/SF
− OpEx
−$13.1K −$4.38/SF
NOI
$30.7K $10.22/SF
Area
San Juan, PR
Vacancy
4.56%
Lease Rate
$15.30 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$613,300
Cap Rate 7%
$438,071
Cap Rate 9%
$340,722
Alternative Uses
Best Use
Multifamily LT 5
$438.1K
$383.3K – $511.1K
NOI $30,665 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.1K
NOI $26,704 @ 7.0% cap · market cap 4.11%
Theoretical Best
Specialty Retail
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Demographics for 00925, PR
5,501
Population
4,627
Households
1.2
Avg Household Size
39
Median Age
39%
College-Educated
72%
High-School Grad
0.4 sq mi
ZIP Area
13,753
Density / Sq Mi
$14,940
Median Household Income
$12,293
Median Earnings
$581
Median Rent
$142,900
Median Home Value
Market
Vacancy Rate% for Multifamily in the U.S.
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units occupy three concrete buildings arranged around a central courtyard in San Juan.
Where is this quadplex located?
The property is located at 1002 MADRID STREET San Juan, PR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four living units: two 4‑bedroom apartments and two studio apartments; 10 bedrooms and 6 1/2 bathrooms across approximately 3,000 square feet; 1,200 square foot rooftop terrace on the main building
