12-Unit Apartment Building Near
For Sale
$2,150,000
404 HARRISON Avenue, Cape Canaveral, FL 32920
Residential Income, CAPE CANAVERAL, FL
Property Size8,143 SF
Lot Size0.29 Acres
Price / SF$264.03
Days on Market574
Property Features for 404 HARRISON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
24
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 7, Bedroom 6, Bedroom 15, Bedroom 22, Bedroom 8, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 5, Bedroom 24, Bathroom 9, Bathroom 6, Bedroom 14, Bedroom 11, Bedroom 1, Bedroom 13, Bedroom 21, Bathroom 3, Bedroom 20, Bathroom 7, Bathroom 1, Bedroom 18, Bedroom 17, Bathroom 12, Bedroom 16, Bedroom 12, Bedroom 19, Bedroom 10, Bedroom 23, Bathroom 11, Bathroom 8, Bedroom 3, Bedroom 9, Bathroom 10, Bathroom 5
Interior features
Ceiling Fans(s)
Subdivision
AVON BY SEA
Directions
South on Magnolia Ave then East onto Harrison Ave
Standard status
Active
APN
24 3723-CG-34-12
Size
8,143 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
AVON BY THE SEA LOTS 12,13 BLK 34
Tax Annual Amount
19816
Legal Description
AVON BY THE SEA LOTS 12,13 BLK 34
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
Building Details
Year built
1964
Number of units
12
Building materials
Concrete
Roof type
Membrane
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Feb 7, 2025
Changed: Sep 3
Last Checked: Sep 4 at 4:06PM
MLS# TB8347938
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.
Harrison Apartments is a 12-unit multifamily property with 8,143 square feet of building area on 0.29 acres. The unit mix consists of two-bedroom, one-bath residences, each equipped with central air conditioning and ceiling fans. Built in 1964, the property has concrete construction, a membrane roof, public water, and public sewer. Residents pay their own electricity, while water is handled by ownership.
The property is located at 404 Harrison Avenue in Cape Canaveral, approximately two blocks from the ocean and adjacent to Sandpiper Park. Port Canaveral is also nearby. R2 zoning supports the existing apartment use.
The property is located at 404 Harrison Avenue in Cape Canaveral, approximately two blocks from the ocean and adjacent to Sandpiper Park. Port Canaveral is also nearby. R2 zoning supports the existing apartment use.
Key Highlights
- 12‑unit multifamily property with 8,143 square feet on 0.29 acres
- Each unit offers a two‑bedroom, one‑bath layout with central air conditioning
- Approximately two blocks from the ocean and adjacent to Sandpiper Park
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
$83,357
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
3.88%
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%
$1,667,140
$1.7M
Cap Rate 7%
$1,190,814
$1.2M
Cap Rate 9%
$926,189
$926.2K
Market Conditions
NOI Build-Up for 8,143 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
$161.2K $19.80/SF
− Vacancy
−$9.7K −$1.19/SF
EGI
$151.6K $18.61/SF
− OpEx
−$68.2K −$8.38/SF
NOI
$83.4K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,667,140
Cap Rate 7%
$1,190,814
Cap Rate 9%
$926,189
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,357 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,385 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
Explore this area
Business Placement
Demographics for 32920, FL
9,984
Population
8,872
Households
1.1
Avg Household Size
58
Median Age
39%
College-Educated
96%
High-School Grad
24.8 sq mi
ZIP Area
403
Density / Sq Mi
$70,734
Median Household Income
$41,264
Median Earnings
$1,161
Median Rent
$323,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Concrete construction with central HVAC, public utilities, and R2 zoning.
Where is this apartment building located?
The property is located at 404 HARRISON Avenue Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 12‑unit multifamily property with 8,143 square feet on 0.29 acres; Each unit offers a two‑bedroom, one‑bath layout with central air conditioning; Approximately two blocks from the ocean and adjacent to Sandpiper Park
