Building Details

Year built 1980

Listing Agency: KW Puerto Rico Show Phone

Listed By: Carlos Martinez Show Phone

Added: Sep 4 Changed: Sep 8 Last Checked: Sep 8 at 8:06PM

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MLS# PRKW0E6800

Copyright © 2026 Amplia 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.

Built in 1980, this concrete multifamily property in Carolina, Puerto Rico, contains five residential units with a combined layout of 9 bedrooms and 6.5 bathrooms. Three one-bedroom, one-bathroom units are arranged for short-term rental use, while two three-bedroom, one-bathroom units are configured for longer-term occupancy. Designated parking serves the units, and the lower-level residence includes a covered carport.

The property occupies approximately 0.09 acres, with interior stairs, a covered Galvalume terrace, two electric meters, and two water meters. Additional infrastructure includes a solar panel system, two Tesla batteries, and an approximately 600-gallon water cistern. An area may support development of a sixth unit with approximately one bedroom and one to one-and-a-half bathrooms, subject to permits, zoning, construction requirements, utility approval, and other governmental approvals.

Key Highlights

• Five existing residential units with 9 bedrooms and 6.5 bathrooms
• Three one‑bedroom, one‑bathroom units configured for short‑term rentals
• Two three‑bedroom, one‑bathroom units configured for long‑term rentals

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

$37,303

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

8.29%

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%

$746,060 $746.1K

Cap Rate 7%

$532,900 $532.9K

Cap Rate 9%

$414,478 $414.5K

Market Conditions

NOI Build-Up for 5,000 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

$72.0K $14.40/SF

− Vacancy

−$4.2K −$0.84/SF

EGI

$67.8K $13.56/SF

− OpEx

−$30.5K −$6.10/SF

NOI

$37.3K $7.46/SF

Area

Carolina, PR

Vacancy

5.80%

Lease Rate

$14.40 /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%

$746,060

Cap Rate 7%

$532,900

Cap Rate 9%

$414,478

Alternative Uses

Best Use

Apartment 5plus

$532.9K

$466.3K – $621.7K (±1% cap)

NOI $37,303 @ 7.0% cap · market cap 8.29%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.04M

$908.0K – $1.21M (±1% cap)

NOI $72,638 @ 7.0% cap · market cap 16.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Short term rental ...

Lease Details

5

Residential units

Yes

Utilities to site

Location Intelligence

Demographics for 00982, PR

14,182

Population

7,395

Households

1.9

Avg Household Size

45

Median Age

30%

College-Educated

87%

High-School Grad

1.4 sq mi

ZIP Area

10,130

Density / Sq Mi

$26,550

Median Household Income

$19,642

Median Earnings

$706

Median Rent

$139,400

Median Home Value

Market

Vacancy Rate% for Multifamily in the U.S.

7.1% 2022

8.3% 2023

9.3% 2024

9.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Multifamily property - Concrete construction supports a mixed rental setup with short-term and long-term residential units in Carolina, Puerto Rico.

Where is this multifamily property located?

The property is located at Urb El Comandante B8-189 Carolina, PR.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Five existing residential units with 9 bedrooms and 6.5 bathrooms; Three one‑bedroom, one‑bathroom units configured for short‑term rentals; Two three‑bedroom, one‑bathroom units configured for long‑term rentals