Renovated Quadplex with Outdoor
For Sale
$995,000
1-4-214 Madison Avenue, Cape Canaveral, FL 32920
Two units feature renovated interiors; the other two are occupied and can be updated over time.
Property Size3,582 SF
Price / SF$277.78
Days on Market31
Property Features for 1-4-214 Madison Avenue
General Information
Standard status
Active
Size
3,582 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$7,633
Amenities
generous parking
private outdoor space
dedicated storage
laundry areas
Building Details
Tenancy
Multi
Listing Agency:
ITG Realty
(321) 917-1808
Listed By:
Jared Doyle
(321) 917-1808
Source:
Exprealty
Added: Jul 10
Changed: Aug 2
Last Checked: Aug 8 at 10:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ITG Realty
Investment Insights
Based on property information with market context.
This 3,582 SF quadplex contains four residential units, including two that have been renovated with updated kitchens, bathrooms, luxury vinyl flooring, recessed LED lighting, butcher block countertops, stainless steel appliances, fresh paint, and contemporary finishes. The remaining two units are occupied, allowing improvements to be completed over time. Property features include generous parking, private outdoor areas, dedicated storage, and laundry spaces.
The property is located at 1-4-214 Madison Avenue in Cape Canaveral, Florida, just minutes from the Atlantic Ocean, Cocoa Beach, Port Canaveral, cruise terminals, Patrick Space Force Base, and Kennedy Space Center. The surrounding Space Coast area also includes an expanding aerospace corridor.
The property is located at 1-4-214 Madison Avenue in Cape Canaveral, Florida, just minutes from the Atlantic Ocean, Cocoa Beach, Port Canaveral, cruise terminals, Patrick Space Force Base, and Kennedy Space Center. The surrounding Space Coast area also includes an expanding aerospace corridor.
Key Highlights
- 3,582 SF quadplex with four residential units
- Two units renovated with updated kitchens, bathrooms, flooring, lighting, and appliances
- Two occupied units offer the ability to renovate over time
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
$40,793
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
4.10%
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%
$815,860
$815.9K
Cap Rate 7%
$582,757
$582.8K
Cap Rate 9%
$453,256
$453.3K
Market Conditions
NOI Build-Up for 3,582 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
$62.3K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$58.3K $16.27/SF
− OpEx
−$17.5K −$4.88/SF
NOI
$40.8K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /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%
$815,860
Cap Rate 7%
$582,757
Cap Rate 9%
$453,256
Alternative Uses
Best Use
Multifamily LT 5
$582.8K
$509.9K – $679.9K
NOI $40,793 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$523.8K
$458.4K – $611.1K
NOI $36,668 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$945.0K
$826.9K – $1.10M
NOI $66,152 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
737
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?
Quadplex - Two units feature renovated interiors; the other two are occupied and can be updated over time.
Where is this quadplex located?
The property is located at 1-4-214 Madison Avenue Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,582 SF quadplex with four residential units; Two units renovated with updated kitchens, bathrooms, flooring, lighting, and appliances; Two occupied units offer the ability to renovate over time
