Five-Plex Residential Income
For Sale
$749,000
1-5-403 Hancock Bridge Pkwy, Cape Coral, FL 33991
This five-plex residential income property features five 2-bedroom, 1-bath units with individual electric and water meters.
Property Size4,364 SF
Price / SF$171.63
Days on Market822
Property Features for 1-5-403 Hancock Bridge Pkwy
General Information
Standard status
Active
Size
4,364 SF
Occupancy
60%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$7,676
Amenities
private backyard spaces
tiled floors
shared laundry room
Building Details
Year Renovated
2023
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
David Piper · License #281520418
(239) 919-7444
Source:
Exprealty
Added: Jul 27, 2024
Changed: Oct 25
Last Checked: Oct 24 at 11:39PM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
This five-plex residential income property features five identical units configured as 2 bedrooms and 1 bathroom each. The building includes tiled flooring and individual electric and water meters, with tenants responsible for their utilities. For outdoor privacy, each unit has vinyl fence sections creating private backyard spaces. An indoor shared laundry room is available with coin-operated washer and dryer.
The property is described as being conveniently located to shopping and dining, with access to Santa Barbara Pkwy and Pine Island Rd within about a half-mile.
Additional noted improvement opportunity is available, and three of the five units are currently occupied by long-term tenants in good standing. A new 2023 dimensional shingle roof, described as lighter in color, has been installed.
The property is described as being conveniently located to shopping and dining, with access to Santa Barbara Pkwy and Pine Island Rd within about a half-mile.
Additional noted improvement opportunity is available, and three of the five units are currently occupied by long-term tenants in good standing. A new 2023 dimensional shingle roof, described as lighter in color, has been installed.
Key Highlights
- Five‑plex with five 2‑bedroom, 1‑bath units and about 4,300 total SF
- Brand new 2023 dimensional shingle roof
- 3 units currently occupied by long‑term, good‑standing tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,530
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,070,600
$1.1M
Cap Rate 7%
$764,714
$764.7K
Cap Rate 9%
$594,778
$594.8K
Market Conditions
NOI Build-Up for 4,364 SF
Gross rent
$101.6K $23.28/SF
− Vacancy
−$4.3K −$0.98/SF
EGI
$97.3K $22.30/SF
− OpEx
−$43.8K −$10.04/SF
NOI
$53.5K $12.27/SF
Area
Cape Coral, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,070,600
Cap Rate 7%
$764,714
Cap Rate 9%
$594,778
Alternative Uses
Best Use
Apartment 5plus
$764.7K
$669.1K – $892.2K
NOI $53,530 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.8K – $1.32M
NOI $79,264 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Explore this area
Business Placement
Demographics for 33991, FL
26,381
Population
11,563
Households
2.3
Avg Household Size
45
Median Age
25%
College-Educated
94%
High-School Grad
12.8 sq mi
ZIP Area
2,061
Density / Sq Mi
$82,927
Median Household Income
$41,773
Median Earnings
$1,914
Median Rent
$351,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - This five-plex residential income property features five 2-bedroom, 1-bath units with individual electric and water meters.
Where is this apartment building located?
The property is located at 1-5-403 Hancock Bridge Pkwy Cape Coral, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Five‑plex with five 2‑bedroom, 1‑bath units and about 4,300 total SF; Brand new 2023 dimensional shingle roof; 3 units currently occupied by long‑term, good‑standing tenants
