Four-Unit Residential
New
For Sale
$649,000
1017 SE 39th TER, Cape Coral, FL 33904
Corner-lot residential income property with separate driveways and four individually configured apartments.
Property Size3,394 SF
Days on Market7
Property Features for 1017 SE 39th TER
General Information
Standard status
Active
Size
3,394 SF
Property subtype
Quadruplex
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,075
Building Details
Building Size
3,394 SF
Year Built
1979
Listing Agency:
EXP Realty LLC
Listed By:
Joe Petno · License #772003642
(615) 799-9929
Source:
Kwelevate
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 18 at 10:25AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This quadplex contains four separate two-bedroom, two-bath units, each with tile flooring and ceiling fans. The property was built in 1979 and occupies a corner lot with two driveways. Unit A and Unit B include spacious kitchen and living-dining areas, screened lanais, and full bathrooms. Unit C has an updated kitchen equipped with a stove, microwave, and refrigerator, along with a living-dining area and two bedrooms. The fourth unit is also configured as a two-bedroom, two-bath residence.
Located at 1017 SE 39th Ter in Cape Coral, the property records a walk score of 28 and a bike score of 43, described as Car-Dependent and Somewhat Bikeable, respectively.
Located at 1017 SE 39th Ter in Cape Coral, the property records a walk score of 28 and a bike score of 43, described as Car-Dependent and Somewhat Bikeable, respectively.
Key Highlights
- Four separate 2‑bedroom, 2‑bath units
- Corner‑lot property with two driveways
- Tile flooring and ceiling fans in all four units
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
$44,924
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
6.92%
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%
$898,480
$898.5K
Cap Rate 7%
$641,771
$641.8K
Cap Rate 9%
$499,156
$499.2K
Market Conditions
NOI Build-Up for 3,394 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
$67.2K $19.80/SF
− Vacancy
−$3.0K −$0.89/SF
EGI
$64.2K $18.91/SF
− OpEx
−$19.3K −$5.67/SF
NOI
$44.9K $13.24/SF
Area
Cape Coral, FL
Vacancy
4.50%
Lease Rate
$19.80 /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%
$898,480
Cap Rate 7%
$641,771
Cap Rate 9%
$499,156
Alternative Uses
Best Use
Multifamily LT 5
$641.8K
$561.6K – $748.7K
NOI $44,924 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$594.7K
$520.4K – $693.9K
NOI $41,632 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$880.7K
$770.6K – $1.03M
NOI $61,646 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
Explore this area
Business Placement
Demographics for 33904, FL
32,029
Population
20,401
Households
1.6
Avg Household Size
56
Median Age
29%
College-Educated
95%
High-School Grad
9.7 sq mi
ZIP Area
3,302
Density / Sq Mi
$66,933
Median Household Income
$43,829
Median Earnings
$1,665
Median Rent
$347,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Corner-lot residential income property with separate driveways and four individually configured apartments.
Where is this quadplex located?
The property is located at 1017 SE 39th TER Cape Coral, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Four separate 2‑bedroom, 2‑bath units; Corner‑lot property with two driveways; Tile flooring and ceiling fans in all four units
