Five-Plex Residential Income
1-5-403 Hancock Bridge Pkwy Cape Coral, FL 33991
For Sale
$799,000
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$183.09
Days on Market727
Property Features for 1-5-403 Hancock Bridge Pkwy
General Information
- Standard status
- Active
- Size
- 4,364 SF
Listing Agency:
Real Broker, LLC
(239) 919-7444
Listed By:
David Piper · License #281520418
(239) 919-7444
Source:
Exprealty
Added: Jul 27, 2024
Changed: Jul 21
Last Checked: Jul 23 at 1:11PM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.6k | $23.28 |
| − Vacancy | −$4.3k | −$0.98 |
| EGI | $97.3k | $22.30 |
| − OpEx | −$43.8k | −$10.04 |
| NOI | $53.5k | $12.27 |
4,364 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$764.7K
$669.1K – $892.2K
NOI $53,530 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.8K – $1.32M
NOI $79,264 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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 $799,000.
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
