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 Market777
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: Sep 5
Last Checked: Sep 9 at 8:44PM
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
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
$53,530
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
7.15%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
