5-Unit Apartment Building with
For Sale
$999,000
3815 15th Pl, Cape Coral, FL 33904
Concrete-block construction with two-bedroom, two-bath layouts and washer-dryer hookups in every apartment.
Property Size5,483 SF
Price / SF$182.20
Days on Market3070
Property Features for 3815 15th Pl
General Information
Standard status
Active
Size
5,483 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$7,636
Amenities
3
R3-D
Building Details
Year Built
1983
Stories
1
Listing Agency:
MVP Realty Associates LLC
(800) 806-0816
Listed By:
Kendra Hoefs · License #NAPLES-251502008
(239) 770-3345
Source:
Xome
Added: Apr 9, 2018
Changed: Sep 2
Last Checked: Sep 2 at 1:14PM
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 MVP Realty Associates LLC
Investment Insights
Based on property information with market context.
This 5,483 SF apartment property contains five fully leased units, each arranged with two bedrooms and two bathrooms. Every apartment includes an en suite primary bath, washer-dryer hookups, and tile flooring. The concrete-block building dates to 1983 and includes hurricane shutters purchased for the entire property.
Several capital improvements have been completed, including a roof and gutters installed in 2019 and an asphalt driveway added in 2022. Apartment updates vary by unit, with renovations completed in Apartments 4 and 5 and partial renovations in Apartments 1, 2, and 3. Mechanical and appliance improvements include HVAC units dating from 2013–2018, replumbing in Apartment 3 in 2018, and select replacement refrigerators, washers, and water heaters. The property is located off Del Prado in Cape Coral.
Several capital improvements have been completed, including a roof and gutters installed in 2019 and an asphalt driveway added in 2022. Apartment updates vary by unit, with renovations completed in Apartments 4 and 5 and partial renovations in Apartments 1, 2, and 3. Mechanical and appliance improvements include HVAC units dating from 2013–2018, replumbing in Apartment 3 in 2018, and select replacement refrigerators, washers, and water heaters. The property is located off Del Prado in Cape Coral.
Key Highlights
- Five fully leased apartments with two‑bedroom, two‑bath layouts
- 5,483 SF concrete‑block building constructed in 1983
- Roof and gutters replaced in 2019; asphalt driveway added in 2022
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
$67,256
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
6.73%
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%
$1,345,120
$1.3M
Cap Rate 7%
$960,800
$960.8K
Cap Rate 9%
$747,289
$747.3K
Market Conditions
NOI Build-Up for 5,483 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
$127.6K $23.28/SF
− Vacancy
−$5.4K −$0.98/SF
EGI
$122.3K $22.30/SF
− OpEx
−$55.0K −$10.04/SF
NOI
$67.3K $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%
$1,345,120
Cap Rate 7%
$960,800
Cap Rate 9%
$747,289
Alternative Uses
Best Use
Apartment 5plus
$960.8K
$840.7K – $1.12M
NOI $67,256 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,589 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
725
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Concrete-block construction with two-bedroom, two-bath layouts and washer-dryer hookups in every apartment.
Where is this apartment building located?
The property is located at 3815 15th Pl Cape Coral, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five fully leased apartments with two‑bedroom, two‑bath layouts; 5,483 SF concrete‑block building constructed in 1983; Roof and gutters replaced in 2019; asphalt driveway added in 2022
