Renovated 8-Unit Apartment
For Sale
$1,450,000
7521 Magnolia Ave, Cape Canaveral, FL 32920
Tenant-occupied multifamily property with private exterior entrances, resident parking, and convenient access to the beach.
Property Size4,906 SF
Price / SF$295.56
Days on Market542
Property Features for 7521 Magnolia Ave
General Information
Standard status
Active
Size
4,906 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR, 3 x 2BR, 3 x 1BR
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$14,379
Building Details
Year Renovated
2020
Listing Agency:
Blue Marlin Real Estate
(321) 543-1374
Listed By:
Brandon Phillips · License #3473138
(321) 543-1374
Source:
Exprealty
Added: Mar 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:18AM
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 Blue Marlin Real Estate
Investment Insights
Based on property information with market context.
This 8-unit apartment building in Cape Canaveral was renovated down to the studs in 2020 and contains 4,906 square feet. The unit mix includes two 3-bedroom apartments, three 2-bedroom apartments, and three 1-bedroom apartments. Each residence has a separate exterior entrance, and parking is available for residents. The property is fully tenant-occupied.
Located at 7521 Magnolia Ave, the building is a short walk from the beach, with Port Canaveral and Cocoa Beach accessible by a quick drive. The combination of a completed renovation, varied apartment sizes, and existing occupancy provides a clearly defined multifamily configuration in a coastal setting.
Located at 7521 Magnolia Ave, the building is a short walk from the beach, with Port Canaveral and Cocoa Beach accessible by a quick drive. The combination of a completed renovation, varied apartment sizes, and existing occupancy provides a clearly defined multifamily configuration in a coastal setting.
Key Highlights
- 8‑unit multifamily property with 4,906 square feet
- Renovated down to the studs in 2020
- Unit mix: 2 three‑bedroom, 3 two‑bedroom, and 3 one‑bedroom apartments
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
$50,221
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
3.46%
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%
$1,004,420
$1.0M
Cap Rate 7%
$717,443
$717.4K
Cap Rate 9%
$558,011
$558.0K
Market Conditions
NOI Build-Up for 4,906 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
$97.1K $19.80/SF
− Vacancy
−$5.8K −$1.19/SF
EGI
$91.3K $18.61/SF
− OpEx
−$41.1K −$8.38/SF
NOI
$50.2K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /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%
$1,004,420
Cap Rate 7%
$717,443
Cap Rate 9%
$558,011
Alternative Uses
Best Use
Apartment 5plus
$717.4K
$627.8K – $837.0K
NOI $50,221 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,604 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 32920, FL
9,984
Population
8,872
Households
1.1
Avg Household Size
58
Median Age
39%
College-Educated
96%
High-School Grad
24.8 sq mi
ZIP Area
403
Density / Sq Mi
$70,734
Median Household Income
$41,264
Median Earnings
$1,161
Median Rent
$323,900
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 - Tenant-occupied multifamily property with private exterior entrances, resident parking, and convenient access to the beach.
Where is this apartment building located?
The property is located at 7521 Magnolia Ave Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 8‑unit multifamily property with 4,906 square feet; Renovated down to the studs in 2020; Unit mix: 2 three‑bedroom, 3 two‑bedroom, and 3 one‑bedroom apartments
