Duplex with Enclosed
For Sale
$380,000
Pending
116 LINCOLN AVENUE 116-118, Cape Canaveral, FL 32920
Two separately metered units offer short-term rental flexibility near the shoreline.
Property Size1,350 SF
Days on Market488
Property Features for 116 LINCOLN AVENUE 116-118
General Information
Standard status
Pending
Size
1,350 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,507
Building Details
Year Built
1957
Listing Agency:
FLORIDA HOMES & LOANS INC.
(407) 242-7758
Listed By:
Gemma Peterson · License #3522887
(407) 242-7758
Source:
Exitrealty
Added: Apr 30, 2025
Changed: Aug 30
Last Checked: Aug 30 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 FLORIDA HOMES & LOANS INC.
Investment Insights
Based on property information with market context.
This 1,350-square-foot duplex, built in 1957, includes two separately metered units connected to natural gas. The property also features an enclosed glass sunroom outside the main living area and a covered rear patio. Both spaces provide additional areas for storage, guest use, or outdoor activities, subject to the buyer’s plans.
A complete renovation is needed, including the roof, electrical system, plumbing, and interior finishes. Zoning allows short-term rentals, and the property may also be converted to a single-family residence. The address places the duplex near the sandy shoreline, beach bars, and local dining in Cape Canaveral.
A complete renovation is needed, including the roof, electrical system, plumbing, and interior finishes. Zoning allows short-term rentals, and the property may also be converted to a single-family residence. The address places the duplex near the sandy shoreline, beach bars, and local dining in Cape Canaveral.
Key Highlights
- 1,350‑square‑foot duplex built in 1957
- Two separately metered units connected to natural gas
- Zoning allows short‑term rentals
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
$15,374
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
4.05%
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%
$307,480
$307.5K
Cap Rate 7%
$219,629
$219.6K
Cap Rate 9%
$170,822
$170.8K
Market Conditions
NOI Build-Up for 1,350 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
$23.5K $17.40/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$22.0K $16.27/SF
− OpEx
−$6.6K −$4.88/SF
NOI
$15.4K $11.39/SF
Area
Brevard County, FL
Vacancy
6.50%
Lease Rate
$17.40 /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%
$307,480
Cap Rate 7%
$219,629
Cap Rate 9%
$170,822
Alternative Uses
Best Use
Multifamily LT 5
$219.6K
$192.2K – $256.2K
NOI $15,374 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$197.4K
$172.7K – $230.3K
NOI $13,819 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
587
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units offer short-term rental flexibility near the shoreline.
Where is this duplex located?
The property is located at 116 LINCOLN AVENUE 116-118 Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 1,350‑square‑foot duplex built in 1957; Two separately metered units connected to natural gas; Zoning allows short‑term rentals
