Two-Unit Office
For Sale
$1,072,000
1615 47th Terrace, Cape Coral, FL 33904
Office property in the CRA district with SC zoning and potential for a three-unit configuration.
Property Size3,634 SF
Price / SF$294.99
Days on Market34
Property Features for 1615 47th Terrace
General Information
Standard status
Active
Size
3,634 SF
Property subtype
Office
Zoning
SC
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$10,679
Building Details
Year Built
1978
Buildings
1
Tenancy
Multi
Listing Agency:
Professional Realty
(239) 851-2090
Listed By:
Jack Britton · License #543610
(239) 851-2090
Source:
Xome
Added: Jul 8
Changed: Aug 9
Last Checked: Aug 9 at 12:58PM
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 Professional Realty
Investment Insights
Based on property information with market context.
This 3,634-square-foot office property was built in 1978 and is arranged as a two-unit building, with the potential to configure three units. The property is being offered in its existing condition and is located within a CRA district. SC zoning applies to the site.
The building has supported several commercial uses, including insurance and real estate offices, a deli, and a bakery. One unit is currently occupied by a bakery tenant whose lease ends at the end of August 2026; the tenant would like to remain. The property may suit an owner-occupant or an investor seeking a flexible office configuration.
The building has supported several commercial uses, including insurance and real estate offices, a deli, and a bakery. One unit is currently occupied by a bakery tenant whose lease ends at the end of August 2026; the tenant would like to remain. The property may suit an owner-occupant or an investor seeking a flexible office configuration.
Key Highlights
- 3,634‑square‑foot office building constructed in 1978
- Two‑unit layout with potential for three units
- Located in a CRA district
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
$54,800
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
5.11%
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%
$1,096,000
$1.1M
Cap Rate 7%
$782,857
$782.9K
Cap Rate 9%
$608,889
$608.9K
Market Conditions
NOI Build-Up for 3,634 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
$79.8K $21.96/SF
− Vacancy
−$1.5K −$0.42/SF
EGI
$78.3K $21.54/SF
− OpEx
−$23.5K −$6.46/SF
NOI
$54.8K $15.08/SF
Area
Cape Coral, FL
Vacancy
1.90%
Lease Rate
$21.96 /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%
$1,096,000
Cap Rate 7%
$782,857
Cap Rate 9%
$608,889
Alternative Uses
Best Use
Retail
$782.9K
$685.0K – $913.3K
NOI $54,800 @ 7.0% cap · market cap 5.11%
Second Best
Office B
$734.7K
$642.9K – $857.2K
NOI $51,430 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$942.9K
$825.1K – $1.10M
NOI $66,005 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,496
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office property in the CRA district with SC zoning and potential for a three-unit configuration.
Where is this office units located?
The property is located at 1615 47th Terrace Cape Coral, FL.
What is the asking price?
The asking price for this property is $1,072,000.
What are key features of this property?
This property features: 3,634‑square‑foot office building constructed in 1978; Two‑unit layout with potential for three units; Located in a CRA district
