Two-Unit Office
For Sale
$1,072,000
1615 SE 47th Terrace, Cape Coral, FL 33904
COMMERCIAL - Cape Coral, FL
Property Size3,634 SF
Lot Size0.22 Acres
Price / SF$294.99
Days on Market48
Property Features for 1615 SE 47th Terrace
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
SC
Directions
SE 47TH Terrace east of Del Prado Blvd.
Subdivision
CC12 - Cape Coral Unit 7-15
Standard status
Active
APN
07-45-24-C3-00361.A110
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
CAPE CORAL UNIT 7 BLK 361A PB 12 PG 113 LOTS 11 THRU 13
Tax Annual Amount
10679
Legal Description
CAPE CORAL UNIT 7 BLK 361A PB 12 PG 113 LOTS 11 THRU 13
Building Details
Year built
1978
Floors in Building
1
Listing Agency:
Professional Realty
(239) 772-1010
Listed By:
Jack Britton · License #252000141
(239) 851-2090
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 26 at 10:06AM
MLS# 2026029707
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1978 commercial building is arranged as two units and is currently in good condition. One unit is occupied by a bakery, while the property has previously accommodated insurance and real estate offices, a deli, and other commercial operations. The layout may support conversion to three units, subject to applicable requirements.
The property is located in Cape Coral’s CRA district on a 0.215-acre parcel. Zoning is SC, described in the source information as flexible for commercial use. The bakery lease runs through the end of August 2026, and the tenant has expressed interest in remaining. The property is offered in its existing condition.
The property is located in Cape Coral’s CRA district on a 0.215-acre parcel. Zoning is SC, described in the source information as flexible for commercial use. The bakery lease runs through the end of August 2026, and the tenant has expressed interest in remaining. The property is offered in its existing condition.
Key Highlights
- Two‑unit commercial building with potential for three units
- SC zoning in a CRA district
- Current bakery occupancy in one unit
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
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,080
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Flexible SC zoning supports office use and a range of commercial configurations.
Where is this office units located?
The property is located at 1615 SE 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: Two‑unit commercial building with potential for three units; SC zoning in a CRA district; Current bakery occupancy in one unit
