Waterfront Quadplex With Gulf
New
For Sale
$525,000
1705 SE 46th Ln A, Cape Coral, FL 33904
Four-unit multifamily property with direct boating access and redevelopment potential in a residential setting.
Property Size2,000 SF
Days on Market3
Property Features for 1705 SE 46th Ln A
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Investment
Zoning
Residential Multi-Family
Property Condition
Severity
Teardown
Evidence
complete tear-down
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,472
Building Details
Building Size
2,000 SF
Year Built
1968
Units
4
Listing Agency:
Sellstate Priority Realty
(239) 281-0856
Listed By:
Cindy Roper · License #252010705
(239) 281-0856
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 6:35AM
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 Sellstate Priority Realty
Investment Insights
Based on property information with market context.
Built in 1968, this four-unit multifamily property is positioned on the waterfront at 1705 SE 46th Ln A in Cape Coral. The existing improvements require TLC, while the site may also suit a complete teardown and redevelopment plan.
Residential Multi-Family zoning allows up to 4 units. Direct Gulf access without bridge crossings connects the property toward the Caloosahatchee River and the Gulf of Mexico, adding a boating-oriented component to the asset. The property is offered in its current condition and sold as-is.
Residential Multi-Family zoning allows up to 4 units. Direct Gulf access without bridge crossings connects the property toward the Caloosahatchee River and the Gulf of Mexico, adding a boating-oriented component to the asset. The property is offered in its current condition and sold as-is.
Key Highlights
- 4‑plex property built in 1968
- Direct Gulf access with no bridges
- Residential Multi‑Family zoning allows up to 4 units
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
$26,473
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
5.04%
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%
$529,460
$529.5K
Cap Rate 7%
$378,186
$378.2K
Cap Rate 9%
$294,144
$294.1K
Market Conditions
NOI Build-Up for 2,000 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
$39.6K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.8K $18.91/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$26.5K $13.24/SF
Area
Cape Coral, FL
Vacancy
4.50%
Lease Rate
$19.80 /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%
$529,460
Cap Rate 7%
$378,186
Cap Rate 9%
$294,144
Alternative Uses
Best Use
Multifamily LT 5
$378.2K
$330.9K – $441.2K
NOI $26,473 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,532 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,151
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?
Quadplex - Four-unit multifamily property with direct boating access and redevelopment potential in a residential setting.
Where is this quadplex located?
The property is located at 1705 SE 46th Ln A Cape Coral, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 4‑plex property built in 1968; Direct Gulf access with no bridges; Residential Multi‑Family zoning allows up to 4 units
