Quadplex with
For Sale
$995,000
214 Madison Avenue, Cape Canaveral, FL 32920
MULTI_FAMILY - Cape Canaveral, FL
Property Size3,582 SF
Lot Size0.30 Acres
Price / SF$277.78
Days on Market51
Property Features for 214 Madison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 6
Parking
10
Security features
Security Lighting
Exterior features
Courtyard
Appliances
Dishwasher, Dryer, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer
Subdivision
Avon By The Sea
Elementary school
Cape View
Middle school
Cocoa Beach
High school
Cocoa Beach
Directions
From 528 heading East turn left at N. Atlantic Ave then turn Right on Madison Ave and the Quadplex will be on the left.
Standard status
Active
APN
24-37-23-Cg-00014.0-0012.00
Size
3,582 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
AVON BY THE SEA E 25 FT OF LOT 12,ALL OF LOT 13 & W 29 FT OF LOT 14 BLK 14
Tax Annual Amount
7633
Legal Description
AVON BY THE SEA E 25 FT OF LOT 12,ALL OF LOT 13 & W 29 FT OF LOT 14 BLK 14
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
generous parking
private outdoor space
dedicated storage
laundry areas
Building Details
Year built
1974
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet, Tile, Laminate
Building materials
Frame, Wood Siding
Roof type
Shingle
Listing Agency:
ITG Realty
(321) 622-2701
Listed By:
Jared Doyle
(321) 917-1808
Added: Jul 10
Changed: Aug 2
Last Checked: Aug 29 at 12:06PM
MLS# 1082533
Copyright © 2026 Space Coast Association of Realtors. 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 quadplex offers a four-unit layout on a 0.3-acre site, with a total building size of 3,582 square feet. The property includes a courtyard and has frame construction with wood siding and a shingle roof. Heating and cooling are electric with central air.
Two of the four units have been renovated, including modern kitchens, updated bathrooms, luxury vinyl flooring, recessed LED lighting, butcher block countertops, stainless steel appliances, fresh paint, and contemporary finishes. The remaining two occupied units provide renovation opportunities over time. Appliances noted for the property include a dishwasher, dryer, electric range, electric water heater, microwave, refrigerator, and washer.
Served by public water and public sewer, the property is positioned for long-term rental use with a practical mix of beds and baths reflected in the room breakdown.
Two of the four units have been renovated, including modern kitchens, updated bathrooms, luxury vinyl flooring, recessed LED lighting, butcher block countertops, stainless steel appliances, fresh paint, and contemporary finishes. The remaining two occupied units provide renovation opportunities over time. Appliances noted for the property include a dishwasher, dryer, electric range, electric water heater, microwave, refrigerator, and washer.
Served by public water and public sewer, the property is positioned for long-term rental use with a practical mix of beds and baths reflected in the room breakdown.
Key Highlights
- Four‑unit quadplex on a 0.3‑acre lot
- 3,582 SF total building size
- Courtyard included
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
$40,793
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
4.10%
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%
$815,860
$815.9K
Cap Rate 7%
$582,757
$582.8K
Cap Rate 9%
$453,256
$453.3K
Market Conditions
NOI Build-Up for 3,582 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
$62.3K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$58.3K $16.27/SF
− OpEx
−$17.5K −$4.88/SF
NOI
$40.8K $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%
$815,860
Cap Rate 7%
$582,757
Cap Rate 9%
$453,256
Alternative Uses
Best Use
Multifamily LT 5
$582.8K
$509.9K – $679.9K
NOI $40,793 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$523.8K
$458.4K – $611.1K
NOI $36,668 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$945.0K
$826.9K – $1.10M
NOI $66,152 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
709
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?
Quadplex - Quadplex on 0.3 acres featuring a courtyard, built in 1974, with electric central HVAC and public utilities.
Where is this quadplex located?
The property is located at 214 Madison Avenue Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four‑unit quadplex on a 0.3‑acre lot; 3,582 SF total building size; Courtyard included
