Renovated 4-Unit
For Sale
$995,000
214 Madison Ave Unit 1-4, Cape Canaveral, FL 32920
Two units feature updated interiors, while two occupied units remain available for future renovation.
Property Size3,582 SF
Price / SF$277.78
Days on Market51
Property Features for 214 Madison Ave Unit 1-4
General Information
Standard status
Active
Size
3,582 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
The remaining two occupied units provide the next owner the opportunity to renovate over time
Additional Details
Multifamily Units
4
Amenities
private outdoor space
dedicated storage and laundry areas
Building Details
Year Built
1974
Listing Agency:
ITG Realty
(321) 917-1808
Listed By:
Jared Doyle
Source:
Viewfloridabeachhouses
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 5:48PM
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 ITG Realty
Investment Insights
Based on property information with market context.
This 3582-square-foot quadplex contains four units and was built in 1974. Two units have been renovated with updated kitchens and bathrooms, luxury vinyl flooring, recessed LED lighting, butcher block countertops, stainless steel appliances, fresh paint, and contemporary finishes. The other two units are occupied, allowing the existing configuration to include both completed improvements and units that may be renovated later.
Property features include generous parking, private outdoor areas, dedicated storage, and laundry spaces. The building is located at 214 Madison Ave Unit 1-4 in Cape Canaveral, near the Atlantic Ocean, Cocoa Beach, Port Canaveral, cruise terminals, Patrick Space Force Base, Kennedy Space Center, and the expanding aerospace corridor. The property is positioned within the Space Coast rental market and near the area's tourism and aerospace activity.
Property features include generous parking, private outdoor areas, dedicated storage, and laundry spaces. The building is located at 214 Madison Ave Unit 1-4 in Cape Canaveral, near the Atlantic Ocean, Cocoa Beach, Port Canaveral, cruise terminals, Patrick Space Force Base, Kennedy Space Center, and the expanding aerospace corridor. The property is positioned within the Space Coast rental market and near the area's tourism and aerospace activity.
Key Highlights
- Four‑unit quadplex with 3582 square feet of building area
- Two units renovated with updated kitchens, bathrooms, flooring, lighting, and appliances
- Two occupied units remain available for future renovation
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
Current Use
Lease Details
4
Residential units
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 - Two units feature updated interiors, while two occupied units remain available for future renovation.
Where is this quadplex located?
The property is located at 214 Madison Ave Unit 1-4 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 with 3582 square feet of building area; Two units renovated with updated kitchens, bathrooms, flooring, lighting, and appliances; Two occupied units remain available for future renovation
