Two-Story Multi-Tenant Office
For Sale
$5,650,000
2804 Del Prado Blvd S, Cape Coral, FL 33904
Office property with flexible occupancy and Gulf access at a signalized intersection in Cape Coral.
Property Size19,368 SF
Lot Size1.12 Acres
Price / SF$291.72
Days on Market181
Property Features for 2804 Del Prado Blvd S
General Information
Standard status
Active
Size
19,368 SF
Lot size
1.12 Acres
Property subtype
Commercial
Zoning
P
Additional Details
Utilities to Site
Yes
Office Units
18
Amenities
Gulf access
Building Details
Year Built
1986
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Phil Deems Real Estate
Listed By:
Phil Deems · License #252010067
(239) 822-1101
Source:
Naplesareahomesearch
Added: Mar 9
Changed: Sep 4
Last Checked: Sep 5 at 8:48AM
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 Phil Deems Real Estate
Investment Insights
Based on property information with market context.
This 19,368-square-foot office building at 2804 Del Prado Blvd S in Cape Coral is arranged across two stories with 18 units. Sixteen units average 1,000 square feet, one measures 1,800 square feet, and additional office suites occupy the second floor. A new metal roof was installed in 2023.
The property sits at the signalized intersection of Del Prado Blvd. South and SE 28th Terrace and has Gulf access. City water, sewer, and irrigation are installed and paid in full. The site includes 48,982 square feet of land and carries FLU designation CP, P zoning, and DOR Code 18. Two units, 203 and 204, are currently available for lease.
The property sits at the signalized intersection of Del Prado Blvd. South and SE 28th Terrace and has Gulf access. City water, sewer, and irrigation are installed and paid in full. The site includes 48,982 square feet of land and carries FLU designation CP, P zoning, and DOR Code 18. Two units, 203 and 204, are currently available for lease.
Key Highlights
- 19,368 SF two‑story office building with 18 units
- 16 units average 1,000 square feet; one additional unit measures 1,800 sf
- New metal roof installed in 2023
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
$274,106
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
4.85%
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%
$5,482,120
$5.5M
Cap Rate 7%
$3,915,800
$3.9M
Cap Rate 9%
$3,045,622
$3.0M
Market Conditions
NOI Build-Up for 19,368 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
$430.0K $22.20/SF
− Vacancy
−$64.5K −$3.33/SF
EGI
$365.5K $18.87/SF
− OpEx
−$91.4K −$4.72/SF
NOI
$274.1K $14.15/SF
Area
Cape Coral, FL
Vacancy
15.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$5,482,120
Cap Rate 7%
$3,915,800
Cap Rate 9%
$3,045,622
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.57M
NOI $274,106 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.03M
$4.40M – $5.86M
NOI $351,785 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
626
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 building - Office property with flexible occupancy and Gulf access at a signalized intersection in Cape Coral.
Where is this office building located?
The property is located at 2804 Del Prado Blvd S Cape Coral, FL.
What is the asking price?
The asking price for this property is $5,650,000.
What are key features of this property?
This property features: 19,368 SF two‑story office building with 18 units; 16 units average 1,000 square feet; one additional unit measures 1,800 sf; New metal roof installed in 2023
