Cape Canaveral Triplex For
For Sale
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285 MONROE AVE, Cape Canaveral, FL 32920
Multifamily property with three units in Cape Canaveral.
Property Size4,560 SF
Price / SF$350.66
Days on Market104
Property Features for 285 MONROE AVE
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Multifamily, Mixed Use, Special Purpose
Building Details
Year Built
1965
Buildings
2
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial NRT Melbourne
(321) 704-1600
Listed By:
Nick F Farinella · License #FL536213
Source:
Crexi
Added: May 18
Changed: Aug 23
Last Checked: Aug 28 at 12:39PM
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 Coldwell Banker Commercial NRT Melbourne
Investment Insights
Based on property information with market context.
This multifamily property, located in Cape Canaveral, Florida, features three units. The property was listed for sale as of November 2, 2022. The building has a total area of 4560 square feet.
Key Highlights
- Multifamily property featuring 3 units
- Built in 1965
- Last sold on 11/02/2022
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
$51,931
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
3.25%
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%
$1,038,620
$1.0M
Cap Rate 7%
$741,871
$741.9K
Cap Rate 9%
$577,011
$577.0K
Market Conditions
NOI Build-Up for 4,560 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
$79.3K $17.40/SF
− Vacancy
−$5.2K −$1.13/SF
EGI
$74.2K $16.27/SF
− OpEx
−$22.3K −$4.88/SF
NOI
$51.9K $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%
$1,038,620
Cap Rate 7%
$741,871
Cap Rate 9%
$577,011
Alternative Uses
Best Use
Multifamily LT 5
$741.9K
$649.1K – $865.5K
NOI $51,931 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$666.8K
$583.5K – $778.0K
NOI $46,679 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,214 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
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?
Triplex - Multifamily property with three units in Cape Canaveral.
Where is this triplex located?
The property is located at 285 MONROE AVE Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Multifamily property featuring 3 units; Built in 1965; Last sold on 11/02/2022
