Waterfront 16-Unit Apartment
New
For Sale
$2,850,000
3817 Del Prado Blvd S, Cape Coral, FL 33904
Established rental property positioned along the Rainbow Canal in Cape Coral.
Property Size7,591 SF
Days on Market6
Property Features for 3817 Del Prado Blvd S
General Information
Standard status
Active
Size
7,591 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
16
Amenities
waterfront amenities
Building Details
Building Size
7,591 SF
Year Built
1973
Listing Agency:
LQ Commercial - Corporate
Listed By:
Bruce Micciche, CCIM
(941) 999-1188
Source:
Lqcre
Added: Sep 6
Changed: Sep 10
Last Checked: Sep 10 at 7:35AM
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 LQ Commercial - Corporate
Investment Insights
Based on property information with market context.
This multifamily property contains 16 apartment units and was built in 1973. Its waterfront setting along the Rainbow Canal adds a distinct physical characteristic to the residential income asset.
The property is located at 3817 Del Prado Blvd S in Cape Coral, Florida, within a commercial corridor identified in the property information. The address places the asset on Del Prado Boulevard South in the 33904 ZIP code.
The property is located at 3817 Del Prado Blvd S in Cape Coral, Florida, within a commercial corridor identified in the property information. The address places the asset on Del Prado Boulevard South in the 33904 ZIP code.
Key Highlights
- 16‑unit multifamily apartment property
- Located directly on the Rainbow Canal
- Built in 1973
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
$93,113
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
3.27%
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%
$1,862,260
$1.9M
Cap Rate 7%
$1,330,186
$1.3M
Cap Rate 9%
$1,034,589
$1.0M
Market Conditions
NOI Build-Up for 7,591 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
$176.7K $23.28/SF
− Vacancy
−$7.4K −$0.98/SF
EGI
$169.3K $22.30/SF
− OpEx
−$76.2K −$10.04/SF
NOI
$93.1K $12.27/SF
Area
Cape Coral, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,862,260
Cap Rate 7%
$1,330,186
Cap Rate 9%
$1,034,589
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $93,113 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,877 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
725
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Established rental property positioned along the Rainbow Canal in Cape Coral.
Where is this apartment building located?
The property is located at 3817 Del Prado Blvd S Cape Coral, FL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 16‑unit multifamily apartment property; Located directly on the Rainbow Canal; Built in 1973
