5-Unit Apartment
For Sale
$749,000
403 Hancock Bridge Parkway, Cape Coral, FL 33990
CommercialSale, Cape Coral, FL
Property Size4,300 SF
Lot Size0.36 Acres
Price / SF$174.19
Days on Market760
Property Features for 403 Hancock Bridge Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CORR
Directions
Driving on Santa Barbara Blvd turn east onto Hancock Bridge Pkwy 1/2mile, make a u-turn at SE 4th Pl to 403 Hancock Bridge Pkwy on right.
Subdivision
CC31 - Cape Coral Unit 17, 31-36
Standard status
Active
APN
13-44-23-C1-01095.0410
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
CAPE CORAL UNIT 23 BLK 1095 PB 14 PG 50 LOTS 41 THRU 43
Tax Annual Amount
7677
Legal Description
CAPE CORAL UNIT 23 BLK 1095 PB 14 PG 50 LOTS 41 THRU 43
Amenities
private backyard spaces
shared laundry room
Building Details
Year built
1982
Floors in Building
1
Architectural style
Other
Listing Agency:
Real Broker, LLC
(407) 279-0038
Listed By:
David Piper · License #281520418
(239) 919-7444
Added: Jul 27, 2024
Changed: Aug 20
Last Checked: Aug 25 at 5:06AM
MLS# 224063587
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. 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 five-unit apartment building contains approximately 4300 total square feet, with each apartment arranged as a two-bedroom, one-bath residence. Tiled floors are provided throughout the units, and vinyl fence sections define private backyard areas for occupants. A shared indoor laundry room includes a coin-operated washer and dryer.
The property is located at 403 Hancock Bridge Parkway in Cape Coral, Florida, within 1/2 mile of Santa Barbara Pkwy and Pine Island Rd., with shopping and dining nearby. The building was constructed in 1982 and received a new dimensional shingle roof in 2023. Each apartment has separate electric and water meters, with tenants paying their own utility usage. Three units are currently occupied by long-term tenants in good standing.
The property is located at 403 Hancock Bridge Parkway in Cape Coral, Florida, within 1/2 mile of Santa Barbara Pkwy and Pine Island Rd., with shopping and dining nearby. The building was constructed in 1982 and received a new dimensional shingle roof in 2023. Each apartment has separate electric and water meters, with tenants paying their own utility usage. Three units are currently occupied by long-term tenants in good standing.
Key Highlights
- Five apartments with a consistent 2‑bedroom, 1‑bath layout
- Around 4300 total square feet across the building
- New 2023 dimensional shingle roof
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
$52,745
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
7.04%
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%
$1,054,900
$1.1M
Cap Rate 7%
$753,500
$753.5K
Cap Rate 9%
$586,056
$586.1K
Market Conditions
NOI Build-Up for 4,300 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
$100.1K $23.28/SF
− Vacancy
−$4.2K −$0.98/SF
EGI
$95.9K $22.30/SF
− OpEx
−$43.2K −$10.04/SF
NOI
$52.7K $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%
$1,054,900
Cap Rate 7%
$753,500
Cap Rate 9%
$586,056
Alternative Uses
Best Use
Apartment 5plus
$753.5K
$659.3K – $879.1K
NOI $52,745 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$976.3K – $1.30M
NOI $78,102 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 33990, FL
32,717
Population
15,483
Households
2.1
Avg Household Size
47
Median Age
24%
College-Educated
89%
High-School Grad
9.3 sq mi
ZIP Area
3,518
Density / Sq Mi
$70,278
Median Household Income
$38,588
Median Earnings
$1,643
Median Rent
$330,500
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?
Apartment building - Five matching apartments feature tiled interiors, private yard sections, and individually metered electric and water service.
Where is this apartment building located?
The property is located at 403 Hancock Bridge Parkway Cape Coral, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Five apartments with a consistent 2‑bedroom, 1‑bath layout; Around 4300 total square feet across the building; New 2023 dimensional shingle roof
