Cape Coral Multifamily Investment
For Sale
$749,000
403 Hancock Bridge Pkwy 1-5, Cape Coral, FL 33990
Five-unit multifamily building with income potential in Cape Coral, Florida.
Property Size4,364 SF
Lot Size0.36 Acres
Price / SF$174.19
Days on Market154
Property Features for 403 Hancock Bridge Pkwy 1-5
General Information
Standard status
Active
Size
4,364 SF
Lot size
0.36 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,676
Building Details
Building Size
4,364 SF
Year Built
1982
Stories
1
Listing Agency:
Real Broker, LLC
(239) 919-7444
Listed By:
David Piper · License #281520418
(239) 919-7444
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This multifamily 5-plex building offers an investment opportunity with a total of 10 bedrooms and 5 baths across approximately 4300 square feet. Each of the five units features a 2-bedroom, 1-bath layout. The property benefits from a new, light-colored 2023 dimensional shingle roof designed to maximize efficiency. The building is located conveniently near shopping and dining options, and is situated approximately half a mile from Santa Barbara Parkway and Pine Island Road. Currently, three units are occupied by long-term tenants in good standing. Each unit includes vinyl fence sections that create private backyard spaces for the renters. Tiled floors are present in each unit. Each unit is individually metered for both electric and water, with tenants responsible for utility payments. An indoor shared laundry room is available, equipped with a coin-operated washer and dryer. There is potential for increased rental income through property improvements.
Key Highlights
- Multi‑family 5‑plex offers a significant investment opportunity.
- New 2023 dimensional shingle roof for maximized efficiency.
- Each unit has 2 bedrooms and 1 bath with private backyard spaces.
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
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-unit multifamily building with income potential in Cape Coral, Florida.
Where is this apartment building located?
The property is located at 403 Hancock Bridge Pkwy 1-5 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: Multi‑family 5‑plex offers a significant investment opportunity.; New 2023 dimensional shingle roof for maximized efficiency.; Each unit has 2 bedrooms and 1 bath with private backyard spaces.
