Cape Canaveral Multifamily Investment
For Sale
$2,150,000
404 HARRISON, Cape Canaveral, FL 32920
Well-located 12-unit multifamily property, two blocks from the ocean.
Property Size8,143 SF
Lot Size0.29 Acres
Days on Market166
Property Features for 404 HARRISON
General Information
Standard status
Active
Size
8,143 SF
Lot size
0.29 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$19,816
Building Details
Building Size
8,143 SF
Year Built
1964
Units
12
Listing Agency:
Lawhun Enterprises, LLC
(407) 907-0350
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Source:
Elliman
Added: Mar 12
Changed: Aug 22
Last Checked: Aug 23 at 8:08AM
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 Lawhun Enterprises, LLC
Investment Insights
Based on property information with market context.
The Harrison Apartments is a 12-unit multifamily property in Cape Canaveral, situated two blocks from the ocean. Each unit features a 2-bedroom, 1-bath layout and central air conditioning. The property is located adjacent to Sandpiper Park and is near Port Canaveral. Tenants are responsible for their own electricity, while the owner is responsible for water. The property's coastal location and rental demand contribute to long-term appreciation and stable occupancy. This property is suitable for long-term renters and those working in the cruise and tourism industry.
Key Highlights
- Prime coastal location just two blocks from the ocean in Cape Canaveral
- 12‑unit multifamily property with strong rental demand
- Spacious 2‑bedroom, 1‑bath units with central air conditioning
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
$83,357
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
3.88%
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%
$1,667,140
$1.7M
Cap Rate 7%
$1,190,814
$1.2M
Cap Rate 9%
$926,189
$926.2K
Market Conditions
NOI Build-Up for 8,143 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
$161.2K $19.80/SF
− Vacancy
−$9.7K −$1.19/SF
EGI
$151.6K $18.61/SF
− OpEx
−$68.2K −$8.38/SF
NOI
$83.4K $10.24/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$19.80 /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%
$1,667,140
Cap Rate 7%
$1,190,814
Cap Rate 9%
$926,189
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,357 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,385 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
713
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-located 12-unit multifamily property, two blocks from the ocean.
Where is this apartment building located?
The property is located at 404 HARRISON Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Prime coastal location just two blocks from the ocean in Cape Canaveral; 12‑unit multifamily property with strong rental demand; Spacious 2‑bedroom, 1‑bath units with central air conditioning
