New Construction
For Sale
$525,000
510/512 Hancock Bridge Parkway, Cape Coral, FL 33990
MULTI_FAMILY - Other - Cape Coral, FL
Property Size2,280 SF
Lot Size0.23 Acres
Price / SF$230.26
Days on Market141
Property Features for 510/512 Hancock Bridge Parkway
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
R3-D
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 5, Bathroom 3, Bedroom 2
Pets allowed
Yes
Subdivision
CAPE CORAL
Lot features
Rectangular Lot
Standard status
Active
APN
13-44-23-C2-01108.0840
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAPE CORAL UNIT 23 BLK 1108 PB 14 PG 50 LOTS 84 + 85
Tax Annual Amount
3019
Legal Description
CAPE CORAL UNIT 23 BLK 1108 PB 14 PG 50 LOTS 84 + 85
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s), Electric
Building Details
Year built
2025
Number of units
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Schooner Bay Realty, Inc.
(239) 997-4000
Listed By:
Elizabeth Bracero · License #279651223
(786) 837-3893
Added: Mar 30
Changed: Aug 1
Last Checked: Aug 17 at 10:06AM
MLS# 2026015088
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 new construction duplex at 510/512 Hancock Bridge Parkway is currently under construction and built for residential income use. The project is slated as a 2-unit layout totaling 2,280 SF, with six bedrooms and four bathrooms across the combined footprint. Construction materials include block, concrete, and stucco, with tile flooring. Heating is central electric, and cooling is central air with ceiling fans.
The property is described as having city water and sewer and being not in a flood zone. The seller notes assessments are fully paid and that no flood insurance is required. There is no HOA fee, and tenants are in place, supporting a ready-to-operate residential income position upon completion.
Built in 2025, the duplex includes a shingle roof and is positioned in southwest Cape Coral near retail and everyday amenities.
The property is described as having city water and sewer and being not in a flood zone. The seller notes assessments are fully paid and that no flood insurance is required. There is no HOA fee, and tenants are in place, supporting a ready-to-operate residential income position upon completion.
Built in 2025, the duplex includes a shingle roof and is positioned in southwest Cape Coral near retail and everyday amenities.
Key Highlights
- 0.23‑acre duplex property
- Tenants in place
- Built in 2025, under construction
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
$30,179
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
5.75%
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%
$603,580
$603.6K
Cap Rate 7%
$431,129
$431.1K
Cap Rate 9%
$335,322
$335.3K
Market Conditions
NOI Build-Up for 2,280 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
$45.1K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$43.1K $18.91/SF
− OpEx
−$12.9K −$5.67/SF
NOI
$30.2K $13.24/SF
Area
Cape Coral, FL
Vacancy
4.50%
Lease Rate
$19.80 /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%
$603,580
Cap Rate 7%
$431,129
Cap Rate 9%
$335,322
Alternative Uses
Best Use
Multifamily LT 5
$431.1K
$377.2K – $503.0K
NOI $30,179 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$399.5K
$349.6K – $466.1K
NOI $27,967 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$591.6K
$517.7K – $690.2K
NOI $41,412 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
567
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?
Duplex - New construction duplex with city water and sewer, under construction, and tenants in place in southwest Cape Coral.
Where is this duplex located?
The property is located at 510/512 Hancock Bridge Parkway Cape Coral, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 0.23‑acre duplex property; Tenants in place; Built in 2025, under construction
