Cape Coral Fourplex Investment
For Sale
Contact for pricing
Pending
624 SE 46th Street, Cape Coral, FL 33904
Remodeled fourplex near downtown Cape Coral with vacation rental licenses.
Property Size3,616 SF
Days on Market164
Property Features for 624 SE 46th Street
General Information
Standard status
Pending
Size
3,616 SF
Property subtype
Multifamily
Zoning
R3-D
Building Details
Year Built
1979
Units
4
Listing Agency:
MAKS Realty Inc
(239) 707-7967
Listed By:
Manny Gonzalez · License #FL
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 MAKS Realty Inc
Investment Insights
Based on property information with market context.
This Cape Coral fourplex presents a great investment opportunity, situated close to downtown, shops, and restaurants. The property features a newer roof installed in 2018 and all new windows. It operates as a vacation rental, with all four units furnished and equipped with laundry facilities. Each unit has been completely remodeled, featuring new bathrooms, kitchens, granite countertops, and tile floors. The units are equipped with kitchen utensils, pots and pans, linen, and towels. The property includes a new heated swimming pool and a pergola with a TV in the backyard. Each unit has its own BBQ. A private fence surrounds the property, with private access via a lock with a code. All units are equipped with smart locks. The owner has superhost status on AirBnb and many 5-star reviews. All Florida State and County vacation rental licenses are in place. The property size is 3616 square feet.
Key Highlights
- Turnkey Vacation Rental: Fully furnished units with licenses and established Airbnb superhost status.
- Remodeled Units: Completely renovated with new bathrooms, kitchens, granite countertops, and tile floors.
- New Heated Swimming Pool: Enhances the property's appeal and rental potential.
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
$47,862
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
4.91%
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%
$957,240
$957.2K
Cap Rate 7%
$683,743
$683.7K
Cap Rate 9%
$531,800
$531.8K
Market Conditions
NOI Build-Up for 3,616 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
$71.6K $19.80/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$68.4K $18.91/SF
− OpEx
−$20.5K −$5.67/SF
NOI
$47.9K $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%
$957,240
Cap Rate 7%
$683,743
Cap Rate 9%
$531,800
Alternative Uses
Best Use
Multifamily LT 5
$683.7K
$598.3K – $797.7K
NOI $47,862 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$633.6K
$554.4K – $739.3K
NOI $44,355 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$938.3K
$821.0K – $1.09M
NOI $65,678 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,871
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Remodeled fourplex near downtown Cape Coral with vacation rental licenses.
Where is this quadplex located?
The property is located at 624 SE 46th Street Cape Coral, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Turnkey Vacation Rental: Fully furnished units with licenses and established Airbnb superhost status.; Remodeled Units: Completely renovated with new bathrooms, kitchens, granite countertops, and tile floors.; New Heated Swimming Pool: Enhances the property's appeal and rental potential.
