6-Unit Apartment
For Sale
$995,000
7522 Magnolia Avenue 1-6, Cape Canaveral, FL 32920
Concrete construction and recent unit upgrades distinguish this income-producing residential property near the beach.
Property Size3,872 SF
Price / SF$256.97
Days on Market182
Property Features for 7522 Magnolia Avenue 1-6
General Information
Standard status
Active
Size
3,872 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,451
Building Details
Building Size
3,872 SF
Year Built
1958
Listing Agency:
Vincent Keenan, REALTORS
Listed By:
Vincent Keenan · License #359856
(321) 784-6286
Source:
Inthehomezonerealty
Added: Apr 30
Changed: Oct 27
Last Checked: Oct 27 at 3:22AM
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 Vincent Keenan, REALTORS
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,872-square-foot apartment property contains six units, each with two bedrooms and one bathroom, at approximately 650 square feet. The concrete building dates to 1958 and includes private outdoor space in the form of backyards or balconies. Most apartments have been renovated within the past five years, and the property has upgraded electrical service and fresh paint. Air-conditioning equipment is less than two years old. The flat roof is 15 years old, with ongoing maintenance and flashing work completed within the last two years; a new gutter system was also installed within that period.
The corner property is near the beach, shopping, dining, and other services. Routes 520 and 528 provide access toward Port Canaveral, Kennedy Space Center, Patrick AFB, and the Orlando area. The listing reports full occupancy.
The corner property is near the beach, shopping, dining, and other services. Routes 520 and 528 provide access toward Port Canaveral, Kennedy Space Center, Patrick AFB, and the Orlando area. The listing reports full occupancy.
Key Highlights
- Six apartments, each with 2 bedrooms and 1 bathroom, at approximately 650 SF
- 3,872‑square‑foot concrete building constructed in 1958
- Most units renovated within the last 5 years; upgraded electrical and fresh paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,636
Cap Rate
3.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$792,720
$792.7K
Cap Rate 7%
$566,229
$566.2K
Cap Rate 9%
$440,400
$440.4K
Market Conditions
NOI Build-Up for 3,872 SF
Gross rent
$76.7K $19.80/SF
− Vacancy
−$4.6K −$1.19/SF
EGI
$72.1K $18.61/SF
− OpEx
−$32.4K −$8.38/SF
NOI
$39.6K $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 Rate 5%
$792,720
Cap Rate 7%
$566,229
Cap Rate 9%
$440,400
Alternative Uses
Best Use
Apartment 5plus
$566.2K
$495.5K – $660.6K
NOI $39,636 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$893.9K – $1.19M
NOI $71,508 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
726
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
Frequently Asked Questions
What type of property is this?
Apartment building - Concrete construction and recent unit upgrades distinguish this income-producing residential property near the beach.
Where is this apartment building located?
The property is located at 7522 Magnolia Avenue 1-6 Cape Canaveral, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Six apartments, each with 2 bedrooms and 1 bathroom, at approximately 650 SF; 3,872‑square‑foot concrete building constructed in 1958; Most units renovated within the last 5 years; upgraded electrical and fresh paint
