Downtown Cape Coral Landmark
For Sale
$2,100,000
917 SE 47th Ter, Cape Coral, FL 33904
Two-story, 8,600 SF building in Cape Coral's downtown district.
Property Size8,576 SF
Price / SF$244.19
Days on Market110
Property Features for 917 SE 47th Ter
General Information
Standard status
Active
Size
8,576 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,592
Building Details
Building Size
8,576 SF
Year Built
1975
Stories
2
Listing Agency:
Century 21 Selling Paradise
(248) 444-6481
Listed By:
Christine Blasses · License #278007007
(248) 444-6481
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 10 at 3:35AM
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 Century 21 Selling Paradise
Investment Insights
Based on property information with market context.
Located in the heart of Cape Coral's downtown district, this two-story concrete building offers approximately 8,600 square feet of space. The first floor, currently operating as a banquet hall, includes a full commercial kitchen with pantry, a conference room, a reception/office area, and four restrooms. This makes it suitable for events, hospitality, restaurant, or adaptive commercial use. The second floor features three large classrooms, additional office space, and two restrooms, making it well-suited for professional offices, educational facilities, medical or wellness uses, or co-working space. The building has two separate entrances and two stairways, allowing the second floor to be separated from the first, enabling an owner to occupy one level while leasing the other. Ample parking is available in both the front and rear of the property. Recent capital improvements include a new roof (2023), new AC units, impact-resistant glass, and new flooring and ceiling tiles on the second floor. The seller is open to financing options and would consider a leaseback of a portion of the space. The building is efficiently designed and thoughtfully configured to support a wide range of uses.
Key Highlights
- Prime downtown Cape Coral location in a rapidly growing area with high visibility.
- Versatile 8,600 sq ft two‑story concrete building suitable for various commercial uses.
- Potential for dual income streams: first floor banquet hall with commercial kitchen, and a second floor that can be leased separately.
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
$136,534
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
6.50%
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%
$2,730,680
$2.7M
Cap Rate 7%
$1,950,486
$2.0M
Cap Rate 9%
$1,517,044
$1.5M
Market Conditions
NOI Build-Up for 8,600 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
$185.8K $21.60/SF
− Vacancy
−$3.7K −$0.43/SF
EGI
$182.0K $21.17/SF
− OpEx
−$45.5K −$5.29/SF
NOI
$136.5K $15.88/SF
Area
Cape Coral, FL
Vacancy
2.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,730,680
Cap Rate 7%
$1,950,486
Cap Rate 9%
$1,517,044
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,534 @ 7.0% cap · market cap 6.50%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,687 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $156,204 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,496
Businesses Nearby
270k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 37%
Groceries 10%
Home Improvements & Furnishings 6%
Winn-Dixie
Groceries
28,327 visits/mo
0.2 miles
McDonald's
Dining
18,781 visits/mo
0.1 miles
7-Eleven
Shops & Services
18,620 visits/mo
0.1 miles
Ford's Garage
Dining
17,763 visits/mo
0.5 miles
Culver's
Dining
17,470 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story, 8,600 SF building in Cape Coral's downtown district.
Where is this retail space located?
The property is located at 917 SE 47th Ter Cape Coral, FL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime downtown Cape Coral location in a rapidly growing area with high visibility.; Versatile 8,600 sq ft two‑story concrete building suitable for various commercial uses.; Potential for dual income streams: first floor banquet hall with commercial kitchen, and a second floor that can be leased separately.
