Office Condo on Del
For Sale
$224,000
Pending
923 Del Prado Blvd S 107, Cape Coral, FL 33990
864 SF office condo in Southeast Cape Coral.
Property Size12,110 SF
Lot Size0.16 Acres
Days on Market167
Property Features for 923 Del Prado Blvd S 107
General Information
Standard status
Pending
Size
12,110 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,930
Building Details
Building Size
12,110 SF
Year Built
1982
Stories
1
Listing Agency:
Phil Deems Real Estate
(239) 945-4540
Listed By:
Phil Deems · License #312608
(239) 945-4540
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:16PM
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 Phil Deems Real Estate
Investment Insights
Based on property information with market context.
Located in Southeast Cape Coral along Del Prado Blvd. S, this 864 square foot first-floor office condo will be available starting January 1st. Currently leased to a Title Insurance Agency, the lease expires December 31, 2025. The floor plan features an open lobby/reception area, one private office, one semi-private office, a conference room, and a large storage closet. Additionally, there is a mid-office open storage and file station plumbed for a sink/kitchenette. Windows face east along SE 16th Place. The property benefits from good signage and easy access from both Del Prado Blvd and SE 16th Place, along with ample parking.
Key Highlights
- Prime location on Del Prado Blvd. S in Southeast Cape Coral.
- Currently leased to a Title Insurance Agency until December 31, 2025, providing immediate income.
- Functional floor plan with a reception area, private and semi‑private offices, and a conference room.
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
$12,228
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
5.46%
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%
$244,560
$244.6K
Cap Rate 7%
$174,686
$174.7K
Cap Rate 9%
$135,867
$135.9K
Market Conditions
NOI Build-Up for 864 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
$19.2K $22.20/SF
− Vacancy
−$2.9K −$3.33/SF
EGI
$16.3K $18.87/SF
− OpEx
−$4.1K −$4.72/SF
NOI
$12.2K $14.15/SF
Area
Cape Coral, FL
Vacancy
15.00%
Lease Rate
$22.20 /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%
$244,560
Cap Rate 7%
$174,686
Cap Rate 9%
$135,867
Alternative Uses
Best Use
Office B
$174.7K
$152.9K – $203.8K
NOI $12,228 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$224.2K
$196.2K – $261.6K
NOI $15,693 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,496
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 864 SF office condo in Southeast Cape Coral.
Where is this office units located?
The property is located at 923 Del Prado Blvd S 107 Cape Coral, FL.
What is the asking price?
The asking price for this property is $224,000.
What are key features of this property?
This property features: Prime location on Del Prado Blvd. S in Southeast Cape Coral.; Currently leased to a Title Insurance Agency until December 31, 2025, providing immediate income.; Functional floor plan with a reception area, private and semi‑private offices, and a conference room.
