We consider frequency overlapped DS/CDMA (FO/CDMA) communication systems where a number of DS/CDMA systems share frequency bands with adjacent systems. We analyze the multiple-access interference from adjacent systems with arbitrary amount of frequency overlap and compare the capacity of FO/CDMA with that of single wide-band CDMA (WCDMA). The optimum amount of overlap increases with the number of overlapped systems. However the maximum capacity is obtained when the optimum number of systems are overlapped by half null-to-null bandwidth. It is shown that the FO/CDMA yields higher capacity in the case of relaxed bit error rate requirement and low decay rate of multipath intensity profile. Otherwise, WCDMA is superior.