Five-Plex with Recent Capital
937 SE 23rd Place Cape Coral, FL 33990
937 SE 23rd Place, Cape Coral, FL, 33990
$875,000
Pending
For Sale
$875,000
Pending
MULTI_FAMILY - Cape Coral, FL
Property Size4,957 SF
Lot Size0.39 Acres
Days on Market77
Property Features for 937 SE 23rd Place
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Pending
- APN
- 20-44-24-C2-01399.0030
- Lot size
- 0.39 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- CAPE CORAL UNIT 18 BLK 1399 PB 13 PG 108 LOTS 3 4 + 5 + VAC INST# 2008000115643
- Tax Annual Amount
- 8147
Building Details
- Year built
- 1979
- Floors in Building
- 1
Listing agency
LSI Companies Inc.
(239) 489-4066
Listed by
Justin Milcetich · License #258034861
(239) 287-8616
Added: May 8 Updated: Jun 29 at 4:30PM Checked: Jul 23 at 7:06AM
MLS# 2026026678
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-plex is fully occupied and laid out as five separate 2-bedroom, 1-bathroom units. Recent ownership improvements include a new roof (2023), hurricane-resistant impact windows throughout (2025), fully renovated bathrooms (2025), and replacement of all A/C units (2024-25). Exterior and site updates include full exterior paint (2023) plus parking lot reseal and stripe (2023), helping reduce near-term capital exposure for the next owner.
The property is located at 937 SE 23rd Place in Cape Coral, Florida (Lee County). The building totals 4,957 square feet and is offered with an annual gross income of $96,000, based on information provided in the remarks.
With five independently rented units and multiple major components updated, the asset may appeal to investors seeking a turnkey residential income property where ownership has already addressed several key building systems. Prospective buyers and brokers can review the unit configuration and the documented improvements to evaluate fit for their portfolio strategy.
The property is located at 937 SE 23rd Place in Cape Coral, Florida (Lee County). The building totals 4,957 square feet and is offered with an annual gross income of $96,000, based on information provided in the remarks.
With five independently rented units and multiple major components updated, the asset may appeal to investors seeking a turnkey residential income property where ownership has already addressed several key building systems. Prospective buyers and brokers can review the unit configuration and the documented improvements to evaluate fit for their portfolio strategy.
Key Highlights
- 1979‑built, fully occupied five‑plex with five 2 bed/1 bath units
- 4,957 sq. ft. total building size with annual gross income of $96,000
- New roof installed in 2023
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.4k | $23.28 |
| − Vacancy | −$4.8k | −$0.98 |
| EGI | $110.6k | $22.30 |
| − OpEx | −$49.7k | −$10.04 |
| NOI | $60.8k | $12.27 |
4,957 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$868.6K
$760.1K – $1.01M
NOI $60,804 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,035 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
My Sweet Creation ...
Party Supply Store
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Five fully occupied 2-bedroom units with updated roof, impact windows, and new A/C systems.
Where is this apartment building located?
The property is located at 937 SE 23rd Place Cape Coral, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1979‑built, fully occupied five‑plex with five 2 bed/1 bath units; 4,957 sq. ft. total building size with annual gross income of $96,000; New roof installed in 2023
