Turnkey Five-Plex Income
For Sale
$825,000
Pending
1-5-937 Se 23rd Pl, Cape Coral, FL 33990
Five 2-bedroom, 1-bath units with recent roof, impact windows, renovated bathrooms, new A/C, and refreshed parking lot.
Property Size4,957 SF
Days on Market123
Property Features for 1-5-937 Se 23rd Pl
General Information
Standard status
Pending
Size
4,957 SF
Occupancy
100%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,147
Building Details
Year Renovated
2025
Tenancy
Multi
Listing Agency:
LSI Companies Inc.
(239) 489-4066
Listed By:
Justin Milcetich · License #SL3594418
(239) 287-8616
Source:
Exprealty
Added: May 8
Changed: Aug 26
Last Checked: Sep 6 at 2:28PM
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 LSI Companies Inc.
Investment Insights
Based on property information with market context.
This fully occupied five-plex offers five 2-bedroom, 1-bath units within a total building size of 4,957 square feet. The property is positioned for turnkey ownership with several key upgrades completed in recent years, including a new roof (2023), hurricane-resistant impact windows (2025), renovated bathrooms (2025), replacement of all A/C units (2024–25), and full exterior paint (2023).
Additional property improvements include parking lot reseal and stripe (2023), supporting a well-maintained exterior appearance and practical on-site parking. The annual gross income is reported as $96,000.
As presented, the asset combines established multifamily unit configuration with completed capital items intended to reduce near-term exposure for a new buyer.
Additional property improvements include parking lot reseal and stripe (2023), supporting a well-maintained exterior appearance and practical on-site parking. The annual gross income is reported as $96,000.
As presented, the asset combines established multifamily unit configuration with completed capital items intended to reduce near-term exposure for a new buyer.
Key Highlights
- Fully occupied five‑plex with five 2‑bedroom/1‑bath units
- 4,957 SF property with annual gross income of $96,000
- New roof installed in 2023
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
$60,804
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
7.37%
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%
$1,216,080
$1.2M
Cap Rate 7%
$868,629
$868.6K
Cap Rate 9%
$675,600
$675.6K
Market Conditions
NOI Build-Up for 4,957 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
$115.4K $23.28/SF
− Vacancy
−$4.8K −$0.98/SF
EGI
$110.6K $22.30/SF
− OpEx
−$49.7K −$10.04/SF
NOI
$60.8K $12.27/SF
Area
Cape Coral, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,216,080
Cap Rate 7%
$868,629
Cap Rate 9%
$675,600
Alternative Uses
Best Use
Apartment 5plus
$868.6K
$760.1K – $1.01M
NOI $60,804 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,035 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
405
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five 2-bedroom, 1-bath units with recent roof, impact windows, renovated bathrooms, new A/C, and refreshed parking lot.
Where is this apartment building located?
The property is located at 1-5-937 Se 23rd Pl Cape Coral, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Fully occupied five‑plex with five 2‑bedroom/1‑bath units; 4,957 SF property with annual gross income of $96,000; New roof installed in 2023
