Turnkey Five-Plex Income
1-5-937 Se 23rd Pl Cape Coral, FL 33990
1-5-937 Se 23rd Pl, Cape Coral, FL, 33990
$875,000
Pending
For Sale
$875,000
Pending
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 Market77
Property Features for 1-5-937 Se 23rd Pl
General Information
- Standard status
- Pending
- Size
- 4,957 SF
Listing agency
LSI Companies Inc.
(239) 287-8616
Listed by
Justin Milcetich · License #258034861
(239) 287-8616
Source
Exprealty
Added: May 8 Updated: Jul 22 at 1:34PM Checked: Jul 22 at 1:34PM
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
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
Location Intelligence
Current Use by Public Records
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FAQs
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 $875,000.
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
