Turnkey Five-Plex Investment
937 SE 23rd Pl 1-5 Cape Coral, FL 33990
937 SE 23rd Pl 1-5, Cape Coral, FL, 33990
$875,000
For Sale
$875,000
Five fully occupied 2-bedroom units in a recently updated five-plex with new roof, impact windows, and HVAC replacements.
Property Size4,957 SF
Price / SF$176.52
Days on Market24
Property Features for 937 SE 23rd Pl 1-5
General Information
- Standard status
- Active
- Size
- 4,957 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1979
Listing Agency
Land Solutions Inc
(239) 287-8616
Listed by
Justin Milcetich · License #258033572
(239) 287-8616
Source
Elliman
Added: Jun 23 Checked: Jul 16 at 11:17 am
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 Land Solutions Inc
Investment Insights
Based on property information with market context.
This fully occupied five-plex offers five separate 2-bedroom, 1-bathroom units designed for straightforward, low-maintenance operation. The property has seen substantial recent improvements, including a new roof installed in 2023, hurricane-resistant impact windows installed in 2025, and fully renovated bathrooms completed in 2025. Exterior work includes full exterior paint in 2023, and common-area updates include parking lot resealing and striping from 2023. Heating and cooling systems have been upgraded with replacement A/C units completed between 2024 and 2025, supporting reduced near-term capital needs for an incoming owner.
The building is located in Cape Coral, Florida, and is described as car-dependent based on the provided Walk Score. BikeScore is 50, indicating moderate bikeability. Parking lot condition updates are specifically noted, which can support day-to-day tenant arrival and vehicle access.
For investors seeking a turnkey, income-producing multifamily asset, this five-plex is positioned as a stabilized offering with current unit occupancy and an improvement timeline that addresses several major building components. The combination of updated roofing, impact windows, renovated bathrooms, and replaced A/C units provides a practical foundation for ownership without immediate large-ticket construction tied to those items.
The building is located in Cape Coral, Florida, and is described as car-dependent based on the provided Walk Score. BikeScore is 50, indicating moderate bikeability. Parking lot condition updates are specifically noted, which can support day-to-day tenant arrival and vehicle access.
For investors seeking a turnkey, income-producing multifamily asset, this five-plex is positioned as a stabilized offering with current unit occupancy and an improvement timeline that addresses several major building components. The combination of updated roofing, impact windows, renovated bathrooms, and replaced A/C units provides a practical foundation for ownership without immediate large-ticket construction tied to those items.
Key Highlights
- Fully occupied five‑plex built in 1979 with five 2‑bedroom/1‑bath units
- 4,957 sq. ft. property with $96,000 annual gross income
- New roof 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 in a recently updated five-plex with new roof, impact windows, and HVAC replacements.
Where is this apartment building located?
The property is located at 937 SE 23rd Pl 1-5 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 built in 1979 with five 2‑bedroom/1‑bath units; 4,957 sq. ft. property with $96,000 annual gross income; New roof in 2023
