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    Eight-Unit Apartment Building with Pool Title is generated by Realmo AI

    1318 SE 40th Terrace, Cape Coral, FL 33904

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    For Sale
    $1,590,000

    MULTI_FAMILY - Cape Coral, FL

    Lot size:
    0.46 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 5:06 pm

    Property Features for 1318 SE 40th Terrace

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    07-45-24-C2-00313.0090
    Lot size
    0.46 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CAPE CORAL UNIT 7 BLK 313 PB 12 PG 123 LOTS 9 THRU 12
    Tax Annual Amount
    13270

    Building Details

    Year built
    1984
    Floors in Building
    2

    We can help!

    Listing Contact
    Lisa Maglione-Chenault

    Listing agent Lisa Maglione-Chenault License #252011671

    Listing office A & J Consulting Inc. FL

    Listing date Jun 3, 2026

    MLS# 2026023161

    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.

    HighLights

    • 8‑plex built in 1984 with pool and additional storage building in the courtyard
    • Property includes 3 buildings: 2 buildings with (4) units each
    • Roof replaced in 2018 and building painted in 2022
    • Most units remodeled
    • Units include washer/dryer, stove, refrigerator, microwave, dishwasher, all tile, and window coverings
    • Each unit has in‑unit laundry room plus a screened balcony (upstairs) or lanai (downstairs); no elevator

    Overview

    This sale opportunity features an eight-unit apartment complex configured across three buildings. Two of the buildings contain four units each. The property also includes an additional storage building and a pool located in the courtyard. Construction and recent updates include a roof installed in 2018 and building paint completed in 2022, along with remodeling in most units.

    Unit interiors include practical, resident-friendly amenities. Each apartment is described as having a washer and dryer, stove, refrigerator, microwave, and dishwasher. Floors are finished with tile throughout, and window coverings are included. Apartments also offer an inside laundry room, along with an outdoor space: screened balconies for upstairs units and lanais for downstairs units. The property is located at 1318 SE 40th Terrace in Cape Coral, Florida.

    From a tenant-ready standpoint, the presence of in-unit laundry equipment and a full kitchen appliance package can help reduce resident move-in friction. For buyers and operators, the split-building layout with shared courtyard amenities, plus the on-site storage building, supports a manageable multifamily operation where units have consistent included features.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Real Estate Agency Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cape Coral
    County
    Lee
    State
    Florida
    Longitude
    -81.946652
    Latitude
    26.576611

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit multifamily complex with courtyard pool, multiple buildings, and in-unit laundry in each apartment.
    Where is this apartment building located?
    The property is located at 1318 SE 40th Terrace Cape Coral, FL.
    What is the asking price?
    The asking price for this property is $1,590,000.
    What are key features of this property?
    This property features: 8‑plex built in 1984 with pool and additional storage building in the courtyard; Property includes 3 buildings: 2 buildings with (4) units each; Roof replaced in 2018 and building painted in 2022
    (239) 770-6416
    We can help!
    Listing Contact
    Lisa Maglione-Chenault
    Real Estate License ID: 252011671
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1318 SE 40th Terrace, Cape Coral, FL 33904
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