Two-Unit Block
For Sale
$425,000
931/933 Se 23rd Pl, Cape Coral, FL 33990
Income-producing property with private fenced yards and separate driveway parking for each residence.
Property Size2,334 SF
Price / SF$182.09
Days on Market339
Property Features for 931/933 Se 23rd Pl
General Information
Standard status
Active
Size
2,334 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Gross Income
$37,800
Amenities
fenced yard
Building Details
Year Built
1984
Construction
block
Listing Agency:
Cornerstone Coastal Properties
(239) 628-7439
Listed By:
Nicole Pistone · License #258023882
Source:
Napleshomesearches
Added: Sep 26, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
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 Cornerstone Coastal Properties
Investment Insights
Based on property information with market context.
Located at 931/933 SE 23rd Place in Cape Coral, this 1984 duplex contains two residential units with practical layouts and low-maintenance block construction. Each residence offers three bedrooms, two bathrooms, a private fully fenced yard, and a dedicated one-car driveway. The property contains 2,334 square feet overall and is configured for separate occupancy.
The duplex sits in a centrally located residential setting with access to schools, shopping, and dining. Separate outdoor areas and driveway parking add functional privacy for both units, while the two-unit arrangement supports continued rental use or an owner-occupant arrangement with an additional residence on site.
The duplex sits in a centrally located residential setting with access to schools, shopping, and dining. Separate outdoor areas and driveway parking add functional privacy for both units, while the two-unit arrangement supports continued rental use or an owner-occupant arrangement with an additional residence on site.
Key Highlights
- Two‑unit duplex with 2,334 square feet built in 1984
- Each unit includes 3 bedrooms and 2 bathrooms
- Private fully fenced yard for each residence
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
$30,894
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
7.27%
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%
$617,880
$617.9K
Cap Rate 7%
$441,343
$441.3K
Cap Rate 9%
$343,267
$343.3K
Market Conditions
NOI Build-Up for 2,334 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
$46.2K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.1K $18.91/SF
− OpEx
−$13.2K −$5.67/SF
NOI
$30.9K $13.24/SF
Area
Cape Coral, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$617,880
Cap Rate 7%
$441,343
Cap Rate 9%
$343,267
Alternative Uses
Best Use
Multifamily LT 5
$441.3K
$386.2K – $514.9K
NOI $30,894 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$409.0K
$357.9K – $477.2K
NOI $28,629 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$605.6K
$529.9K – $706.6K
NOI $42,393 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
142
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?
Duplex - Income-producing property with private fenced yards and separate driveway parking for each residence.
Where is this duplex located?
The property is located at 931/933 Se 23rd Pl Cape Coral, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,334 square feet built in 1984; Each unit includes 3 bedrooms and 2 bathrooms; Private fully fenced yard for each residence
