937 SE 23rd Pl 1-5 Cape Coral, FL 33990
Five fully occupied 2-bedroom units in a recently updated five-plex with new roof, impact windows, and HVAC replacements.
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 office Land Solutions Inc (239) 287-8616
Listing date Jun 23, 2026
Source Elliman
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Investment Insights
Based on property information with market context.
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 |
