Renovated Five-Unit Apartment
For Sale
$825,000
Pending
937 SE 23rd Place, Cape Coral, FL 33990
CommercialSale, Cape Coral, FL
Property Size4,957 SF
Lot Size0.39 Acres
Days on Market117
Property Features for 937 SE 23rd Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RML
Directions
Located in East Cape Coral just North of the midpoint bridge.
Subdivision
CC14 - Cape Coral Unit 16, 18, 22-
Standard status
Pending
APN
20-44-24-C2-01399.0030
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAPE CORAL UNIT 18 BLK 1399 PB 13 PG 108 LOTS 3 4 + 5 + VAC INST# 2008000115643
Tax Annual Amount
8147
Legal Description
CAPE CORAL UNIT 18 BLK 1399 PB 13 PG 108 LOTS 3 4 + 5 + VAC INST# 2008000115643
Building Details
Year built
1979
Floors in Building
1
Listing Agency:
LSI Companies Inc.
(239) 489-4066
Listed By:
Justin Milcetich · License #258034861
(239) 287-8616
Added: May 8
Changed: Aug 21
Last Checked: Sep 1 at 8:06PM
MLS# 2026026678
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.
Investment Insights
Based on property information with market context.
This apartment building contains five 2-bedroom/1-bathroom units within 4,957 square feet. The property is fully occupied and was built in 1979, with a 0.386-acre site supporting the building and parking area.
Recent capital improvements include a new roof completed in 2023, hurricane-resistant impact windows installed in 2025, renovated bathrooms completed in 2025, and replacement of all A/C units during 2024-25. The exterior was painted and the parking lot was resealed and restriped in 2023.
The property is located at 937 SE 23rd Place in Cape Coral, Florida, within Lee County and ZIP Code 33990.
Recent capital improvements include a new roof completed in 2023, hurricane-resistant impact windows installed in 2025, renovated bathrooms completed in 2025, and replacement of all A/C units during 2024-25. The exterior was painted and the parking lot was resealed and restriped in 2023.
The property is located at 937 SE 23rd Place in Cape Coral, Florida, within Lee County and ZIP Code 33990.
Key Highlights
- Five 2‑bedroom/1‑bathroom units
- 4,957 square feet on a 0.386‑acre site
- Fully occupied apartment property
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
$60,804
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
7.37%
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%
$1,216,080
$1.2M
Cap Rate 7%
$868,629
$868.6K
Cap Rate 9%
$675,600
$675.6K
Market Conditions
NOI Build-Up for 4,957 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
$115.4K $23.28/SF
− Vacancy
−$4.8K −$0.98/SF
EGI
$110.6K $22.30/SF
− OpEx
−$49.7K −$10.04/SF
NOI
$60.8K $12.27/SF
Area
Cape Coral, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,216,080
Cap Rate 7%
$868,629
Cap Rate 9%
$675,600
Alternative Uses
Best Use
Apartment 5plus
$868.6K
$760.1K – $1.01M
NOI $60,804 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,035 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
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?
Apartment building - Fully occupied apartment property with updated building systems and recent exterior improvements.
Where is this apartment building located?
The property is located at 937 SE 23rd Place Cape Coral, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Five 2‑bedroom/1‑bathroom units; 4,957 square feet on a 0.386‑acre site; Fully occupied apartment property
