Five-Plex Apartment Building with Impact
For Sale
$825,000
937 SE 23rd Place, Cape Coral, FL 33990
MULTI_FAMILY - Cape Coral, FL
Property Size4,957 SF
Lot Size0.39 Acres
Price / SF$166.43
Days on Market89
Property Features for 937 SE 23rd Place
General Information
Property type
Residential Multi Family
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
Active
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 3
Last Checked: Aug 4 at 8:06AM
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.
Five-plex apartment building located at 937 SE 23rd Place in Cape Coral, FL. The property is comprised of five 2-bedroom, 1-bathroom units and is fully occupied. Built in 1979, the asset totals 4,957 SF on a 0.386-acre lot.
Recent capital improvements include a new roof (2023), hurricane-resistant impact windows throughout (2025), fully renovated bathrooms (2025), full exterior paint (2023), parking lot reseal and stripe (2023), and replacement of all A/C units (2024–25). The scope of work supports a low-maintenance operating profile for a new owner.
With all five units currently occupied, the building offers an investor-focused multi-unit setup with consistent unit count and a clear recent refresh of key exterior and mechanical components.
Recent capital improvements include a new roof (2023), hurricane-resistant impact windows throughout (2025), fully renovated bathrooms (2025), full exterior paint (2023), parking lot reseal and stripe (2023), and replacement of all A/C units (2024–25). The scope of work supports a low-maintenance operating profile for a new owner.
With all five units currently occupied, the building offers an investor-focused multi-unit setup with consistent unit count and a clear recent refresh of key exterior and mechanical components.
Key Highlights
- Fully occupied five‑plex building with five 2‑bedroom, 1‑bath units
- 4,957 SF on a 0.386‑acre lot
- Hurricane‑resistant impact windows throughout installed in 2025
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 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
141
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 five-plex with five 2-bedroom units and recent exterior and HVAC upgrades, including hurricane-resistant impact windows.
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: Fully occupied five‑plex building with five 2‑bedroom, 1‑bath units; 4,957 SF on a 0.386‑acre lot; Hurricane‑resistant impact windows throughout installed in 2025
