Turnkey Five-Plex Investment
For Sale
$825,000
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 Size4,957 SF
Price / SF$166.43
Days on Market53
Property Features for 937 SE 23rd Pl 1-5
General Information
Standard status
Active
Size
4,957 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,147
Building Details
Year Built
1979
Stories
1
Listing Agency:
LSI Companies
(239) 287-8616
Listed By:
Justin Milcetich · License #SL3548362
(239) 287-8616
Source:
Elliman
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 13 at 7:33AM
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 LSI Companies
Investment Insights
Based on property information with market context.
This fully occupied five-plex offers five separate 2-bedroom, 1-bathroom units designed for straightforward, low-maintenance operation. The property has seen substantial recent improvements, including a new roof installed in 2023, hurricane-resistant impact windows installed in 2025, and fully renovated bathrooms completed in 2025. Exterior work includes full exterior paint in 2023, and common-area updates include parking lot resealing and striping from 2023. Heating and cooling systems have been upgraded with replacement A/C units completed between 2024 and 2025, supporting reduced near-term capital needs for an incoming owner.
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.
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
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
Turnkey business
Opportunity
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 - Five fully occupied 2-bedroom units in a recently updated five-plex with new roof, impact windows, and HVAC replacements.
Where is this apartment building located?
The property is located at 937 SE 23rd Pl 1-5 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 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
