937 SE 23rd Place Cape Coral, FL 33990
MULTI_FAMILY - Cape Coral, FL
Property Features for 937 SE 23rd Place
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- 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
Building Details
- Year built
- 1979
- Floors in Building
- 1
Listing agent Justin Milcetich License #258034861 (239) 287-8616
Listing office LSI Companies Inc. 8000 SUMMERLIN LAKES DR SUITE 200, FL (239) 489-4066
Listing date May 8, 2026
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.
The property is located at 937 SE 23rd Place in Cape Coral, Florida (Lee County). The building totals 4,957 square feet and is offered with an annual gross income of $96,000, based on information provided in the remarks.
With five independently rented units and multiple major components updated, the asset may appeal to investors seeking a turnkey residential income property where ownership has already addressed several key building systems. Prospective buyers and brokers can review the unit configuration and the documented improvements to evaluate fit for their portfolio strategy.
Key Highlights
- 1979‑built, fully occupied five‑plex with five 2 bed/1 bath units
- 4,957 sq. ft. total building size with annual gross income of $96,000
- New roof installed 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 |
