For Sale
$1,250,000

1321 8Th AveCape Coral, FL 33990

Six-unit apartment building, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a six-unit apartment building in Cape Coral, Florida. Built in 2004, this Fee Simple property boasts 6,098 square feet of rentable space across two one-story buildings situated on a 0.38-acre lot. Each of the six large two-bedroom, two-bathroom units features hurricane shutters. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $85,628, with a pro-forma NOI of $88,364, and a current cap rate of 6.85%, projected to reach 7.07%. The asking price is $1,250,000, translating to $208,333.33 per unit and $204.99 per square foot. Constructed with concrete block and central air conditioning, this Class B multifamily property is ideally located less than a mile from the Cape Coral Police Department and Fire Station, offering tenants peace of mind and proximity to amenities such as Sun Splash Family Waterpark, Tarpon Point Marina, and the Cape Coral Historical Museum. Its strategic location near major employers like Lee Health Cape Coral Hospital and Publix Super Markets, along with the Lee County School District, ensures consistent tenant demand. This value-add investment presents a rare opportunity to capitalize on the potential for increased rental income in a stable, cash-flowing asset within a thriving Florida community. The property is conveniently located near the United States Post Office.

Highlights

  • Rare opportunity to acquire a six-unit apartment building in Cape Coral, FL, built in 2004.
  • Well-stabilized, cash-flowing property with 100% occupancy and a current NOI of $85,628.
  • Concrete block construction with central AC throughout both buildings.
  • Six large two-bedroom, two-bathroom units, each with hurricane shutters.

Property Details for 1321 8Th Ave

Property type
Apartment buildings
Square Feet
6,098 SF
Class
B
Year Built
2004
Buildings
2
Stories
1
Lot Size (sq. ft)
16,553 SF
Units
6

Location Insight

City
Cape Coral
County
Lee
State
Florida
Latitude
26.627264640306
Longitude
-81.958407724687
1321 8Th Ave, Cape Coral, Florida

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1321 8Th Ave
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