1418 8Th TerCape Coral, FL 33990

Property Details for 1418 8Th Ter

Lot size

0.23 AC

Zone code

P1

Property type

Land

Property subtype

Commercial land

APN

03-44-23-C4-02842.0210

APU

034423C4028420210

Description

This exceptional 7-unit apartment building presents a compelling value-add investment opportunity in Cape Coral, Florida. The property, situated on a 0.46-acre lot at 1418 SE 8th Terrace, boasts 6,622 square feet of rentable space within a single, one-story building constructed in 1979. The unit mix includes four one-bedroom/one-bathroom and three two-bedroom/two-bathroom apartments, currently enjoying 100% occupancy. The asking price is $1,365,000, translating to $195,000 per unit and $206.13 per square foot. The property generates a current NOI of $74,625, representing a 5.47% cap rate, with a pro-forma NOI of $83,156 and a pro-forma cap rate of 6.09%. Its prime location near Viscaya Parkway and Del Prado Boulevard S offers convenient access to Cape Coral Hospital, Sun Splash Family Waterpark, Tarpon Point Marina, Cape Coral Historical Museum, Gulf Coast Town Center, and major employers like Lee Health Cape Coral Hospital and Publix Super Markets. The property's strong cash flow and potential for rental increases make it an attractive investment prospect in a desirable, family-oriented community known for its extensive canal system. The property is offered fee simple. This is a rare opportunity to acquire a well-located multifamily property in Cape Coral's thriving market.

Location Insight

City

Cape Coral

County

Lee

State

Florida

Latitude

26.6677

Longitude

-82.0043

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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