Is this Cap Rate and Cash on Cash good for an apartment complex with 11 units?
Unless you have a killer deal with some lender (if so... introduce us!), the financing numbers you have assumed are far too generous. More likely you have a 75% LTV with 25YR amortization at 5.25% interest rate over a 5YR term. Or possibly an 80% LTV with 20YR amortization at 5.25% interest rate over a 5YR term. Monthly P&I based on asking price is more likely to be ~$4,500/mo rather than ~$3,500/mo.
Also no expenses included for lawncare, snow removal, property management or water/sewer bill. Vacancy should be factored in at least 5% in a very high demand rental market and 10% in a balanced market.
This isn't a deal that makes money at face value... and even based off of your numbers that's a pretty low cap rate.
@Matt Lefebvre touched on the major points that I wanted to address which is financing (rate is too low), have you actually shopped this with other lenders?