Five people were successfully rescued on Tuesday, with three treated at the scene and two transferred to a hospital.
The search for additional survivors continues, with authorities using loudspeakers to communicate with anyone who may be trapped, the source added.
Cairo Governor Ibrahim Saber attributed the collapse to internal modifications made to one of the building's apartments.
The modification compromised its structural integrity, he explained.
The public prosecution has initiated an investigation into the incident to determine the causes of the building collapse.
Security forces have cordoned off the area to facilitate rescue efforts.
This incident is the latest in a series of building collapses in Egypt, often due to ageing or structurally unsound structures.
Short link: