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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 03-09-2026 05:59:03 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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					<link:label xlink:type="resource" xlink:label="label_ContingentCapitalSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Contingent Capital Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentCapitalSecuritiesRiskMember" xlink:to="label_ContingentCapitalSecuritiesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_ConcentrationRiskMember" xlink:label="ConcentrationRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Concentration Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskMember" xlink:to="label_ConcentrationRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_CreditAndBelowInvestmentGradeSecuritiesRiskMember" xlink:label="CreditAndBelowInvestmentGradeSecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CreditAndBelowInvestmentGradeSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Credit and Below Investment Grade Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditAndBelowInvestmentGradeSecuritiesRiskMember" xlink:to="label_CreditAndBelowInvestmentGradeSecuritiesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_LeverageRiskMember" xlink:label="LeverageRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LeverageRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Leverage Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeverageRiskMember" xlink:to="label_LeverageRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_LiquidityRiskMember" xlink:label="LiquidityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Liquidity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityRiskMember" xlink:to="label_LiquidityRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_ForeignNonUSAndEmergingMarketSecuritiesRiskMember" xlink:label="ForeignNonUSAndEmergingMarketSecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ForeignNonUSAndEmergingMarketSecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Foreign Non U S and Emerging Market Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignNonUSAndEmergingMarketSecuritiesRiskMember" xlink:to="label_ForeignNonUSAndEmergingMarketSecuritiesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_ForeignCurrencyRiskMember" xlink:label="ForeignCurrencyRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_ForeignCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Foreign Currency Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyRiskMember" xlink:to="label_ForeignCurrencyRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_DerivativesAndHedgingTransactionsRiskMember" xlink:label="DerivativesAndHedgingTransactionsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_DerivativesAndHedgingTransactionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Derivatives and Hedging Transactions Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesAndHedgingTransactionsRiskMember" xlink:to="label_DerivativesAndHedgingTransactionsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_Rule144ASecuritiesRiskMember" xlink:label="Rule144ASecuritiesRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_Rule144ASecuritiesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Rule 144A Securities Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Rule144ASecuritiesRiskMember" xlink:to="label_Rule144ASecuritiesRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_OptionsRiskMember" xlink:label="OptionsRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_OptionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Options Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRiskMember" xlink:to="label_OptionsRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="MarketDisruptionAndGeopoliticalRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_MarketDisruptionAndGeopoliticalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketDisruptionAndGeopoliticalRiskMember" xlink:to="label_MarketDisruptionAndGeopoliticalRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_RegulatoryRiskMember" xlink:label="RegulatoryRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_RegulatoryRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Regulatory Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RegulatoryRiskMember" xlink:to="label_RegulatoryRiskMember"/>
					<link:loc xlink:type="locator" xlink:href="#csreoif_CybersecurityRiskMember" xlink:label="CybersecurityRiskMember"/>
					<link:label xlink:type="resource" xlink:label="label_CybersecurityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CybersecurityRiskMember" xlink:to="label_CybersecurityRiskMember"/>
				</link:labelLink>
			</link:linkbase>
		</appinfo>
	</annotation>
	<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
	<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
	<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
	<import namespace="http://xbrl.sec.gov/dei/2025" schemaLocation="https://xbrl.sec.gov/dei/2025/dei-2025.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025.xsd"/>
	<import namespace="http://xbrl.sec.gov/cef-pre/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025_pre.xsd"/>
	<import namespace="http://xbrl.sec.gov/fnd-cef-pre/2025" schemaLocation="https://xbrl.sec.gov/fnd/2025/fnd-cef-2025_pre.xsd"/>
	<element name="MarketPriceDiscountFromNetAssetValueRiskMember" id="csreoif_MarketPriceDiscountFromNetAssetValueRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="NonDiversifiedStatusRiskMember" id="csreoif_NonDiversifiedStatusRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InvestingInRealEstateSecuritiesRiskMember" id="csreoif_InvestingInRealEstateSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CommonStockRiskMember" id="csreoif_CommonStockRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RealEstateMarketRiskMember" id="csreoif_RealEstateMarketRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="REITRiskMember" id="csreoif_REITRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="SmallAndMediumSizedCompaniesRiskMember" id="csreoif_SmallAndMediumSizedCompaniesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="PreferredSecuritiesRiskMember" id="csreoif_PreferredSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ContingentCapitalSecuritiesRiskMember" id="csreoif_ContingentCapitalSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ConcentrationRiskMember" id="csreoif_ConcentrationRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CreditAndBelowInvestmentGradeSecuritiesRiskMember" id="csreoif_CreditAndBelowInvestmentGradeSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LeverageRiskMember" id="csreoif_LeverageRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LiquidityRiskMember" id="csreoif_LiquidityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ForeignNonUSAndEmergingMarketSecuritiesRiskMember" id="csreoif_ForeignNonUSAndEmergingMarketSecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ForeignCurrencyRiskMember" id="csreoif_ForeignCurrencyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DerivativesAndHedgingTransactionsRiskMember" id="csreoif_DerivativesAndHedgingTransactionsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Rule144ASecuritiesRiskMember" id="csreoif_Rule144ASecuritiesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="OptionsRiskMember" id="csreoif_OptionsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="MarketDisruptionAndGeopoliticalRiskMember" id="csreoif_MarketDisruptionAndGeopoliticalRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="RegulatoryRiskMember" id="csreoif_RegulatoryRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="CybersecurityRiskMember" id="csreoif_CybersecurityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
</schema>
