Waterfront Duplex with
For Sale
$385,000
Pending
12029 Five Waters Cir, Fort Myers, FL 33913
Residential, Duplex, FORT MYERS, FL
Property Size1,857 SF
Lot Size0.11 Acres
Days on Market187
Property Features for 12029 Five Waters Cir
General Information
Property type
Residential
Property subtype
Duplex
Zoning
MDP-3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Den, Bathroom 1, Bedroom 1, Laundry Room
Parking
2
Parking features
Covered
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Coffered Ceiling(s), Foyer, Pantry, Smoke Detectors
Exterior features
Screened Lanai/Porch
Appliances
Electric Cooktop, Dishwasher, Dryer, Microwave, Refrigerator/Freezer, Washer
Subdivision
MARINA BAY
Lot features
Regular, Regular
View
Lake
Elementary school
TREELINE
Middle school
GATEWAY
High school
GATEWAY
Standard status
Pending
APN
11-45-25-P4-03300.2220
Size
1,857 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BOTANICA SOUTH AS DESC IN INST# 2014000185347 LOT 222
Tax Annual Amount
3062
HOA Fee
$4,788 Annually
Legal Description
BOTANICA SOUTH AS DESC IN INST# 2014000185347 LOT 222
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water front features
Lake
Water front
1
Amenities
resort-style pool with beach entry
lap pool
clubhouse
fitness center
tennis court
pickleball court
basketball court
playground
Building Details
Year built
2015
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile
Building materials
Concrete Block, Stucco
Roof type
Tile
Architectural style
Other
Listing Agency:
Berkshire Hathaway FL Realty · Berkshire Hathaway HomeServices
(239) 482-5700
Listed By:
Roxana Purow, PA
(239) 248-3477
Added: Mar 25
Changed: Sep 15
Last Checked: Sep 27 at 11:06AM
MLS# 226012664
Copyright © 2026 Naples Area Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,857-square-foot duplex was built in 2015 and includes two bedrooms, two bathrooms, a den, foyer, pantry, and laundry room. Interior details include 10-foot ceilings, crown molding, a tray ceiling in the primary bedroom, tile and carpet flooring, and multiple walk-in closets. The home also features a screened lanai, covered parking, tile roofing, concrete block and stucco construction, and central air conditioning listed as 2026.
The property is positioned on a 0.109-acre lakefront lot within the gated Marina Bay community in Fort Myers. Community amenities include a resort-style pool with beach entry, lap pool, clubhouse with fitness center, tennis and pickleball courts, basketball court, and playground. MDP-3 zoning is identified for the property.
The property is positioned on a 0.109-acre lakefront lot within the gated Marina Bay community in Fort Myers. Community amenities include a resort-style pool with beach entry, lap pool, clubhouse with fitness center, tennis and pickleball courts, basketball court, and playground. MDP-3 zoning is identified for the property.
Key Highlights
- 1,857‑square‑foot duplex built in 2015
- Two bedrooms, two bathrooms, and a den
- 0.109‑acre lakefront lot in gated Marina Bay
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,580
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$491,600
$491.6K
Cap Rate 7%
$351,143
$351.1K
Cap Rate 9%
$273,111
$273.1K
Market Conditions
NOI Build-Up for 1,857 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.8K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$35.1K $18.91/SF
− OpEx
−$10.5K −$5.67/SF
NOI
$24.6K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$491,600
Cap Rate 7%
$351,143
Cap Rate 9%
$273,111
Alternative Uses
Best Use
Multifamily LT 5
$351.1K
$307.3K – $409.7K
NOI $24,580 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$325.4K
$284.7K – $379.6K
NOI $22,778 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$584.5K
$511.4K – $681.9K
NOI $40,913 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10 ft
Clear height
1
Residential units
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 33913, FL
28,216
Population
16,026
Households
1.8
Avg Household Size
54
Median Age
47%
College-Educated
95%
High-School Grad
101.0 sq mi
ZIP Area
279
Density / Sq Mi
$106,925
Median Household Income
$54,341
Median Earnings
$1,914
Median Rent
$439,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residence with lake frontage, screened outdoor space, and access to extensive community recreation amenities.
Where is this duplex located?
The property is located at 12029 Five Waters Cir Fort Myers, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,857‑square‑foot duplex built in 2015; Two bedrooms, two bathrooms, and a den; 0.109‑acre lakefront lot in gated Marina Bay
