Gated Community Villa with
For Sale
$385,000
12029 Five Waters Cir, Fort Myers, FL 33913
SINGLE_FAMILY - Other - FORT MYERS, FL
Property Size1,857 SF
Lot Size0.11 Acres
Price / SF$207.32
Days on Market140
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
Bedroom 1, Bathroom 2, Den, Bathroom 1, Bedroom 2, 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
Active
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
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: Aug 3
Last Checked: Aug 11 at 8:06AM
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 2015-built two-bedroom, two-bath villa includes a den and multiple walk-in closets. Interior features include soaring 10-foot ceilings with crown molding and a raised tray ceiling in the primary bedroom. Central air conditioning is listed as 2026. The home is set on a serene lot with water views.
Located within the gated community of Marina Bay in Fort Myers, the property is part of a community that offers a resort-style pool with beach entry, a lap pool, clubhouse with a fitness center, tennis and pickleball courts, a basketball court, and a playground, along with additional amenities.
The property is zoned MDP-3. It is offered for sale with an approximately 1,857-square-foot size (as stated in the listing) and is located at 12029 Five Waters Cir.
Located within the gated community of Marina Bay in Fort Myers, the property is part of a community that offers a resort-style pool with beach entry, a lap pool, clubhouse with a fitness center, tennis and pickleball courts, a basketball court, and a playground, along with additional amenities.
The property is zoned MDP-3. It is offered for sale with an approximately 1,857-square-foot size (as stated in the listing) and is located at 12029 Five Waters Cir.
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
$22,778
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
5.92%
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%
$455,560
$455.6K
Cap Rate 7%
$325,400
$325.4K
Cap Rate 9%
$253,089
$253.1K
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
$43.2K $23.28/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$41.4K $22.30/SF
− OpEx
−$18.6K −$10.04/SF
NOI
$22.8K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$455,560
Cap Rate 7%
$325,400
Cap Rate 9%
$253,089
Alternative Uses
Best Use
Apartment 5plus
$325.4K
$284.7K – $379.6K
NOI $22,778 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
10 ft
Clear height
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Two-bedroom, two-bath villa with a den, built in 2015, featuring water views within a gated community.
Where is this single family property 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.
