Bayfront Duplex with
For Sale
$2,790,000
21500 - 21504 Indian Bayou Drive, Fort Myers Beach, FL 33931
MULTI_FAMILY - Other - Fort Myers Beach, FL
Property Size6,101 SF
Lot Size0.58 Acres
Price / SF$457.30
Days on Market114
Property Features for 21500 - 21504 Indian Bayou Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RC
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 4, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 4, Bathroom 1
Spa
1
Pets allowed
Yes
Pool private
1
Exterior features
SprinklerIrrigation, OutdoorShower
Subdivision
INDIAN BAYOU SUBD
Lot features
Oversized Lot, Cul De Sac, Sprinklers Automatic
Directions
Estero Blvd southbound, make a left on Lanark Ave, which leads into Indian Bayou Dr. The house will be at the very end at the cul-de-sac.
Standard status
Active
APN
33-46-24-W2-0120B.0000
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HERON WATCH CONDO DESC OR 2999 PG 2216 UNIT B
Tax Annual Amount
28977
Legal Description
HERON WATCH CONDO DESC OR 2999 PG 2216 UNIT B
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water front features
Navigable Water
Water front
1
Amenities
pool
balcony
Building Details
Year built
1997
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Block, Concrete, Stucco, WoodFrame
Roof type
Metal
Architectural style
Other
Listing Agency:
Realty One Group MVP
(800) 896-8790
Listed By:
Caprice Krumsick · License #252012642
(239) 677-7141
Added: Apr 16
Changed: Aug 5
Last Checked: Aug 7 at 5:06AM
MLS# 2026017632
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. 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 two-unit waterfront property contains approximately 6,101 sq ft under air, with Unit A measuring 3,095 sq ft and Unit B measuring 3,006 sq ft. Built in 1997 on concrete pilings, the three-level configuration includes a top-floor primary suite, two additional bedrooms on the second level, open kitchen and dining areas, two-story great rooms, balconies, and ground-level garage space for multiple vehicles. Existing interior access points allow the units to function together or separately. The property is offered turnkey furnished, excluding personal items and select artwork.
Recent work includes a metal roof, updated A/C systems, vinyl flooring, impact sliding doors in the primary suites, resurfaced pool tile, spa improvements, and new pool equipment. The property also includes a non-operational elevator shaft, an outdoor shower, and navigable water frontage. It sits on 0.58 acres at the end of a cul-de-sac, with beach access within a short walk. The dock sustained Hurricane Ian damage and requires replacement. The property is being sold as-is, with showings by appointment.
Recent work includes a metal roof, updated A/C systems, vinyl flooring, impact sliding doors in the primary suites, resurfaced pool tile, spa improvements, and new pool equipment. The property also includes a non-operational elevator shaft, an outdoor shower, and navigable water frontage. It sits on 0.58 acres at the end of a cul-de-sac, with beach access within a short walk. The dock sustained Hurricane Ian damage and requires replacement. The property is being sold as-is, with showings by appointment.
Key Highlights
- Approximately 6,101 sq ft under air across two units: Unit B 3,006 sq ft and Unit A 3,095 sq ft
- Navigable water frontage with direct boating access; dock damaged by Hurricane Ian and requiring replacement
- 0.58‑acre property built in 1997 on concrete pilings
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
$80,755
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
2.89%
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%
$1,615,100
$1.6M
Cap Rate 7%
$1,153,643
$1.2M
Cap Rate 9%
$897,278
$897.3K
Market Conditions
NOI Build-Up for 6,101 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
$120.8K $19.80/SF
− Vacancy
−$5.4K −$0.89/SF
EGI
$115.4K $18.91/SF
− OpEx
−$34.6K −$5.67/SF
NOI
$80.8K $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%
$1,615,100
Cap Rate 7%
$1,153,643
Cap Rate 9%
$897,278
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.35M
NOI $80,755 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$1.07M
$935.5K – $1.25M
NOI $74,836 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,417 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Remodeled two-unit property with navigable water access, private pool and spa, balconies, garages, and furnished interiors.
Where is this duplex located?
The property is located at 21500 - 21504 Indian Bayou Drive Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: Approximately 6,101 sq ft under air across two units: Unit B 3,006 sq ft and Unit A 3,095 sq ft; Navigable water frontage with direct boating access; dock damaged by Hurricane Ian and requiring replacement; 0.58‑acre property built in 1997 on concrete pilings
