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    21510/21512 Indian Bayou Dr Fort Myers Beach, FL 33931

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    Sponsored
    For Sale
    $2,990,000

    MULTI_FAMILY - Other - Fort Myers Beach, FL

    Property size:
    4,400 SF
    Lot size:
    0.96 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 20 at 6:50 am

    Property Features for 21510/21512 Indian Bayou Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Spa
    1
    Rooms
    Bathroom 4, Bedroom 6, Bathroom 6, Bathroom 1, Bathroom 5, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 5
    Bedrooms
    6
    Bathrooms
    6
    APN
    33-46-24-W2-01100.0100
    Patio and Porch features
    Deck
    Pets allowed
    Yes
    Pool private
    1
    Interior features
    HighSpeedInternet
    Exterior features
    Deck
    Size
    4,400 SF
    Lot size
    0.96 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Humidity Control, Electric, Central Air, Ceiling Fan(s)
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    1996
    Flooring type
    Carpet, Laminate, Tile
    Building materials
    AluminumSiding, Block, Concrete
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jenny Beach
    Jenny Beach

    John R. Wood Properties (239) 990-2590

    Listing agent Jenny Beach (239) 201-7567 License #282019058

    Listing date Mar 20, 2026

    MLS# 2026013453

    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.

    Learn more

    Property Insight Report

    Overview

    Waterfront Duplex Paradise

    This waterfront duplex is located on Fort Myers Beach at the end of a quiet cul-de-sac along Estero Bay. The property features 4,400 square feet of living space across two mirror image residences. Each side of the duplex includes 3 bedrooms plus a den or bonus room, and 4 bathrooms. Custom upgrades include quartz countertops, oversized kitchen islands with cooktop and custom hood, separate wet bars, and built-in storage. Vaulted ceilings and tile flooring create a coastal atmosphere, and a metal roof provides durability. Outdoor living features a resort-style pool and spa, covered seating areas, and outdoor living space. Two oversized lanais frame bay views, and an upper-story balcony offers a private retreat. The bayfront dock can accommodate a large vessel. The property also includes an oversized 4 stall garage with room for storage. It is located at the south end of Fort Myers Beach close to shopping, restaurants, the beach, and Lovers Key State Park. The property sits on a weekly rental street, making it a potential investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers Beach
    County
    Lee
    State
    Florida
    Longitude
    -81.906905
    Latitude
    26.432229

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    FAQs

    What type of property is this?
    Duplex - Waterfront duplex with custom upgrades, resort-style pool, and bayfront dock.
    Where is this duplex located?
    The property is located at 21510/21512 Indian Bayou Dr Fort Myers Beach, FL.
    What is the asking price?
    The asking price for this property is $2,990,000.
    What are key features of this property?
    This property features: - Waterfront duplex on Estero Bay with **private dock suitable for a large vessel.**; - **Resort-style pool and spa** with covered seating and outdoor living spaces.; - Two mirror-image residences, each with 3 bedrooms, a den/bonus room, and 4 bathrooms.
    (239) 201-7567
    Request Owner's contact information
    21510/21512 Indian Bayou Dr Fort Myers Beach, FL 33931
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    Fort Myers Beach, FL 33931
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    21510/21512 Indian Bayou Dr Fort Myers Beach, FL 33931
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    We can help!
    Listing Contact
    Jenny Beach
    Jenny Beach
    Real Estate License ID: 282019058
    (239) 201-7567
    Learn more
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