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    Waterfront Land in Ocean Ridge Title is generated by Realmo AI

    103 Bonito Drive, Ocean Ridge, FL 33435

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    Claim this Listing
    For Sale
    $2,200,000

    LAND - Ocean Ridge, FL

    Property size:
    3,018 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $728/SF
    Added:
    Apr 17, 2026
    Days on Market:
    26
    Last Refresh:
    May 12 at 8:06 am

    Property Features for 103 Bonito Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RSF (city)
    Standard status
    Active
    APN
    46434522100001030
    Size
    3,018 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    MC CORMICK MILE ADD 1 LT 103
    Tax Annual Amount
    25054

    Utilities

    Sewer type
    Septic Tank
    Water source
    Public
    Water front features
    Seawall, Ocean Access
    Water front
    1

    We can help!

    Listing Contact
    Renee Nicole Strack
    Renee Nicole Strack

    Listing agent Renee Nicole Strack License #3417280

    Listing office Serhant 648 George Bush Blvd., New York, FL

    Listing date Apr 17, 2026

    MLS# B26017844 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • New luxury waterfront residence opportunity in Ocean Ridge on the Dolphin Canal Waterway.
    • Prime 10,261 SF lot with potential to build a 3,018 SF coastal contemporary home.
    • Features 4 bedrooms, 4 baths, gourmet kitchen, and a 2‑car garage.
    • Offers seamless indoor‑outdoor living with a covered patio, pool, and spa.
    • Includes a first‑floor guest suite/office and a spacious primary suite with a private balcony.
    • Ideally located close to Delray Beach, Manalapan, and Palm Beach with ocean access.

    Overview

    This property features a 10,261 square foot lot on the Dolphin Canal Waterway in Ocean Ridge, Florida. Renderings are available for a new two-story luxury waterfront residence. The planned coastal contemporary home includes approximately 3,018 square feet under air, four bedrooms, four baths, and a two-car garage. The design incorporates soaring ceilings, an open-concept living area, and a gourmet kitchen. A guest suite or office is planned for the first floor, with a spacious primary suite and private balcony on the second floor. The property is designed for seamless indoor-outdoor living, with a covered patio, pool, and spa. The location provides convenient access to shopping, dining, and the beach, and is close to Delray Beach, Manalapan, and Palm Beach. There is an option to combine this lot with the adjacent lot to create a larger waterfront estate. The property is zoned RSF (city).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean Ridge
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.0479507
    Latitude
    26.5408492

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    FAQs

    What type of property is this?
    Waterfront Land - Prime waterfront lot to build a custom luxury residence.
    Where is this waterfront land located?
    The property is located at 103 Bonito Drive Ocean Ridge, FL.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: New luxury waterfront residence opportunity in Ocean Ridge on the Dolphin Canal Waterway.; Prime 10,261 SF lot with potential to build a 3,018 SF coastal contemporary home.; Features **4 bedrooms, 4 baths, gourmet kitchen, and a 2‑car garage.**
    (443) 955-3363
    We can help!
    Listing Contact
    Renee Nicole Strack
    Renee Nicole Strack
    Real Estate License ID: 3417280
    Learn More
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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.

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