Updated Condo Near Naples
For Sale
$379,900
Pending
600 Neapolitan Way 220, Naples, FL 34103
Move-in ready condo with resort-style amenities and income potential.
Property Size864 SF
Days on Market551
Property Features for 600 Neapolitan Way 220
General Information
Standard status
Pending
Size
864 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,838
Building Details
Year Built
1982
Listing Agency:
Premiere Plus Realty Company
(239) 316-6453
Listed By:
Josh Emberg · License #249525541
(239) 316-6453
Source:
Exitrealty
Added: Feb 15, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Premiere Plus Realty Company
Investment Insights
Based on property information with market context.
Located in the Gulf of Mexico/Park Shore corridor, this updated condo on the top floor (second) of Building C offers tranquil views in a quiet section of Park Shore Resort. The property is suitable as a personal retreat or a rental property, with opportunities for both short-term and long-term rentals. Peak demand occurs during the high season from January to April, with continued profitability throughout the summer. Residents and guests can enjoy resort-style amenities, including a heated pool and spa, on-site dining, BBQ picnic areas, tennis, pickleball, and basketball courts, as well as a fitness center. The property is situated on lush tropical grounds featuring scenic pathways, wooden bridges, and waterfalls. It provides access to Waterside Shops, Venetian Village, Mercato, 5th Avenue, and Naples’ beaches. Restaurants and shopping options are within walking distance. The condo spans 864 square feet.
Key Highlights
- Prime location in the desirable Gulf of Mexico/Park Shore corridor, west of US‑41, offering proximity to beaches, shopping, and dining.
- Excellent investment opportunity with high rental income potential, especially during peak season (January to April).
- Resort‑style amenities including a heated pool and spa, on‑site dining, sports courts (tennis, pickleball, basketball), and a fitness center.
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
$11,731
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
3.09%
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%
$234,620
$234.6K
Cap Rate 7%
$167,586
$167.6K
Cap Rate 9%
$130,344
$130.3K
Market Conditions
NOI Build-Up for 864 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
$22.5K $26.04/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$21.3K $24.69/SF
− OpEx
−$9.6K −$11.11/SF
NOI
$11.7K $13.58/SF
Area
Collier County, FL
Vacancy
5.20%
Lease Rate
$26.04 /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%
$234,620
Cap Rate 7%
$167,586
Cap Rate 9%
$130,344
Alternative Uses
Best Use
Apartment 5plus
$167.6K
$146.6K – $195.5K
NOI $11,731 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$346.8K
$303.4K – $404.6K
NOI $24,273 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 34103, FL
11,822
Population
10,443
Households
1.1
Avg Household Size
63
Median Age
59%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
3,031
Density / Sq Mi
$115,262
Median Household Income
$57,831
Median Earnings
$2,039
Median Rent
$938,200
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?
Short term rental property - Move-in ready condo with resort-style amenities and income potential.
Where is this short term rental property located?
The property is located at 600 Neapolitan Way 220 Naples, FL.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Prime location in the desirable Gulf of Mexico/Park Shore corridor, west of US‑41, offering proximity to beaches, shopping, and dining.; Excellent investment opportunity with high rental income potential, especially during peak season (January to April).; Resort‑style amenities including a **heated pool and spa**, on‑site dining, sports courts (tennis, pickleball, basketball), and a fitness center.
