Waterfront Condo with Deeded Boat
For Sale
$279,000
Pending
9604 CORTEZ W ROAD 225, Bradenton, FL 34210
Spacious 2BR/2BA condo with deeded boat slip and amenities.
Property Size1,218 SF
Days on Market593
Property Features for 9604 CORTEZ W ROAD 225
General Information
Standard status
Pending
Size
1,218 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$1,720
Building Details
Year Built
1982
Listing Agency:
WAGNER REALTY
(941) 720-3022
Listed By:
Patty Chaffin · License #0669997
(941) 720-3022
Source:
Exitrealty
Added: Jan 11, 2025
Changed: Aug 8
Last Checked: Jul 16 at 5:34AM
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 WAGNER REALTY
Investment Insights
Based on property information with market context.
This spacious waterfront condo features 2 bedrooms and 2 bathrooms, and includes a deeded boat slip. Located within a well-maintained complex, it offers convenient access to Anna Maria Island beaches. The unit features upgraded impact windows and an updated master bathroom. Ceramic tile flooring is present throughout most of the condo. The lanai has been opened up, expanding the square footage of the great room, which encompasses the living and dining areas. The carpeting in the two bedrooms has been removed, allowing buyers to select their preferred flooring. The property sustained some ceiling damage from a recent storm, which the seller is addressing with their insurance company and the association to determine a repair timeline. The complex provides amenities such as a heated pool and spa, tennis court, billiards and game rooms, a fitness center, and an active clubhouse. Fees cover water, sewer, trash, pest control, cable, internet, grounds maintenance, and exterior building upkeep. The property size is 1218 square feet.
Key Highlights
- Waterfront condo with deeded boat slip.
- Reduced price by $40,000.
- Short drive or bike ride to Anna Maria Island beaches.
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
$14,738
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
5.28%
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%
$294,760
$294.8K
Cap Rate 7%
$210,543
$210.5K
Cap Rate 9%
$163,756
$163.8K
Market Conditions
NOI Build-Up for 1,218 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
$28.4K $23.28/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$26.8K $22.00/SF
− OpEx
−$12.1K −$9.90/SF
NOI
$14.7K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
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%
$294,760
Cap Rate 7%
$210,543
Cap Rate 9%
$163,756
Alternative Uses
Best Use
Apartment 5plus
$210.5K
$184.2K – $245.6K
NOI $14,738 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$358.2K
$313.4K – $417.9K
NOI $25,072 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 34210, FL
16,447
Population
11,870
Households
1.4
Avg Household Size
54
Median Age
37%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
1,848
Density / Sq Mi
$64,306
Median Household Income
$37,216
Median Earnings
$1,552
Median Rent
$279,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Spacious 2BR/2BA condo with deeded boat slip and amenities.
Where is this residential income property located?
The property is located at 9604 CORTEZ W ROAD 225 Bradenton, FL.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Waterfront condo with **deeded boat slip**.; Reduced price by **$40,000**.; Short drive or bike ride to Anna Maria Island beaches.
