Waterfront Condo with Panoramic
For Sale
$565,000
231 La Peninsula Boulevard 231, Naples, FL 34113
Updated condo with river views, lanai, and community amenities.
Property Size1,440 SF
Price / SF$392.36
Days on Market689
Property Features for 231 La Peninsula Boulevard 231
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$4,787
Building Details
Year Built
1987
Listing Agency:
Re/Max Alliance Group
(239) 248-9774
Listed By:
Beau Middlebrook · License #267510048
(239) 248-9774
Source:
Exitrealty
Added: Sep 21, 2024
Changed: Aug 8
Last Checked: Aug 10 at 4:46AM
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 Re/Max Alliance Group
Investment Insights
Based on property information with market context.
This condo is located in the gated community of La Peninsula on Isles of Capri. Recent updates include new appliances, flooring, and kitchen in a Coastal Modern style. The property features impact windows, sliders, a wet bar, a spacious floor plan, and a large, covered lanai. The condo offers panoramic views of the Big Marco river, Hideaway beach, and Marco Island. The master bedroom faces the water and includes a walk-in closet and sliders to the lanai. The bathroom has a dual vanity, separate shower, and a jetted bathtub with glass windows overlooking the river. La Peninsula features tropical landscaping, a fitness room, clubhouse, Olympic-sized heated swimming pool, spa, and a promenade along the water's edge. A new sports center is planned, complete with pickleball, tennis, and bocce. Boat slips are available for separate purchase. Isles of Capri is an island with wildlife, four restaurants, and three marinas, located one mile from Marco Island and 20 minutes from Downtown Naples. The property size is 1440 square feet.
Key Highlights
- Spectacular panoramic views of the Big Marco River, Hideaway Beach, and Marco Island.
- Located in the gated community of La Peninsula on Isles of Capri.
- Recent coastal modern updates including new appliances, flooring, and kitchen.
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
$19,551
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
3.46%
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%
$391,020
$391.0K
Cap Rate 7%
$279,300
$279.3K
Cap Rate 9%
$217,233
$217.2K
Market Conditions
NOI Build-Up for 1,440 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
$37.5K $26.04/SF
− Vacancy
−$1.9K −$1.35/SF
EGI
$35.5K $24.69/SF
− OpEx
−$16.0K −$11.11/SF
NOI
$19.6K $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%
$391,020
Cap Rate 7%
$279,300
Cap Rate 9%
$217,233
Alternative Uses
Best Use
Apartment 5plus
$279.3K
$244.4K – $325.9K
NOI $19,551 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.9K
$505.7K – $674.3K
NOI $40,456 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 34113, FL
23,740
Population
16,461
Households
1.4
Avg Household Size
57
Median Age
40%
College-Educated
87%
High-School Grad
25.9 sq mi
ZIP Area
917
Density / Sq Mi
$76,539
Median Household Income
$37,070
Median Earnings
$1,888
Median Rent
$450,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with river views, lanai, and community amenities.
Where is this residential income property located?
The property is located at 231 La Peninsula Boulevard 231 Naples, FL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Spectacular panoramic views of the Big Marco River, Hideaway Beach, and Marco Island.; Located in the gated community of La Peninsula on Isles of Capri.; Recent coastal modern updates including new appliances, flooring, and kitchen.
