Remodeled Condo Near Disney
For Sale
$215,000
615 LUCAYA Loop, Davenport, FL 33897
Turnkey, furnished 3-bedroom condo in Bahama Bay Resort.
Property Size1,227 SF
Days on Market106
Property Features for 615 LUCAYA Loop
General Information
Standard status
Active
Size
1,227 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,676
Building Details
Building Size
1,227 SF
Year Built
2002
Stories
3
Listing Agency:
(321) 368-9206
Listed By:
Amanda Massacessi Basteiro · License #3437258
(321) 368-9206
Source:
Elliman
Added: Apr 24
Changed: Aug 7
Last Checked: Aug 7 at 5:17AM
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 Amanda Massacessi Basteiro
Investment Insights
Based on property information with market context.
This is a remodeled 3-bedroom, 2-bath condominium located in the Bahama Bay Resort, situated minutes from Walt Disney World Resort and other major Orlando attractions. The property is sold fully furnished and turnkey, suitable for immediate short-term rental income or private vacation use. It features an open floor plan, updated appliances, and a private patio. Bahama Bay is a gated resort community offering 24-hour security and amenities such as multiple pools, a hot tub, a poolside bar & grill, a clubhouse, a fitness center, tennis courts, a sauna/steam room, a game room, a business center, a lake with a fishing dock, and maintained grounds. This property is suited for investors or second-home buyers seeking a prime location, resort lifestyle, and rental potential. The bike score is 34, indicating it is somewhat bikeable, and the walk score is 13, indicating car-dependent accessibility.
Key Highlights
- Fully furnished, turnkey 3‑bedroom, 2‑bath condo ready for immediate short‑term rental income or private vacation use.
- Located in the highly desirable Bahama Bay Resort, minutes from Walt Disney World and other Orlando attractions.
- Bahama Bay is a gated resort community with 24‑hour security.
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
$11,622
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
5.41%
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%
$232,440
$232.4K
Cap Rate 7%
$166,029
$166.0K
Cap Rate 9%
$129,133
$129.1K
Market Conditions
NOI Build-Up for 1,227 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 $18.36/SF
− Vacancy
−$1.4K −$1.14/SF
EGI
$21.1K $17.22/SF
− OpEx
−$9.5K −$7.75/SF
NOI
$11.6K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$232,440
Cap Rate 7%
$166,029
Cap Rate 9%
$129,133
Alternative Uses
Best Use
Apartment 5plus
$166.0K
$145.3K – $193.7K
NOI $11,622 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$294.9K
$258.0K – $344.0K
NOI $20,640 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 33897, FL
25,352
Population
13,291
Households
1.9
Avg Household Size
38
Median Age
28%
College-Educated
94%
High-School Grad
41.8 sq mi
ZIP Area
607
Density / Sq Mi
$73,457
Median Household Income
$36,154
Median Earnings
$1,880
Median Rent
$279,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Turnkey, furnished 3-bedroom condo in Bahama Bay Resort.
Where is this short term rental property located?
The property is located at 615 LUCAYA Loop Davenport, FL.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Fully furnished, turnkey 3‑bedroom, 2‑bath condo ready for immediate short‑term rental income or private vacation use.; Located in the highly desirable Bahama Bay Resort, minutes from Walt Disney World and other Orlando attractions.; Bahama Bay is a gated resort community with 24‑hour security.
