Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Oversized Waterfront Lot in Palmetto Title is generated by Realmo AI

    196 BIMINI DRIVE, Palmetto, FL 34221

    View on Map
    Claim this Listing
    For Sale
    $225,000

    Waterfront lot with seawall, dock, and boat lift.

    Type:Land or Vacant Lot
    Lot size:
    0.11 Acres
    Added:
    Jan 8, 2025
    Days on Market:
    515
    Last Refresh:
    May 10 at 11:35 pm

    Property Features for 196 BIMINI DRIVE

    General Information

    Standard status
    Active
    Lot size
    0.11 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    CARMEN GARCIA URGELLES

    Listing agent CARMEN GARCIA URGELLES License #3463343

    Listing office KELLER WILLIAMS ON THE WATER

    Listing date Jan 8, 2025

    Source Corcoran

    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 KELLER WILLIAMS ON THE WATER

    HighLights

    • Direct canal access to waterfront.
    • Oversized waterfront lot with 60 feet of seawall.
    • Brand‑new 10x10 dock and 10,000 lb boat lift.
    • Located in Tropic Isles, a sought‑after 55+ resident‑owned waterfront community.
    • Boater's paradise for fishing, cruising, and enjoying the Florida sun.
    • Community offers friendly environment, great amenities and a calendar full of activities.

    Overview

    This oversized waterfront lot is located in the 55+ resident-owned waterfront community of Tropic Isles. The property features 60 feet of seawall and direct canal access, making it suitable for boating. A new 10x10 dock and a 10,000 lb boat lift are included. Tropic Isles offers a friendly environment, amenities, and activities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Dental Office Nail Salon Building Supply Accounting Firm Big Box & Wholesale Store Kitchen & Bath Showroom Department Store Grocery & Convenience Store Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Palmetto
    County
    Manatee
    State
    Florida
    Longitude
    -82.6012
    Latitude
    27.5245

    Nearby Similar for Sale

    • $2,500,000
      5,247 SF

      Waterfront Restaurant Opportunity on US 19

      Prime waterfront property with high visibility and renovation potential.
      5611 US HIGHWAY 19, PALMETTO, FL 34221
      View Details
    • $1,299,999
      1,080 SF

      High-Visibility Land Parcel on Moccasin

      Prime ~2 acre parcel with road frontage in rapidly growing area.
      2519 MOCCASIN WALLOW ROAD, PALMETTO, FL 34221
      View Details
    • $1,299,999

      High-Visibility Land on Moccasin Wallow

      Prime land parcel with frontage on rapidly growing Moccasin Wallow.
      2519 MOCCASIN WALLOW ROAD, PALMETTO, FL 34221
      View Details
    • $375,000

      Waterfront Land with Gulf Access

      Canal-front homesite with direct access to Manatee River.
      907 22ND AVENUE W, PALMETTO, FL 34221
      View Details
    • $350,000

      Waterfront Land in Palmetto, FL

      Oversized waterfront homesite with direct Gulf access.
      2213 10TH STREET W, PALMETTO, FL 34221
      View Details
    • $384,000
      1,944 SF

      Updated Duplex in Palmetto

      Income-producing duplex with two units, each with two bedrooms.
      416 40TH STREET E, PALMETTO, FL 34221
      View Details
    • $49,000

      Residential Lot in Leisure Lakes

      Large lot in 55+ community with many amenities.
      2900 8TH AVENUE W, PALMETTO, FL 34221
      View Details
    • $1,500,000
      3,946 SF

      Palmetto Equestrian Center with 20 Stalls

      4.9 acre horse ranch with Mediterranean home and guest house.
      9510 36TH AVENUE E, PALMETTO, FL 34221
      View Details
    • $35,000

      Vacant Land in Skyway Village

      Vacant land in age-qualified community with amenities and convenient location.
      420 49TH STREET E, PALMETTO, FL 34221
      View Details
    • $375,000

      Waterfront Homesite in Sanctuary Cove

      Waterfront homesite in gated community with resort-style amenities.
      1602 4TH STREET E, PALMETTO, FL 34221
      View Details
    • $298,900

      Exclusive Homesite in Gated Community

      Oversized homesite in Amberwynd with lake and preserve views.
      1846 AMBERWYND CIRCLE W, PALMETTO, FL 34221
      View Details
    • $2,790,000
      16,382 SF

      Palmetto Medical Building on 2.24 Acres

      Strategically located medical building with flexible space and expansion potential.
      602 4th Avenue West, Palmetto, FL 34221
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Waterfront lot with seawall, dock, and boat lift.
    Where is this waterfront land located?
    The property is located at 196 BIMINI DRIVE Palmetto, FL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Direct canal access to waterfront.; Oversized waterfront lot with 60 feet of seawall.; Brand‑new 10x10 dock and 10,000 lb boat lift.
    (941) 729-7400
    We can help!
    Listing Contact
    CARMEN GARCIA URGELLES
    Real Estate License ID: 3463343
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    196 BIMINI DRIVE, PALMETTO, FL 34221
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!