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    Lakefront Condo in Gated Community Title is generated by Realmo AI

    2120 HERON LAKE DRIVE 208, Punta Gorda, FL 33983

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    For Sale
    $219,900

    Move-in-ready, 3-bedroom condo with lake views in Punta Gorda.

    Type:Condo/Townhome
    Property size:
    1,293 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $170/SF
    Added:
    Feb 12, 2024
    Days on Market:
    838
    Last Refresh:
    May 19 at 11:13 pm

    Property Features for 2120 HERON LAKE DRIVE 208

    General Information

    Standard status
    Active
    Size
    1,293 SF
    Lot size
    0.03 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    2006

    We can help!

    Listing Contact
    Brian Helgemo

    Listing agent Brian Helgemo License #274501399

    Listing office Compass Florida

    Listing date Feb 12, 2024

    Source Exitrealty

    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 Compass Florida

    HighLights

    • Lakefront condo with breathtaking sunrise views
    • Brand new HVAC system
    • 3 bedroom, 2 bath condo in gated community
    • Resort‑style community with heated pool, clubhouse, tennis courts, and fitness center
    • Move‑in ready with recent repaint and new carpeting
    • Close to restaurants, shopping, schools, golf, and downtown Punta Gorda

    Overview

    This move-in-ready, second-floor condo features 3 bedrooms and 2 bathrooms, situated in the gated community of Heritage Lake Park in Punta Gorda. A brand new HVAC system has been installed. The interior has been recently repainted and new carpeting laid. The property offers southeastern exposure with views of the lake. The open floor plan features neutral decor, a living room with a triple slider leading to a balcony, and a kitchen with ample counter space, cabinetry, a casual dining space, and a breakfast bar. The primary suite includes a large window for natural light, a walk-in closet, and a private bath with dual sinks and a walk-in shower. There are two guest bedrooms, a full guest bath, and a laundry closet. The screened lanai overlooks the lake. Covered assigned parking and guest parking are available. The association is scheduled to replace the carport within 60 days. Heritage Lake Park is a resort-style community with a heated pool, clubhouse, tennis courts, a fitness center, and landscaped grounds. The property is located close to restaurants, shopping, schools, and golf, and is a short drive to downtown historic Punta Gorda, offering community events and entertainment. It also provides easy access to SWFL beaches. The property size is 1293 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $25.9k $20.04
    − Vacancy −$5.2k −$3.99
    EGI $20.8k $16.05
    − OpEx −$9.3k −$7.22
    NOI $11.4k $8.83
    1,293 SF · lease $20.04/SF/yr · vacancy 19.90% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $163.1K
    $142.7K – $190.3K (±1% cap)
    NOI $11,415 @ 7.0% cap · market cap 5.19%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $423.4K
    $370.5K – $493.9K (±1% cap)
    NOI $29,636 @ 7.0% cap · market cap 13.48%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Skin Care Clinic Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Punta Gorda
    County
    Charlotte
    State
    Florida
    Longitude
    -82.028081
    Latitude
    26.996995

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    FAQs

    What type of property is this?
    Residential income property - Move-in-ready, 3-bedroom condo with lake views in Punta Gorda.
    Where is this residential income property located?
    The property is located at 2120 HERON LAKE DRIVE 208 Punta Gorda, FL.
    What is the asking price?
    The asking price for this property is $219,900.
    What are key features of this property?
    This property features: Lakefront condo with breathtaking sunrise views; Brand new HVAC system; 3 bedroom, 2 bath condo in gated community
    (941) 205-8478
    We can help!
    Listing Contact
    Brian Helgemo
    Real Estate License ID: 274501399
    Learn More
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    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.

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    2120 HERON LAKE DRIVE 208, PUNTA GORDA, FL 33983
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