Bayfront Duplex with Boat
For Sale
$2,790,000
21500 - 21504 Indian Bayou Drive, Fort Myers Beach, FL 33931
Turnkey furnished duplex on concrete pilings with bay views, multiple balconies, and direct boating access.
Property Size6,101 SF
Price / SF$457.30
Days on Market177
Property Features for 21500 - 21504 Indian Bayou Drive
General Information
Standard status
Active
Size
6,101 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1997
Stories
3
Tenancy
Multi
Listing Agency:
Realty One Group MVP
Listed By:
Caprice Krumsick
(239) 990-2590
Source:
Johnrwood
Added: Mar 15
Changed: Sep 6
Last Checked: Sep 6 at 9:42AM
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 Realty One Group MVP
Investment Insights
Based on property information with market context.
This bayfront duplex is built on concrete pilings and configured as an elevated, multi-level structure. The property was professionally remodeled following hurricane damage and includes new code-compliant hurricane shutters, updated roof and A/C systems, vinyl flooring, and impact sliding doors in the primary suites. Each unit offers multiple balcony areas and large windows for expansive bay views, along with open main living spaces and defined bedroom and bath layouts. The ground level provides garage space with capacity for multiple vehicles, and the property includes a pool with resurfacing, new tile, spa features, and updated pool equipment. An elevator shaft is present but currently non-operational.
The duplex sits at the end of a quiet cul-de-sac and is offered with direct boating access. The dock was damaged by Hurricane Ian and will require replacement (information available). The property is sold as-is. Mangrove trimming is supported by a permit that is in place and recently completed. County records indicate three separate parcel IDs.
The interior includes existing access points on each level, supporting flexible use options such as living in one unit while renting the other, or combining use of both units. The property was previously operated as a vacation rental and will be reintroduced into a rental program, with furnishings included as a turnkey package excluding personal items and select artwork.
The duplex sits at the end of a quiet cul-de-sac and is offered with direct boating access. The dock was damaged by Hurricane Ian and will require replacement (information available). The property is sold as-is. Mangrove trimming is supported by a permit that is in place and recently completed. County records indicate three separate parcel IDs.
The interior includes existing access points on each level, supporting flexible use options such as living in one unit while renting the other, or combining use of both units. The property was previously operated as a vacation rental and will be reintroduced into a rental program, with furnishings included as a turnkey package excluding personal items and select artwork.
Key Highlights
- Bayfront duplex on concrete pilings built in 1997, with approx. 6,101 sq ft under air (Unit A 3,095 sq ft; Unit B 3,006 sq ft).
- Professionally remodeled after hurricane damage and includes new code‑compliant hurricane shutters.
- Each unit features multiple levels with balconies and large windows for bay views, plus a top‑floor primary suite.
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
$80,755
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
2.89%
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%
$1,615,100
$1.6M
Cap Rate 7%
$1,153,643
$1.2M
Cap Rate 9%
$897,278
$897.3K
Market Conditions
NOI Build-Up for 6,101 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
$120.8K $19.80/SF
− Vacancy
−$5.4K −$0.89/SF
EGI
$115.4K $18.91/SF
− OpEx
−$34.6K −$5.67/SF
NOI
$80.8K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,615,100
Cap Rate 7%
$1,153,643
Cap Rate 9%
$897,278
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.35M
NOI $80,755 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$1.07M
$935.5K – $1.25M
NOI $74,836 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,417 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
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?
Duplex - Turnkey furnished duplex on concrete pilings with bay views, multiple balconies, and direct boating access.
Where is this duplex located?
The property is located at 21500 - 21504 Indian Bayou Drive Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: Bayfront duplex on concrete pilings built in 1997, with approx. 6,101 sq ft under air (Unit A 3,095 sq ft; Unit B 3,006 sq ft).; Professionally remodeled after hurricane damage and includes new code‑compliant hurricane shutters.; Each unit features multiple levels with balconies and large windows for bay views, plus a top‑floor primary suite.
