Bayfront Duplex with Boat
For Sale
$2,790,000
21500 - 21504 Indian Bayou DR, 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 Market190
Property Features for 21500 - 21504 Indian Bayou DR
General Information
Standard status
Active
Size
6,101 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$28,976
Building Details
Building Size
6,101 SF
Year Built
1997
Stories
3
Tenancy
Multi
Listing Agency:
Realty One Group MVP
Listed By:
Caprice Krumsick · License #252012642
(239) 677-7141
Source:
Kwelevate
Added: Apr 16
Changed: Oct 13
Last Checked: Oct 21 at 3:19AM
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
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Investment Insights
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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 / Yr
$80,755
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 DR 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.
