Bayfront Remodeled
For Sale
$2,790,000
21500 - 21504 Indian Bayou Drive, Fort Myers Beach, FL 33931
ResidentialIncome, Fort Myers Beach, FL
Property Size6,101 SF
Lot Size0.58 Acres
Price / SF$457.30
Days on Market160
Property Features for 21500 - 21504 Indian Bayou Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RC
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 4
Spa
1
Pets allowed
Yes
Pool private
1
Exterior features
SprinklerIrrigation, OutdoorShower
Subdivision
INDIAN BAYOU SUBD
Lot features
Oversized Lot, Cul De Sac, Sprinklers Automatic
Directions
Estero Blvd southbound, make a left on Lanark Ave, which leads into Indian Bayou Dr. The house will be at the very end at the cul-de-sac.
Standard status
Active
APN
33-46-24-W2-0120B.0000
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HERON WATCH CONDO DESC OR 2999 PG 2216 UNIT B
Tax Annual Amount
28977
Legal Description
HERON WATCH CONDO DESC OR 2999 PG 2216 UNIT B
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s), Electric
Water front features
Navigable Water
Water front
1
Amenities
pool
spa
balcony
Building Details
Year built
1997
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Block, Concrete, Stucco, WoodFrame
Roof type
Metal
Architectural style
Other
Listing Agency:
Realty One Group MVP
(800) 896-8790
Listed By:
Caprice Krumsick · License #252012642
(239) 677-7141
Added: Apr 16
Changed: Sep 19
Last Checked: Sep 22 at 5:06AM
MLS# 2026017632
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Fort Myers Beach duplex contains approximately 6,101 square feet under air, divided between Unit A at 3,095 square feet and Unit B at 3,006 square feet. Constructed in 1997 on concrete pilings, the three-level configuration includes two residences with upper-level bay views, multiple balconies, open living areas, kitchens, dining spaces, bedrooms, and garage areas capable of accommodating multiple vehicles. Existing interior connections on each level allow the units to function together. Recent improvements include a metal roof, updated air-conditioning systems, vinyl flooring, impact sliding doors, resurfaced pool and spa finishes, and new pool equipment. The property is offered furnished, excluding personal items and select artwork.
Set on 0.58 acres at 21500 - 21504 Indian Bayou Drive, the property fronts navigable water and provides direct boating access, with the beach within walking distance. A mangrove trimming permit is in place, and the site includes three separate parcel IDs according to county records. The dock was damaged by Hurricane Ian and requires replacement. The elevator shaft is currently non-operational, and the property is offered as-is.
Set on 0.58 acres at 21500 - 21504 Indian Bayou Drive, the property fronts navigable water and provides direct boating access, with the beach within walking distance. A mangrove trimming permit is in place, and the site includes three separate parcel IDs according to county records. The dock was damaged by Hurricane Ian and requires replacement. The elevator shaft is currently non-operational, and the property is offered as-is.
Key Highlights
- Approximately 6,101 SF under air across two units: 3,095 SF and 3,006 SF
- 0.58‑acre bayfront property with navigable water and direct boating access
- Three‑level duplex built in 1997 on concrete pilings
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
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Remodeled two-unit property with navigable water access, private pool, and flexible rental configurations.
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: Approximately 6,101 SF under air across two units: 3,095 SF and 3,006 SF; 0.58‑acre bayfront property with navigable water and direct boating access; Three‑level duplex built in 1997 on concrete pilings
