Elevated Furnished Duplex with
New
For Sale
$1,199,000
21697/699 Indian Bayou Dr, Fort Myers Beach, FL 33931
Two matching residences offer flexible use, covered parking, coastal interiors, and weekly rental capability near beach access.
Property Size3,848 SF
Price / SF$311.59
Days on Market6
Property Features for 21697/699 Indian Bayou Dr
General Information
Standard status
Active
Size
3,848 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
in-unit laundry room
covered decks
Building Details
Year Built
1990
Buildings
1
Listing Agency:
Royal Shell Real Estate, Inc.
Listed By:
Michael Koch · License #258005694
(239) 246-0679
Source:
Swflhomesource
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 21 at 7:09AM
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 Royal Shell Real Estate, Inc.
Investment Insights
Based on property information with market context.
This elevated duplex contains two furnished residences totaling 3,848 square feet, with identical layouts and more than 1,900 square feet per unit. Each residence includes a primary suite and guest suite with en-suite baths, a loft, living and dining areas, an in-unit laundry room, and a covered deck. An interior connecting door allows the units to operate separately or together as a four-bedroom, four-bath retreat. Covered under-building parking accommodates four vehicles, with additional parking and beach-gear storage. A pool may be possible, subject to buyer verification, permitting, and due diligence.
Weekly rentals are permitted, and beach access is approximately a 3-4 minute walk away. The property is at 21697/699 Indian Bayou Dr in Fort Myers Beach, 1 mile south of Publix and 1 mile north of Santini Plaza. Recent work includes a 2023 metal roof, 2022 re-plumbing, 2022 HVAC replacement, 2024 main electrical meter replacement, and an updated primary en-suite bath in one residence. Tropical landscaping and an estuary backdrop frame the setting.
Weekly rentals are permitted, and beach access is approximately a 3-4 minute walk away. The property is at 21697/699 Indian Bayou Dr in Fort Myers Beach, 1 mile south of Publix and 1 mile north of Santini Plaza. Recent work includes a 2023 metal roof, 2022 re-plumbing, 2022 HVAC replacement, 2024 main electrical meter replacement, and an updated primary en-suite bath in one residence. Tropical landscaping and an estuary backdrop frame the setting.
Key Highlights
- Two furnished residences totaling 3,848 square feet
- Each unit measures more than 1,900 square feet and includes 2 en‑suite bedrooms plus a loft
- Interior connecting door supports separate operation or combined four‑bedroom, four‑bath use
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
$50,933
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
4.25%
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%
$1,018,660
$1.0M
Cap Rate 7%
$727,614
$727.6K
Cap Rate 9%
$565,922
$565.9K
Market Conditions
NOI Build-Up for 3,848 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
$76.2K $19.80/SF
− Vacancy
−$3.4K −$0.89/SF
EGI
$72.8K $18.91/SF
− OpEx
−$21.8K −$5.67/SF
NOI
$50.9K $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%
$1,018,660
Cap Rate 7%
$727,614
Cap Rate 9%
$565,922
Alternative Uses
Best Use
Multifamily LT 5
$727.6K
$636.7K – $848.9K
NOI $50,933 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$674.3K
$590.0K – $786.7K
NOI $47,200 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,779 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
191
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences offer flexible use, covered parking, coastal interiors, and weekly rental capability near beach access.
Where is this duplex located?
The property is located at 21697/699 Indian Bayou Dr Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Two furnished residences totaling 3,848 square feet; Each unit measures more than 1,900 square feet and includes 2 en‑suite bedrooms plus a loft; Interior connecting door supports separate operation or combined four‑bedroom, four‑bath use
