Renovated Duplex on
For Sale
$849,999
27633 -635 Imperial Shores Boulevard, Bonita Springs, FL 34134
ResidentialIncome, Bonita Springs, FL
Property Size1,950 SF
Lot Size0.26 Acres
Price / SF$435.90
Days on Market8
Property Features for 27633 -635 Imperial Shores Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
TFC-2
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 3
Pets allowed
Yes
Subdivision
IMPERIAL SHORES
Lot features
Corner Lot
Directions
From Bonita Beach Road, turn onto Imperial Shores Blvd at the traffic light by the 7-Eleven. Head north on Imperial Shores Blvd. Continue past the first few side streets (Mariner Rd is one of the early cross streets on this stretch). The duplex at 27633-635 will be on Imperial Shores Blvd on the left hand side just before Esplanade St.
Standard status
Active
APN
32-47-25-B3-00207.0010
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
IMPERIAL SHORES UN 1 UREC BLK 7 OR 53 PG 130 LOT 1
Tax Annual Amount
11130
Legal Description
IMPERIAL SHORES UN 1 UREC BLK 7 OR 53 PG 130 LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1971
Number of units
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Architectural style
Other
Listing Agency:
Knowledge Base Real Estate
(239) 299-7921
Listed By:
Logan Lockwood · License #251535222
(239) 398-8934
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 22 at 3:06AM
MLS# 2026039373
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 duplex contains two matching 2-bedroom, 2-bathroom residences, each measuring 975 square feet. Both units were renovated throughout in 2024 and include new A/C systems, tile flooring, central air, heat-pump heating, and ceiling fans. Each residence has its own covered parking, while the building features block, concrete, and stucco construction beneath a shingle roof. The property was built in 1971, with the roof replaced in 2013.
Set on 0.26 acres along a Gulf-access canal, the property connects by bridges to open water and is less than 2 miles from Bonita Beach. Public water and public sewer serve the site. Both units have an established short-term rental history. The property experienced flooding during Hurricanes Ian and Milton.
Set on 0.26 acres along a Gulf-access canal, the property connects by bridges to open water and is less than 2 miles from Bonita Beach. Public water and public sewer serve the site. Both units have an established short-term rental history. The property experienced flooding during Hurricanes Ian and Milton.
Key Highlights
- Two 2‑bedroom, 2‑bathroom units, each 975 sq ft
- Full renovation completed in 2024, including new A/C systems
- Gulf‑access canal with bridge connections to open water
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
$25,811
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
3.04%
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%
$516,220
$516.2K
Cap Rate 7%
$368,729
$368.7K
Cap Rate 9%
$286,789
$286.8K
Market Conditions
NOI Build-Up for 1,950 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
$38.6K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$36.9K $18.91/SF
− OpEx
−$11.1K −$5.67/SF
NOI
$25.8K $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%
$516,220
Cap Rate 7%
$368,729
Cap Rate 9%
$286,789
Alternative Uses
Best Use
Multifamily LT 5
$368.7K
$322.6K – $430.2K
NOI $25,811 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$341.7K
$299.0K – $398.7K
NOI $23,919 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$613.7K
$537.0K – $716.0K
NOI $42,962 @ 7.0% cap · market cap 5.05%
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
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 34134, FL
15,906
Population
15,051
Households
1.1
Avg Household Size
70
Median Age
55%
College-Educated
98%
High-School Grad
13.4 sq mi
ZIP Area
1,187
Density / Sq Mi
$122,102
Median Household Income
$56,170
Median Earnings
$1,814
Median Rent
$659,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two matching units offer covered parking, short-term rental history, and access to public water and sewer.
Where is this duplex located?
The property is located at 27633 -635 Imperial Shores Boulevard Bonita Springs, FL.
What is the asking price?
The asking price for this property is $849,999.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bathroom units, each 975 sq ft; Full renovation completed in 2024, including new A/C systems; Gulf‑access canal with bridge connections to open water
