Renovated Coastal
New
For Sale
$840,000
3155 Waterside Dr, Englewood, FL 34224
Furnished three-unit property with updated interiors, dedicated laundry facilities, and a location across from Stump Pass Marina.
Property Size3,452 SF
Price / SF$243.34
Days on Market2
Property Features for 3155 Waterside Dr
General Information
Standard status
Active
Size
3,452 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
laundry building
outdoor shower
wood-burning fireplace
indoor grill
outdoor space
Building Details
Year Built
1983
Year Renovated
2025
Listing Agency:
Lantes Real Estate LLC
(813) 408-0980
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 7
Last Checked: Sep 8 at 5:58AM
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 Lantes Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1983 and renovated in 2025, this furnished triplex combines three updated residences with refreshed plumbing, windows, roofing, HVAC systems, appliances, and interior finishes. The unit mix includes two 2-bedroom, 1-bath residences and a 2-bedroom, 2-bath main unit with a private laundry room. A separate laundry building serves the two front units and includes a half bath and outdoor shower. Interior features include a full-wall wood-burning fireplace and indoor grill.
The property is across from Stump Pass Marina and Restaurant, with the source information also identifying nearby access to the Intracoastal, boat docking, storage, and live entertainment. Outdoor areas provide space for use and relaxation, with sunset views noted in the property information.
The property is across from Stump Pass Marina and Restaurant, with the source information also identifying nearby access to the Intracoastal, boat docking, storage, and live entertainment. Outdoor areas provide space for use and relaxation, with sunset views noted in the property information.
Key Highlights
- Renovated in 2025; original construction completed in 1983
- Three‑unit mix: two 2‑bedroom, 1‑bath units and one 2‑bedroom, 2‑bath main unit
- Separate laundry building includes a half bath and outdoor shower
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
$33,393
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
3.98%
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%
$667,860
$667.9K
Cap Rate 7%
$477,043
$477.0K
Cap Rate 9%
$371,033
$371.0K
Market Conditions
NOI Build-Up for 3,452 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
$58.8K $17.04/SF
− Vacancy
−$11.1K −$3.22/SF
EGI
$47.7K $13.82/SF
− OpEx
−$14.3K −$4.15/SF
NOI
$33.4K $9.67/SF
Area
Charlotte County, FL
Vacancy
18.90%
Lease Rate
$17.04 /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%
$667,860
Cap Rate 7%
$477,043
Cap Rate 9%
$371,033
Alternative Uses
Best Use
Multifamily LT 5
$477.0K
$417.4K – $556.6K
NOI $33,393 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$435.4K
$381.0K – $507.9K
NOI $30,476 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$1.13M
$989.0K – $1.32M
NOI $79,120 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
Explore this area
Business Placement
Demographics for 34224, FL
16,379
Population
11,333
Households
1.4
Avg Household Size
63
Median Age
21%
College-Educated
94%
High-School Grad
12.8 sq mi
ZIP Area
1,280
Density / Sq Mi
$56,862
Median Household Income
$34,450
Median Earnings
$1,219
Median Rent
$262,200
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?
Triplex - Furnished three-unit property with updated interiors, dedicated laundry facilities, and a location across from Stump Pass Marina.
Where is this triplex located?
The property is located at 3155 Waterside Dr Englewood, FL.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Renovated in 2025; original construction completed in 1983; Three‑unit mix: two 2‑bedroom, 1‑bath units and one 2‑bedroom, 2‑bath main unit; Separate laundry building includes a half bath and outdoor shower
