Renovated Triplex Near
For Sale
$840,000
3155 WATERSIDE Drive, Englewood, FL 34224
Residential Income, ENGLEWOOD, FL
Property Size3,452 SF
Lot Size0.22 Acres
Price / SF$243.34
Days on Market98
Property Features for 3155 WATERSIDE Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RMF15
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 2
Parking features
Open, Off Street, Golf Cart, Guest, Driveway, Boat
Window features
Blinds
Patio and Porch features
Patio
Pets allowed
Cats OK, Dogs OK
Interior features
Ceiling Fans(s), High Ceilings, Open Floorplan, Primary Bedroom Main Floor, Solid Surface Counters, Split Bedroom, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Lighting, Outdoor Shower, Private Mailbox, Storage
Fireplace
1
Appliances
Dishwasher, Dryer, Electric Water Heater, Exhaust Fan, Indoor Grill, Range, Range Hood, Washer
Subdivision
GROVE CITY
Lot features
Flood Insurance Required, Flood Zone, Landscaped, Level, Near Marina, Paved
Elementary school
Englewood Elementary
Middle school
SKY Academy Englewood
High school
Lemon Bay High
Directions
Placita Rd head E on Wyoming Ave then Left on Waterside Dr, home will be on the Left
Standard status
Active
APN
412017413001
Size
3,452 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GVC 000 0169 0001 GROVE CITY BLK169 LTS 1 2 3 & W1/2 OF VAC ALLEYWAY 340/718 342/932 430 /615 928/1618-25-JT VENTURE AGR PRO87-549 DC958-753 957-1528 1048-1926 AF1067-1490 1072-701 PR91-145 DC1166/1290 GUARD99-906 1735/1469 1929/625 PR22-944-NDJ
Tax Annual Amount
9996
Legal Description
GVC 000 0169 0001 GROVE CITY BLK169 LTS 1 2 3 & W1/2 OF VAC ALLEYWAY 340/718 342/932 430 /615 928/1618-25-JT VENTURE AGR PRO87-549 DC958-753 957-1528 1048-1926 AF1067-1490 1072-701 PR91-145 DC1166/1290 GUARD99-906 1735/1469 1929/625 PR22-944-NDJ
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Exhaust Fan (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
laundry building
outdoor shower
wood-burning fireplace
indoor grill
Building Details
Year built
1983
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Tile
Building materials
Stucco, Frame, Wood Siding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
WEICHERT REALTORS HALLMARK PRO
(941) 706-2142
Listed By:
Robin Palmer · License #3392101
(941) 549-1677
Added: Jun 3
Changed: Sep 5
Last Checked: Sep 8 at 10:06AM
MLS# A4696194
Copyright © 2026 Stellar MLS. 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 triplex contains 3,452 square feet on a 0.22-acre lot and was fully renovated in 2025. The configuration includes two 2-bedroom, 1-bath units and a larger 2-bedroom, 2-bath unit with a dedicated laundry room. Improvements include updated plumbing, windows, roof, HVAC systems, appliances, and interior finishes. A separate laundry building serves the two front units and includes a half bath and outdoor shower. The property also features a wood-burning fireplace with an indoor grill, patios, storage, central air, public water, and public sewer.
Located across from Stump Pass Marina and Restaurant, the property is near the intercoastal and offers nearby access to boat docking, storage, and live entertainment. Parking includes driveway, boat, guest, off-street, golf cart, and open options. RMF15 zoning applies.
Located across from Stump Pass Marina and Restaurant, the property is near the intercoastal and offers nearby access to boat docking, storage, and live entertainment. Parking includes driveway, boat, guest, off-street, golf cart, and open options. RMF15 zoning applies.
Key Highlights
- Fully renovated in 2025 with new plumbing, windows, roof, HVAC, appliances, and finishes
- 3,452‑square‑foot triplex on 0.22 acres
- Two 2‑bedroom, 1‑bath units plus one 2‑bedroom, 2‑bath unit
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
Property Profile
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 - Three updated furnished units include separate laundry facilities, outdoor space, and access to public water and sewer.
Where is this triplex located?
The property is located at 3155 WATERSIDE Drive 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: Fully renovated in 2025 with new plumbing, windows, roof, HVAC, appliances, and finishes; 3,452‑square‑foot triplex on 0.22 acres; Two 2‑bedroom, 1‑bath units plus one 2‑bedroom, 2‑bath unit
