Beachside Triplex with Owner’s
For Sale
$899,500
Pending
3188 Shell Mound Blvd, Fort Myers Beach, FL 33931
Three-unit configuration includes a two-bedroom owner’s suite and two separately metered upstairs apartments.
Property Size2,380 SF
Days on Market105
Property Features for 3188 Shell Mound Blvd
General Information
Standard status
Pending
Size
2,380 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1972
Listing Agency:
Compass Florida LLC
(239) 471-5067
Listed By:
Jessica Anderson · License #658011266
Source:
Napleshomesearches
Added: May 21
Changed: Sep 2
Last Checked: Sep 1 at 7:49PM
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 Compass Florida LLC
Investment Insights
Based on property information with market context.
This 2,380-square-foot triplex offers three residential units within a 1972-built property on an oversized corner lot. The lower level includes a two-bedroom, two-bath owner’s suite, while the upper level contains two separately metered apartments, each with two bedrooms and one bathroom. The lower residence is undergoing updates that include contemporary coastal finishes, modern flooring, and updated fixtures.
The property is located at 3188 Shell Mound Blvd in Fort Myers Beach’s Weekly Rental District, approximately 800 feet from the beach. Its setting also places the property near local dining, attractions, and historic sites. The corner-lot layout provides room for a pool, subject to applicable requirements.
The property is located at 3188 Shell Mound Blvd in Fort Myers Beach’s Weekly Rental District, approximately 800 feet from the beach. Its setting also places the property near local dining, attractions, and historic sites. The corner-lot layout provides room for a pool, subject to applicable requirements.
Key Highlights
- 2,380‑square‑foot triplex on an oversized corner lot
- Lower unit offers 2 bedrooms and 2 bathrooms
- Two upper apartments, each with 2 bedrooms and 1 bathroom
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
$31,502
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
3.50%
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%
$630,040
$630.0K
Cap Rate 7%
$450,029
$450.0K
Cap Rate 9%
$350,022
$350.0K
Market Conditions
NOI Build-Up for 2,380 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
$47.1K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.0K $18.91/SF
− OpEx
−$13.5K −$5.67/SF
NOI
$31.5K $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%
$630,040
Cap Rate 7%
$450,029
Cap Rate 9%
$350,022
Alternative Uses
Best Use
Multifamily LT 5
$450.0K
$393.8K – $525.0K
NOI $31,502 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$417.1K
$364.9K – $486.6K
NOI $29,194 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$749.1K
$655.5K – $873.9K
NOI $52,436 @ 7.0% cap · market cap 5.83%
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
252
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
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-unit configuration includes a two-bedroom owner’s suite and two separately metered upstairs apartments.
Where is this triplex located?
The property is located at 3188 Shell Mound Blvd Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $899,500.
What are key features of this property?
This property features: 2,380‑square‑foot triplex on an oversized corner lot; Lower unit offers 2 bedrooms and 2 bathrooms; Two upper apartments, each with 2 bedrooms and 1 bathroom
