Waterfront Duplex with Remodeled
For Sale
$649,000
3201/3203 Stabile Rd, St James City, FL 33956
Two updated residences feature stone countertops, upgraded cabinetry, tiled walk-in showers, and direct Gulf-area water access.
Property Size1,778 SF
Price / SF$365.02
Days on Market602
Property Features for 3201/3203 Stabile Rd
General Information
Standard status
Active
Size
1,778 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1971
Listing Agency:
Century 21 AllPoints Realty
(239) 229-4500
Listed By:
Tammy Brown · License #258016795
Source:
Swflhousesforsale
Added: Jan 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:24PM
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 Century 21 AllPoints Realty
Investment Insights
Based on property information with market context.
This waterfront duplex at 3201/3203 Stabile Rd in St. James City offers 1,778 square feet across two separate units. Both residences have been remodeled with stone countertops, refreshed cabinetry, and tiled walk-in showers. A new metal roof was installed in 2024, while approximately 2/3 of the seawall was replaced in 2023. The property also includes low-maintenance landscaping and 180 feet of waterfront.
Water access connects the property with the Gulf of Mexico, Sanibel, and Fort Myers beaches. The setting is near waterfront restaurants, fishing, and other water-based activities. The duplex is identified by two separate strap numbers: 35-45-22-21-00004.059A 3201 and 35-45-22-21-00004.59CE 3203.
Water access connects the property with the Gulf of Mexico, Sanibel, and Fort Myers beaches. The setting is near waterfront restaurants, fishing, and other water-based activities. The duplex is identified by two separate strap numbers: 35-45-22-21-00004.059A 3201 and 35-45-22-21-00004.59CE 3203.
Key Highlights
- Waterfront duplex with 1,778 square feet and two separate units
- 180 ft of waterfront property with Gulf of Mexico access
- Two remodeled units with stone countertops and updated cabinets
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
$23,534
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
3.63%
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%
$470,680
$470.7K
Cap Rate 7%
$336,200
$336.2K
Cap Rate 9%
$261,489
$261.5K
Market Conditions
NOI Build-Up for 1,778 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
$35.2K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.6K $18.91/SF
− OpEx
−$10.1K −$5.67/SF
NOI
$23.5K $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%
$470,680
Cap Rate 7%
$336,200
Cap Rate 9%
$261,489
Alternative Uses
Best Use
Multifamily LT 5
$336.2K
$294.2K – $392.2K
NOI $23,534 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$311.6K
$272.6K – $363.5K
NOI $21,809 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$559.6K
$489.7K – $652.9K
NOI $39,173 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 33956, FL
3,861
Population
3,600
Households
1.1
Avg Household Size
66
Median Age
24%
College-Educated
93%
High-School Grad
16.3 sq mi
ZIP Area
237
Density / Sq Mi
$64,539
Median Household Income
$31,701
Median Earnings
$2,259
Median Rent
$284,800
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?
Duplex - Two updated residences feature stone countertops, upgraded cabinetry, tiled walk-in showers, and direct Gulf-area water access.
Where is this duplex located?
The property is located at 3201/3203 Stabile Rd St James City, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Waterfront duplex with 1,778 square feet and two separate units; 180 ft of waterfront property with Gulf of Mexico access; Two remodeled units with stone countertops and updated cabinets
