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    3226 Stringfellow Rd Saint James City, FL 33956

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    Eight-unit apartment building with waterfront access and flexible leasing options.

    Type:Multifamily, Hospitality
    Property size:
    3,186 SF
    Lot size:
    0.44 Acres
    Price / SF:
    $549/SF
    Added:
    May 17, 2024
    Days on Market:
    709
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 3226 Stringfellow Rd

    General Information

    Standard status
    Active
    Size
    3,186 SF
    Lot size
    0.44 Acres
    Property subtype
    Multifamily, Hospitality

    Building Details

    Year Built
    1977

    We can help!

    Listing Contact
    Brandon Reitz

    Listing agent Brandon Reitz License #SL3340817

    Listing office Sea Glass Gulf Realty

    Listing date May 17, 2024

    Source Crexi

    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 Sea Glass Gulf Realty

    Overview

    Waterfront St. James City Apartments

    Located in St. James City, this 8-unit apartment building offers a waterfront location with 161 feet of frontage on a gulf-access canal, providing direct access to the Gulf of Mexico. A dock spans the entire length of the property. Six of the eight studio apartments have been renovated in the past 12 months, featuring new flooring, updated kitchens and bathrooms, and modern finishes. The remaining units have been partially updated. The property offers a blend of rental opportunities, with four units leased annually and four units listed on Airbnb. All units are fully furnished. An expansive waterfront deck is furnished for gatherings or relaxation. Situated on a 0.44-acre lot, the property offers parking space and a fenced yard. A metal reroof was completed in 2025. Each unit is equipped with new mini-split air conditioners. The property includes secured bike parking, a maintenance shed, and a cleaning shed. Two sets of coin-operated laundry machines are available on-site. The large waterfront lawn presents an opportunity to add a pool. St. James City is known for its tropical ambiance and boating community. The property embodies a lifestyle resort, offering an idyllic retreat. The property size is 3186 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Golden Palms Resort Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Nail Salon Auto Repair Shop Big Box & Wholesale Store Department Store Bar & Pub Grocery & Convenience Store Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saint James City
    County
    Lee
    State
    Florida
    Longitude
    -82.0822279
    Latitude
    26.50673

    Nearby Similar for Sale

    • $475,000

      Waterfront Double Lot Paradise

      Two contiguous buildable lots with direct Gulf access.
      3977 Coconut Drive, , FL 33956
      View Details
    • $3,350,000

      Mango Grove Investment Opportunity

      Producing mango grove on Pine Island with investment and development potential.
      9150 Stringfellow Road, Saint James City, FL 33956
      View Details
    • $1,775,000

      St James City Investment Property

      Two buildings with income potential in St James City.
      8359 Stringfellow Road, , FL 33956
      View Details

    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment building with waterfront access and flexible leasing options.
    Where is this apartment building located?
    The property is located at 3226 Stringfellow Rd Saint James City, FL.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: Prime waterfront location with **161 feet of gulf‑access canal frontage and a dock** spanning the property's length.; Six of the eight units are **recently renovated** with new flooring, updated kitchens and bathrooms, and modern finishes.; Flexible leasing options with a mix of annual leases and Airbnb rentals.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brandon Reitz
    Real Estate License ID: SL3340817
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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