Waterfront Triplex with Gulf
New
For Sale
$999,000
4851 Gary Rd, Bonita Springs, FL 34134
Fully leased multifamily property with renovated interiors, a covered dock, and bridge-free boating access to the Gulf.
Property Size2,562 SF
Days on Market4
Property Features for 4851 Gary Rd
General Information
Standard status
Active
Size
2,562 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,382
Amenities
covered dock
waterfront yard
patio
Building Details
Building Size
2,562 SF
Year Built
1963
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS REALTY FORT MYERS AND THE ISLANDS
(860) 818-8440
Listed By:
Jose Echevarria · License #258025014
(860) 818-8440
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 8:44AM
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 KELLER WILLIAMS REALTY FORT MYERS AND THE ISLANDS
Investment Insights
Based on property information with market context.
This waterfront triplex contains three rental units, all currently occupied. Two lower-level residences have been recently renovated with refreshed kitchens, updated living areas, modern finishes, and a light coastal interior style. A new roof was installed in 2024, while the property also includes waterfront yard and patio areas for outdoor use.
Boating access is a central feature, with a large covered dock, multiple slips, and a direct route to the Gulf without bridge crossings. The property is near Bonita Beach, shopping, and dining in Bonita Springs. Its combination of three occupied units, waterfront positioning, renovated components, and established dock improvements supports both multifamily ownership and waterfront rental use.
Boating access is a central feature, with a large covered dock, multiple slips, and a direct route to the Gulf without bridge crossings. The property is near Bonita Beach, shopping, and dining in Bonita Springs. Its combination of three occupied units, waterfront positioning, renovated components, and established dock improvements supports both multifamily ownership and waterfront rental use.
Key Highlights
- Three‑unit waterfront property with all units currently rented
- Direct Gulf access without bridge crossings
- Large covered dock with multiple slips
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
$33,911
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
3.39%
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%
$678,220
$678.2K
Cap Rate 7%
$484,443
$484.4K
Cap Rate 9%
$376,789
$376.8K
Market Conditions
NOI Build-Up for 2,562 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
$50.7K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$48.4K $18.91/SF
− OpEx
−$14.5K −$5.67/SF
NOI
$33.9K $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%
$678,220
Cap Rate 7%
$484,443
Cap Rate 9%
$376,789
Alternative Uses
Best Use
Multifamily LT 5
$484.4K
$423.9K – $565.2K
NOI $33,911 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$448.9K
$392.8K – $523.8K
NOI $31,426 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$806.4K
$705.6K – $940.8K
NOI $56,446 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 34134, FL
15,906
Population
15,051
Households
1.1
Avg Household Size
70
Median Age
55%
College-Educated
98%
High-School Grad
13.4 sq mi
ZIP Area
1,187
Density / Sq Mi
$122,102
Median Household Income
$56,170
Median Earnings
$1,814
Median Rent
$659,600
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 - Fully leased multifamily property with renovated interiors, a covered dock, and bridge-free boating access to the Gulf.
Where is this triplex located?
The property is located at 4851 Gary Rd Bonita Springs, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Three‑unit waterfront property with all units currently rented; Direct Gulf access without bridge crossings; Large covered dock with multiple slips
