Fully Furnished Short-Term Rental
For Sale
$223,700
504 RUM Run, Davenport, FL 33897
Ground-floor fully furnished three-bedroom condo with screened patio in Building 33 of Bahama Bay Resort with recent major upgrades.
Property Size1,227 SF
Days on Market10
Property Features for 504 RUM Run
General Information
Standard status
Active
Size
1,227 SF
Property subtype
Commercial
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Furnished
Yes
Amenities
heated outdoor pools
hot tubs
children's splash pad
sports courts
nature trails
lakefront pier
fitness center
Tradewinds Restaurant & Bar
24/7 gated entry
private screened patio
Building Details
Building Size
1,227 SF
Year Built
2006
Listing Agency:
Team Donovan
(407) 705-2616
Listed By:
James Donovan · License #3110116
(407) 705-2616
Source:
Elliman
Added: Jul 29
Changed: Jul 30
Last Checked: Aug 7 at 3:40AM
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 Team Donovan
Investment Insights
Based on property information with market context.
Escape to a tropical paradise at this fully furnished, ground-floor three-bedroom, two-bath condo in Building 33 of Bahama Bay Resort. The layout is single-level with effortless access and no stairs, and the home opens to a private screened patio for relaxing outdoors. Built in 2006, the condo is offered as a furnished short-term rental-ready residence.
The condo is set within Bahama Bay Resort, spread across 70 landscaped acres along the shores of Lake Davenport. Resort amenities include four heated outdoor pools, six hot tubs, a children’s splash pad, sports courts, nature trails, a lakefront pier, and a fitness center, plus the on-site Tradewinds Restaurant & Bar. Entry is secured with 24/7 gated access.
Major updates are in place, including a roof redone approximately 2 years ago, HVAC installed in 2021, and a new water heater from Fall 2025.
The condo is set within Bahama Bay Resort, spread across 70 landscaped acres along the shores of Lake Davenport. Resort amenities include four heated outdoor pools, six hot tubs, a children’s splash pad, sports courts, nature trails, a lakefront pier, and a fitness center, plus the on-site Tradewinds Restaurant & Bar. Entry is secured with 24/7 gated access.
Major updates are in place, including a roof redone approximately 2 years ago, HVAC installed in 2021, and a new water heater from Fall 2025.
Key Highlights
- Ground‑floor, single‑level condo with no stairs in Building 33
- Private screened patio and fully furnished interior
- Three bedrooms, two bathrooms
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
$11,622
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
5.20%
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%
$232,440
$232.4K
Cap Rate 7%
$166,029
$166.0K
Cap Rate 9%
$129,133
$129.1K
Market Conditions
NOI Build-Up for 1,227 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
$22.5K $18.36/SF
− Vacancy
−$1.4K −$1.14/SF
EGI
$21.1K $17.22/SF
− OpEx
−$9.5K −$7.75/SF
NOI
$11.6K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$232,440
Cap Rate 7%
$166,029
Cap Rate 9%
$129,133
Alternative Uses
Best Use
Apartment 5plus
$166.0K
$145.3K – $193.7K
NOI $11,622 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$294.9K
$258.0K – $344.0K
NOI $20,640 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 33897, FL
25,352
Population
13,291
Households
1.9
Avg Household Size
38
Median Age
28%
College-Educated
94%
High-School Grad
41.8 sq mi
ZIP Area
607
Density / Sq Mi
$73,457
Median Household Income
$36,154
Median Earnings
$1,880
Median Rent
$279,100
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?
Short term rental property - Ground-floor fully furnished three-bedroom condo with screened patio in Building 33 of Bahama Bay Resort with recent major upgrades.
Where is this short term rental property located?
The property is located at 504 RUM Run Davenport, FL.
What is the asking price?
The asking price for this property is $223,700.
What are key features of this property?
This property features: Ground‑floor, single‑level condo with no stairs in Building 33; Private screened patio and fully furnished interior; Three bedrooms, two bathrooms
