Renovated Duplex Near
For Sale
$940,000
673-21671 Indian Bayou Dr, Fort Myers Beach, FL 33931
Two fully updated units offer private balconies, laundry rooms, carports, and access to deeded lake frontage.
Property Size2,350 SF
Lot Size0.75 Acres
Price / SF$400
Days on Market45
Property Features for 673-21671 Indian Bayou Dr
General Information
Standard status
Active
Size
2,350 SF
Lot size
0.75 Acres
Property subtype
Residential Income
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,995
Amenities
private laundry room
balconies
carports
storage room
landscaping
exterior lighting
fire pit
Building Details
Buildings
1
Listing Agency:
Century 21 AllPoints Realty
(239) 850-0061
Listed By:
Michael Hall · License #258015714
(239) 850-0061
Source:
Exprealty
Added: Jun 29
Changed: Aug 12
Last Checked: Aug 12 at 12:34PM
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 2,350-square-foot duplex on a 3/4-acre lot includes two fully renovated units, each with a private balcony, laundry room, parking, and individual carport. Improvements include new kitchens with quartz countertops, updated bathrooms with shower enclosures, porcelain tile flooring, new appliances, washers and dryers, plantation shutters, smart TVs, and new A/C units. The property also features a new metal roof installed in 2023, fresh interior and exterior paint, new decking, ceiling fans, landscaping, exterior lighting, patio furnishings, and a propane fire pit.
A large first-floor enclosed storage room measures approximately 500 square feet and has a high ceiling, with an additional 8-by-5-foot storage room for beach equipment. The property includes deeded 100-by-100-foot lake frontage and is located a 3-minute walk from Sugar Sand beaches. Fort Myers Beach shops, restaurants, music, and entertainment are minutes away.
The home is currently listed with a management company for short- and long-term rentals. Both units may be occupied or rented separately, subject to applicable requirements.
A large first-floor enclosed storage room measures approximately 500 square feet and has a high ceiling, with an additional 8-by-5-foot storage room for beach equipment. The property includes deeded 100-by-100-foot lake frontage and is located a 3-minute walk from Sugar Sand beaches. Fort Myers Beach shops, restaurants, music, and entertainment are minutes away.
The home is currently listed with a management company for short- and long-term rentals. Both units may be occupied or rented separately, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with 2,350 square feet on a 3/4‑acre lot
- Each unit includes a private balcony, laundry room, parking, and individual carport
- Deeded 100 FT X 100 FT lake area included with the property
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
$31,105
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
3.31%
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%
$622,100
$622.1K
Cap Rate 7%
$444,357
$444.4K
Cap Rate 9%
$345,611
$345.6K
Market Conditions
NOI Build-Up for 2,350 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
$46.5K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$44.4K $18.91/SF
− OpEx
−$13.3K −$5.67/SF
NOI
$31.1K $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%
$622,100
Cap Rate 7%
$444,357
Cap Rate 9%
$345,611
Alternative Uses
Best Use
Multifamily LT 5
$444.4K
$388.8K – $518.4K
NOI $31,105 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$411.8K
$360.3K – $480.4K
NOI $28,826 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$739.6K
$647.2K – $862.9K
NOI $51,775 @ 7.0% cap · market cap 5.51%
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
174
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two fully updated units offer private balconies, laundry rooms, carports, and access to deeded lake frontage.
Where is this duplex located?
The property is located at 673-21671 Indian Bayou Dr Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,350 square feet on a 3/4‑acre lot; Each unit includes a private balcony, laundry room, parking, and individual carport; Deeded 100 FT X 100 FT lake area included with the property
