First-Floor 55+ Condo with
For Sale
$145,900
7104 NANTUCKET CIRCLE #3, North Fort Myers, FL 33917
Turnkey first-floor condo in an active 55+ community with a screened lanai and in-unit washer and dryer.
Property Size1,080 SF
Price / SF$135.09
Days on Market53
Property Features for 7104 NANTUCKET CIRCLE #3
General Information
Standard status
Active
Size
1,080 SF
Property subtype
Condo - Hotel
Additional Details
Business Included
Yes
Building Details
Year Built
1983
Listing Agency:
JOHN R WOOD PROPERTIES
(239) 472-2411
Listed By:
Darryl Eberly · License #3427591
(904) 687-7876
Source:
Endlesssummerrealty
Added: Jul 17
Changed: Sep 6
Last Checked: Sep 7 at 6:58AM
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 JOHN R WOOD PROPERTIES
Investment Insights
Based on property information with market context.
This tastefully furnished, turnkey first-floor condo is located within Nantucket Commons, an active 55+ community. The residence features porcelain tile flooring throughout, impact-resistant windows and sliding glass doors, and a remodeled kitchen with unique granite countertops, stainless steel appliances, and wood cabinetry. A Trane A/C system helps provide year-round comfort.
Additional highlights include a screened lanai overlooking manicured community grounds, electric hurricane shutters on the lanai, and a solid aluminum entry door with a Ring doorbell. The unit also includes an in-unit washer and dryer and a new water heater.
Residents can enjoy community amenities including a pool, picnic area, and shuffleboard. Please note that dogs are not permitted. The property is described as just minutes from restaurants, shopping, entertainment, and the Fort Myers River District.
Additional highlights include a screened lanai overlooking manicured community grounds, electric hurricane shutters on the lanai, and a solid aluminum entry door with a Ring doorbell. The unit also includes an in-unit washer and dryer and a new water heater.
Residents can enjoy community amenities including a pool, picnic area, and shuffleboard. Please note that dogs are not permitted. The property is described as just minutes from restaurants, shopping, entertainment, and the Fort Myers River District.
Key Highlights
- 1983‑built first‑floor condo in an active 55+ community (Nantucket Commons, formerly Foxmoor II)
- Remodeled kitchen with granite countertops, stainless steel appliances, and wood cabinetry
- Impact‑resistant windows and sliding glass doors, plus Trane A/C for year‑round comfort
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
$13,248
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
9.08%
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%
$264,960
$265.0K
Cap Rate 7%
$189,257
$189.3K
Cap Rate 9%
$147,200
$147.2K
Market Conditions
NOI Build-Up for 1,080 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
$25.1K $23.28/SF
− Vacancy
−$1.1K −$0.98/SF
EGI
$24.1K $22.30/SF
− OpEx
−$10.8K −$10.04/SF
NOI
$13.2K $12.27/SF
Area
Lee County, FL
Vacancy
4.20%
Lease Rate
$23.28 /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%
$264,960
Cap Rate 7%
$189,257
Cap Rate 9%
$147,200
Alternative Uses
Best Use
Apartment 5plus
$189.3K
$165.6K – $220.8K
NOI $13,248 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$339.9K
$297.4K – $396.6K
NOI $23,795 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 33917, FL
30,702
Population
18,789
Households
1.6
Avg Household Size
61
Median Age
19%
College-Educated
89%
High-School Grad
65.5 sq mi
ZIP Area
469
Density / Sq Mi
$54,198
Median Household Income
$35,670
Median Earnings
$1,320
Median Rent
$170,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Turnkey first-floor condo in an active 55+ community with a screened lanai and in-unit washer and dryer.
Where is this residential income property located?
The property is located at 7104 NANTUCKET CIRCLE #3 North Fort Myers, FL.
What is the asking price?
The asking price for this property is $145,900.
What are key features of this property?
This property features: 1983‑built first‑floor condo in an active 55+ community (Nantucket Commons, formerly Foxmoor II); Remodeled kitchen with granite countertops, stainless steel appliances, and wood cabinetry; Impact‑resistant windows and sliding glass doors, plus Trane A/C for year‑round comfort
