Building Details

Year Built 1982

Listing Agency: WAGNER REALTY Show Phone

Listed By: Patty Chaffin · License #0669997 Show Phone

Source: Exitrealty

Added: Jan 10, 2025 Changed: Sep 1 Last Checked: Sep 15 at 5:28AM

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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 WAGNER REALTY

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Investment Insights

Based on property information with market context.

This spacious waterfront condo features 2 bedrooms and 2 bathrooms, and includes a deeded boat slip. Located within a well-maintained complex, it offers convenient access to Anna Maria Island beaches. The unit features upgraded impact windows and an updated master bathroom. Ceramic tile flooring is present throughout most of the condo. The lanai has been opened up, expanding the square footage of the great room, which encompasses the living and dining areas. The carpeting in the two bedrooms has been removed, allowing buyers to select their preferred flooring. The property sustained some ceiling damage from a recent storm, which the seller is addressing with their insurance company and the association to determine a repair timeline. The complex provides amenities such as a heated pool and spa, tennis court, billiards and game rooms, a fitness center, and an active clubhouse. Fees cover water, sewer, trash, pest control, cable, internet, grounds maintenance, and exterior building upkeep. The property size is 1218 square feet.

Key Highlights

• Waterfront condo with deeded boat slip.
• Reduced price by $40,000.
• Short drive or bike ride to Anna Maria Island beaches.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,738

Cap Rate

5.28%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$294,760 $294.8K

Cap Rate 7%

$210,543 $210.5K

Cap Rate 9%

$163,756 $163.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,218 SF

Gross rent

$28.4K $23.28/SF

− Vacancy

−$1.6K −$1.28/SF

EGI

$26.8K $22.00/SF

− OpEx

−$12.1K −$9.90/SF

NOI

$14.7K $12.10/SF

Area

Manatee County, FL

Vacancy

5.50%

Lease Rate

$23.28 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$294,760

Cap Rate 7%

$210,543

Cap Rate 9%

$163,756

Alternative Uses

Best Use

Apartment 5plus

$210.5K

$184.2K – $245.6K (±1% cap)

NOI $14,738 @ 7.0% cap · market cap 5.28%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$358.2K

$313.4K – $417.9K (±1% cap)

NOI $25,072 @ 7.0% cap · market cap 8.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Waterway Condominium Association Condominium Complex

Suggested Use

Top Pick Law Firm HVAC Service Electrical Service Auto Parts Store (Bike/Boat/Book/etc) Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

155

Businesses Nearby

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Demographics for 34210, FL

16,447

Population

11,870

Households

1.4

Avg Household Size

54

Median Age

37%

College-Educated

93%

High-School Grad

8.9 sq mi

ZIP Area

1,848

Density / Sq Mi

$64,306

Median Household Income

$37,216

Median Earnings

$1,552

Median Rent

$279,500

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Spacious 2BR/2BA condo with deeded boat slip and amenities.

Where is this residential income property located?

The property is located at 9604 CORTEZ W ROAD 225 Bradenton, FL.

What is the asking price?

The asking price for this property is $279,000.

What are key features of this property?

This property features: Waterfront condo with **deeded boat slip**.; Reduced price by **$40,000**.; Short drive or bike ride to Anna Maria Island beaches.