3226 Stringfellow Rd St James City, FL 33956
- Hotels
- 1,593 SF
- 0.44 lot acres
Current Use by Public Records
- Golden Palms Resort / Motel
Property Details for 3226 Stringfellow Rd
- Year built
- 1977
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.44 lot acres
- Property size
- 1,593 SF
- Zone code
- CPD
- Property type
- Hotels
- Property subtype
- Motels
- APN
- 35-45-22-04-00015.0000
- APU
- 35452204000150000
Description
This exceptional 8-unit apartment building in St. James City, Florida presents a compelling investment opportunity. Situated on a 0.44-acre lot with 161 feet of waterfront frontage on a gulf-access canal, the property offers direct access to the Gulf of Mexico and a private dock. The two-story, 1977-built building underwent renovations in 2023, with five of the eight studio apartments completely updated, featuring new flooring, kitchens, and bathrooms. Three units have partial updates. Four units are leased annually, while four are utilized for short-term rentals via Airbnb. All units are fully furnished. The property boasts a large waterfront deck, ample parking (20 spaces), a fenced yard, and modern amenities including mini-split air conditioners, secured bike parking, and a maintenance shed. Two sets of coin-operated laundry machines provide additional income. A new roof is scheduled for May 2024. The property's current NOI is $132,283, with a pro-forma NOI of $150,000, representing a 7.00% cap rate and a pro-forma cap rate of 7.94%. The asking price is $1,890,000 ($236,250 per unit and $593.22 per square foot). The substantial waterfront lawn offers potential for future value-add improvements, such as a pool. The property's location in the desirable St. James City community on Pine Island provides access to a vibrant fishing and boating lifestyle. This turnkey investment combines strong current income with significant upside potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,130,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,110,000
- 6.5%
- $1,095,000
- 7%
- $1,085,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,085,000
- Geo Method
- $1,045,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,000,000
- Retail
- $1,010,000
- Mixed-Use
- $1,225,000
- Hospitality
- $980,000
- Educational
- $1,110,000
- Residential Income
- $1,130,000
- Energy
- $1,230,000
- Income-Based Land
- $1,185,000
- Food Service
- $1,190,000
Location Insight
- Map
- Local Demand
- City
- Saint James City
- County
- Lee
- State
- Florida
- Longitude
- -82.0822
- Latitude
- 26.5067
- CBSA code
- 15980
- CBSA name
- CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA
