Considering an STR / MTR in Cape Coral FL

Cape Coral, Florida
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Considering an STR / MTR in Cape Coral FL

Rodney MenendezPro Member
Developer · South West Florida · Member since 2020 · 74 posts · 53 votes

Hi, I am building a single family house with a pool and no canal in Cape Coral and I am considering renting it as an STR / MTR when I get the CO. Would you be able to share your experiences, If you are an investor, agent, or property manager with STRs or MTRs in Cape Coral? In your opinion, does the house needs to have Golf access to be a successful STR? Would you be willing to recommend any cleaners? Thank you :)

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Stetson MillerBusiness Member
Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
3y

@Rodney Menendez Unfortunately that is in an area that I would currently consider lower demand. The Southern end of Cape Coral is where you will typically see the highest demand and returns (South of Veteran's Memorial Pkwy). There's also potential for properties South of SR-78 (Pine Island Rd), East of Santa Barbara Blvd, and on the North Side of Veteran's Memorial Pkwy

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  • Jake Chial
    Member since 2020 · 36 posts · 5 votes
    3y

    I been following Cape for sometime now. I want to buy in the SE area, however the properties I'm seeing on the water don't seem to have a very good COC return. A few properties Im watching off the water, seem like they would produce better. Right now, on the water, seems like your lucky to get 10% COC with 20-25% down .Anyone else see anything different?

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  • Gregg Peterson
    New to Real Estate · Cape Coral Florida · Member since 2023 · 3 posts · 1 vote
    3y

    I tend to disagree with not thinking that your location wouldn't work well.

      I'd  market it as convenient to fishing, boating and quieter than the downtown setting, but easily in reach. Easy access to Oine Island, Matlacha, short drive from Charlotte harbor.  I'd  probably  slso try to get statistics  from cape coral  police department  about percentages in petty crime, downt vs your area, to use as a draw. Don't  forget to market it toward co tract health care workers, as there are Lee Healthcare off shoots there, as well as in Port Charlotte. 

    all in all good luck! I hope to be in the STR market in the area soon

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  • Carlos JulioPro Member
    Rental Property Investor · Cape coral · Member since 2020 · 55 posts · 30 votes
    3y
    Quote from @Rodney Menendez:

    Hi, I am building a single family house with a pool and no canal in Cape Coral and I am considering renting it as an STR / MTR when I get the CO. Would you be able to share your experiences, If you are an investor, agent, or property manager with STRs or MTRs in Cape Coral? In your opinion, does the house needs to have Golf access to be a successful STR? Would you be willing to recommend any cleaners? Thank you :)

    my experience is more in the LTR however I've been thinking on converting one of my properties.  This is what ive found so far

    MTR if it close to hospitals... a lot of travel nurses around here ... 

    STR doesn't needs to be on the canal as long is close to the beach or downtown... of course canal acces is a guarantee

    Good luck 

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  • Peter Davis
    Real Estate Broker · Cape Coral, FL · Member since 2014 · 382 posts · 300 votes
    3y

    I spoke to my STR PM in Cape Coral recently and she said there are now approximately 9,000 STR's in the Cape so I think @Adam Bartomeo is correct in saying the market has reached, or is reaching, saturation. Her recommendation for anyone considering a STR is a gulf access home as she's seen them rent better, however the barrier to entry is higher due to the prices. That said, inventory has increased significantly over the past year; there are now nearly 200 $1M+ gulf access homes listed for sale in the Cape at the moment with an average days-on-market of 116. With the higher inventory I think we'll see a further softening of prices and more opportunities for buyers/investors to get a piece of the market.

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