$6,200,000
Investment Summary
- Monthly Cash Flow
- -$27,993
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -23.6%
- Debt Coverage Ratio
- 0.12
- Internal Rate of Return (5 years)
- -18.7%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Imagine waking up to breathtaking views of the Naples coastline from your new luxury condominium in the premiere resort destination of Kalea Bay! This exquisite one-year-old unit on the 22nd floor of Tower 400 offers an unparalleled coastal living experience, designed to cater to discerning tastes. The floor plan features four bedrooms, and four and a half baths meticulously planned by renowned design firm, Soco Interiors, and the property is being offered turnkey furnished. The open concept living area with stunning custom gas fireplace seamlessly blends into outdoor living. The wrap-around lanai has glass railings and faces southwest. At the 22nd level, your vantage point includes sunsets, boats in the bay, wildlife in the mangrove preserve, shell seekers on the white sandy beaches and sparkling lights from the high-rises in North Naples. The kitchen is equipped with Wolf and Sub-Zero appliances, a natural gas range, quartz countertops, custom cabinetry, an oversized island, a wine cooler and a butler’s pantry with a prep sink. The primary suite is a sanctuary of comfort, complete with spacious walk-in closet and en-suite bath featuring dual quartz vanities, a walk-in shower and a soaking tub. All bedrooms are en-suite, and the primary suite, kitchen and main living areas face out to the water. This home has high ceilings, hardwood floors throughout all main rooms and bedrooms, and designer light fixtures. The impact-resistant windows and ceiling-to-floor window walls provide ample natural light. The home also has solid-wood interior doors, accordion hurricane shutters on the lanai to protect the outdoor furniture, a private elevator foyer that leads directly into the residence. Tower 400 amenities include a 7,500-square-foot rooftop terrace, an open-air fitness center, a sky lounge and grilling area, and a negative-edge pool. Kalea Bay is a guard gated community with patrolling security. Each building has a secure lobby with an on-site property manager, and this unit has two assigned parking spaces, conveniently next to the lobby entrance. The Club at Kalea Bay offers an array of world-class amenities – along with beach club memberships. The centerpiece of the Club is the 100,000-square-foot amenity center, featuring three pools, expansive decks and a state-of-the-art wellness center. The clubhouse includes the Driftwood Cafe and Salt and Oak Restaurant, two open-air bars and a variety of recreational facilities such as a resort pool, adults-only pool, kids’ wading pool, teen lounge and kids’ game room. Tennis and pickleball enthusiasts will appreciate the dedicated courts and programs available. The Bay Cottages provide overnight and extended accommodation, reserved exclusively for members and their guests. This luxury condominium is more than just a home, it's a lifestyle. Embrace the elegance and sophistication of coastal living at its finest.
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Location
Property Details
Parking
- Details: Assigned, Common, Covered, Detached, Garage, Electric Vehicle Charging Station(s)
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 5.0
Interior Features
- # of Stories: 1
- Fireplace: Yes
Exterior Features
- Roof Material: Built-Up, Flat
HOA
- Has HOA: Yes
- HOA Fee: $295/quarterly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 76960010245
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Style: Contemporary, High Rise
- Year Built: 2024
Tax Information
- Annual Tax: $813
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Zoned
- Cooling: Central Air, Electric, Zoned
Location
- County: Collier
Listing Details
Investment Summary
- Monthly Cash Flow
- -$27,993
- Cap Rate
- 0.7%
- Cash-on-Cash Return
- -23.6%
- Debt Coverage Ratio
- 0.12
- Internal Rate of Return (5 years)
- -18.7%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $6,200,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$4,960,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $1,240,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $186,000 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $1,426,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 3,290 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $1,885 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.73 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $4,960,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $31,759 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $68 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $399 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $32,226 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $5,700 | $68,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$342 | -$4,104 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $5,358 | $64,296 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 1% | -$68 | -$813 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$399 | -$4,788 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$456 | -$5,472 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$285 | -$3,420 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$285 | -$3,420 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 2% | -$99 | -$1,188 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 28% | -$1,592 | -$19,101 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $3,766 | $45,192 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$31,759 | -$381,108 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $27,993 | $335,916 |