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$1,299,000

For Sale - Active
285 Lazy Way, Fort Myers Beach, FL 33931
4 Beds
3 Baths
2,068 Square Feet
0.00 Acres Lot
Built in 1981
For Sale - Active
Units n/a
Checked: 23 hours ago
Updated: May 15, 2025 at 07:35AM

Investment Summary


Monthly Cash Flow
-$3,662
Cap Rate
2.9%
Cash-on-Cash Return
-14.7%
Debt Coverage Ratio
0.46
Internal Rate of Return (5 years)
-10.2%

Property Description


0.00 Acres Lot
Built in 1981
For Sale - Active
Units n/a

Bring your toothbrush, swimwear, and a smile—well, maybe also a T-shirt, sandals, and a pair of shorts if you plan to go out! 4 bed + Den / 3 full bath TURNKEY PROPERTY for sale! 700 feet from the beach! Only 700 FEET from the beach for that contemplative morning walk, play in the surf, soak up some sun, and end the day with another fantastic FMB sunset experience. They must’ve had this place in mind when “OPEN CONCEPT” was invented: The two upstairs bedrooms are split – one on each end of the home, with a vast open family, dining, and kitchen area in between! With tongue-and-groove woodwork throughout the upstairs living spaces finished in perfect beach colors, this home seamlessly blends updated building materials and technology with Oldé Florida Beach Cottage charm! Downstairs, you’ll find another bedroom and bath, plus an enormous flex space that can be your game room, media den, workout studio, yoga sanctuary, office—or all of the above! Step outside for poolside relaxation or rally the whole crew for a spirited game of water volleyball! Priced to sell and situated in the WEEKLY VACATION RENTAL ZONE, this property is an excellent opportunity for those seeking a beachside retreat with strong income potential. If you love the idea of kicking back on Ft. Myers Beach whenever you want—and earning rental income when you’re not here—this Ft. Myers Beach House is guaranteed to keep you smiling all year long!

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Location


Property Details


Parking

  • Description: Covered, TwoSpaces, AttachedCarport
  • Details: Covered, Attached Carport
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Stories: 2
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Wood
  • Roof Type: Hip
  • Roof Material: Metal
  • Pool: Yes

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 334624W200001.0100
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Two Story
  • Year Built: 1981

Tax Information

  • Annual Tax: $4,532

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air, Electric

Location

  • County: Lee

Listing Details


Listed by:
J Alex King
Premiere Plus Realty Company
(239) 849-3663

Source:
Florida Gulf Coast Multiple Listing Service
MLS#: 225000358
Florida Gulf Coast Multiple Listing Service

Investment Summary


Monthly Cash Flow
-$3,662
Cap Rate
2.9%
Cash-on-Cash Return
-14.7%
Debt Coverage Ratio
0.46
Internal Rate of Return (5 years)
-10.2%

Purchase Details

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Purchase price:
$1,299,000
Amount financed:
-$1,039,200
Down payment:
$259,800
Closing costs:
$38,970
Rehab costs:
$0
Initial cash invested:
$298,770
Square feet:
2,068
Cost per square foot:
$628
Monthly rent per square foot:
$2.47

Financing Details

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Loan amount:
$1,039,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$6,803
Property tax:
$378
Insurance:
$357
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,538

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,100 $61,200
Vacancy loss: (6%)
6% -$306 -$3,672
Operating income:
$4,794 $57,528

Operating Expenses


% Rent Monthly Yearly
Property taxes: (7%)
7%-$378-$4,533
Insurance: (7%)
7%-$357-$4,284
Property management: (8%)
8%-$408-$4,896
Repairs & maintenance: (5%)
5%-$255-$3,060
Capital expenditures: (5%)
5%-$255-$3,060
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (32%)
32%-$1,653-$19,833

Cash Flow


Monthly Yearly
Net operating income:
$3,141 $37,692
Mortgage payments:
-$6,803 -$81,636
Cash flow:
$3,662 $43,944