3940 Coconut Drive
About This Property
This property presents one of the most coveted locations for true boating enthusiasts - direct Gulf access with no bridges, no locks, and no restrictions. From your backyard, the open waters of the Gulf of Mexico are just minutes away, offering an unparalleled lifestyle of freedom, adventure, and convenience that few properties can match.
Set along a scenic canal in a highly desirable waterfront neighborhood, this parcel offers an incredible foundation for your future vision. The existing structure features two bedrooms and a storage shed, but it experienced flooding and hurricane-related damage. The property is both block construction and wood frame. Accordingly, most of the property's value lies in its irreplaceable location and unrestricted Gulf access.
The dock and boat lift remain in their current, damaged condition by design - the owner was advised that repairing the existing structures would be far more cost-effective than starting from scratch, preserving both the permitting advantages and the site's established marine footprint. Though the Buyer and their agent are advised to look into these details to ensure they are aware of the pros and cons and only proceed once they feel they have all of the important legal and code requirement facts from a 3rd party, to confidently proceed and indemnify the Seller from liability.
This is an exceptional opportunity for those with foresight - a discerning buyer who recognizes that the rarest value in Southwest Florida real estate isn't always in what stands, but in where it stands. With direct passage to open water, breathtaking sunsets, and the promise of a waterfront paradise rebuilt exactly to your vision, this property represents the essence of location-driven investment. This can be a great "fixer-upper" for those with construction skills, or a tear down for someone who understands the value of the location and wants to start fresh.
The Seller is ready for your offer.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 19, 2025 | Sold | ||
| Sold | |||
| Nov 5, 2025 | In contract | - | |
| In contract | |||
| Oct 20, 2025 | Listed by RE/MAX Trend | $175,000 | |
| Listed by RE/MAX Trend | |||
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About St. James City
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017