232 Banyan Blvd #232 · Naples, FL 34102

$499,999

2 bd · 2.0 ba · 988 sqft · Condo public records · 402 Days on market

Built 1969 $1305/mo HOA · 26% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +8.8/30.0
• ARV discount +7.5/15.0
• Appreciation +7.0/10.0
• 1% rule +5.2/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks MLS

C2371 - You'll love the charming Calusa Club an extremely well-maintained co-op located steps away from the beaches on Gulf Shore Blvd N and Banyan Blvd in Coquina Sands. This turnkey furnished first-floor condo features large tile, impact resistant doors and windows, laundry in the unit, new air conditioner, and a garden view and patio area. Decorated with a Martha's Vineyard flair! Live the good life in Naples with quick access to Lowdermilk Park, the restaurants and conveniences at Charleston Square, world-class shopping and dining on 5th Ave and 3rd St in downtown Naples.

Key facts

• Quartz countertops
• Garden view
• Bar stools

Tags

• GARDEN VIEW
• COOKING ISLAND
• BAR STOOLS
• WHITE CABINETRY
• GLASS TILED BACKSPLASH
• QUARTZ COUNTERTOPS

Property features AI

Finance

• Other: Complex has 19 units; single-floor building; Restrictions: no commercial, no motorcycles, no RVs, no trucks
• Financial info: Total annual recurring HOA fees listed; Total one-time fees listed
• HOA & community: Mandatory HOA (Condo/Hotel community); Professional management; Quarterly condo fee; Common amenities include community pool, common laundry, extra storage, BBQ/picnic area, sidewalk, and vehicle wash area; Maintenance covers cable, irrigation water, lawn/land maintenance, pest control (exterior), repairs, reserves, sewer, street lights, trash removal, water, and professional services

Exterior

• Parking: 1 assigned covered parking space; Attached 1-car carport; Paved driveway
• Security: Impact resistant windows and doors
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential garden apartment in a low-rise (1-3) building; Built 1969; Concrete block construction with stucco finish; Built-up/flat roof; Rear exposure faces north; Located in the Coquina Sands / Calusa Club community; Unit 232
• Construction: Concrete block construction; Stucco exterior; Built-up or flat roof; Impact resistant windows and doors
• Exterior features: Patio; Extra storage; Landscaped area view; Sidewalk; BBQ / picnic area; Vehicle wash area

Interior

• Kitchen: Island and pantry; Electric cooktop; Range; Microwave; Dishwasher; Disposal; Refrigerator/Freezer
• Bedrooms: 2 bedrooms with a split bedroom floor plan
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath has a shower-only configuration
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire and high-speed internet available; Smoke detectors; Walk-in closet; Window coverings; Common elevator; Turnkey furnished
• Laundry & utility: Laundry in residence (washer and dryer included)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $-841 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $351k (29.7% below list).
• Meets the 1% rule at list price ($5k rent vs $500k).
• Recommended offer: $351k (29.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 80/100 on livability (#126 in FL, #1,903 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute D+, cost of living F.
• Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Park Elementary School (math 76% / reading 77%, grade A, #185 of 2,144 statewide, top 9%, 502 students, 39% FRL); Gulfview Middle School (math 78% / reading 68%, grade A, #44 of 571 statewide, top 8%, 582 students, 40% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL) — zoned schools average 39% FRL vs 55% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.8%/yr); 616 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $5,105/mo this rent would consume 47% of the median local household income ($131k/yr) (locally 333% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($3k loan paydown + $20k appreciation (4.1% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 402 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $125k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $368k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 26% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,347 (29.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 402 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
12. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.08% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.2%
• Equity multiple: 1.46×
• Total profit: $63,827
• Equity at exit: $255,951

10-year hold

• IRR: 12.4%
• Equity multiple: 3.28×
• Total profit: $319,452
• Equity at exit: $420,590

Cash invested: $140,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34102

• Home prices YoY: 1.3%
• Rents YoY: 8.8%
• Active inventory: 616
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $5,105 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$313 /mo · $3,751/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,305
• Vacancy / Maint / Mgmt: −$1,072
• Net cashflow: $-841

Break-even live

Break-even rent $6,170

Max offer price $351,347

Occupancy floor —

Sensitivity live

Price	-10% $-558	-5% $-700	+0% $-841	+5% $-983	+10% $-1,125
Rent	-10% $-1,245	-5% $-1,043	+0% $-841	+5% $-640	+10% $-438
Rate	-1.0pp $-590	-0.5pp $-714	base $-841	+0.5pp $-971	+1.0pp $-1,103

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 Gulf Shore Blvd N #304 Naples, FL	2.0	2.0	850	$5,500	$6.47	25d	1	0.03mi
1300 Gulf Shore Blvd N #205 Naples, FL	2.0	2.0	850	$5,900	$6.94	25d	1	0.03mi
1300 Gulf Shore Blvd N #406 Naples, FL	2.0	2.0	850	$6,500	$7.65	25d	1	0.03mi
1300 Gulf Shore Blvd N #700 Naples, FL	2.0	2.0	850	$6,250	$7.35	25d	1	0.03mi
1334 Crayton Rd #1 Naples, FL	2.0	2.0	1100	$6,800	$6.18	25d	1	0.12mi
1100 Gulf Shore Blvd N Naples, FL	2.0	2.0	945	$6,000	$6.35	25d	2	0.16mi
1550 Gulf Shore Blvd N Unit E6 Naples, FL	1.0	1.0	817	$7,000	$8.57	23d	1	0.17mi
1550 Gulf Shore Blvd N Unit E6 Naples, FL	1.0	1.0	817	$7,000	$8.57	15d	1	0.17mi
1910 Gulf Shore Blvd N Naples, FL	2.0	2.0	1290	$9,200	$7.13	25d	2	0.48mi
1950 Gulf Shore Blvd N Naples, FL	2.0	2.0	1060	$7,250	$6.84	25d	2	0.56mi
2011 Gulf Shore Blvd N #45 Naples, FL	2.0	2.0	1100	$8,500	$7.73	25d	1	0.57mi
2170 Gulf Shore Blvd N Unit 41E Naples, FL	1.0	1.0	682	$6,000	$8.80	25d	1	0.81mi
766 Central Ave Naples, FL	2.0–3.0	2.0	855	$6,300	$7.37	23d	3	1.26mi
766 Central Ave Naples, FL	2.0–3.0	2.0	943	$5,000	$5.30	15d	4	1.26mi
101 8th St S Naples, FL	1.0	1.0–2.0	940	$12,600	$13.40	25d	4	1.32mi
101 8th St S Naples, FL	1.0	1.0–2.0	940	$12,600	$13.40	15d	4	1.32mi
284 4th St S #103 Naples, FL	2.0	2.0	979	$9,000	$9.19	25d	1	1.32mi
282 4th St S Naples, FL	2.0	2.0	1058	$11,000	$10.40	25d	1	1.32mi
290 4th St S #202 Naples, FL	2.0	2.0	1058	$10,000	$9.45	25d	1	1.32mi
286 4th St S #203 Naples, FL	2.0	2.0	1058	$10,000	$9.45	25d	1	1.32mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	15d	1	1.33mi
230 3rd Ave S #4 Naples, FL	2.0	2.5	978	$12,000	$12.27	25d	1	1.35mi
296 4th Ave S #296 Naples, FL	2.0	2.5	1120	$2,950	$2.63	23d	1	1.42mi
388 4th Ave S #388 Naples, FL	2.0	2.0	965	$13,000	$13.47	25d	1	1.43mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	25d	1	1.44mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	25d	1	1.44mi
175 5th Ave S Naples, FL	2.0	2.0	732	$14,000	$19.13	25d	2	1.45mi
480 5th St S #102 Naples, FL	1.0	1.0	600	$6,500	$10.83	25d	1	1.46mi
540 4th Ave S #13 Naples, FL	1.0	1.0	580	$5,000	$8.62	25d	1	1.46mi
365 5th Ave S #303 Naples, FL	2.0	2.0	1090	$13,000	$11.93	25d	1	1.47mi

HOA detail condo

• Monthly dues: $1,305 · $15,660/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-22
   days on market $499,999 Active 402 DOM
2. 2026-06-18
   days on market $499,999 Active 399 DOM
3. 2026-06-17
   days on market $499,999 Active 398 DOM
4. 2026-06-16
   days on market $499,999 Active 397 DOM
5. 2026-06-15
   days on market $499,999 Active 396 DOM
6. 2026-06-10
   days on market $499,999 Active 391 DOM
7. 2026-06-09
   days on market $499,999 Active 390 DOM
8. 2026-06-08
   days on market $499,999 Active 389 DOM
9. 2026-06-07
   days on market $499,999 Active 388 DOM
10. 2026-06-02
    days on market $499,999 Active 383 DOM
11. 2026-06-01
    days on market $499,999 Active 382 DOM
12. 2026-05-31
    days on market $499,999 Active 381 DOM
13. 2026-05-30
    days on market $499,999 Active 380 DOM
14. 2026-03-27
    price $499,999
15. 2026-03-11
    price $549,900
16. 2025-10-09
    price $575,000
17. 2025-05-16
    listed $625,000 Active
18. 2021-05-28
    soldstatus $368,000 Sold 583-char remark

    Show marketing remark (583 chars)

    C2371 - You'll love the charming Calusa Club an extremely well-maintained co-op located steps away from the beaches on Gulf Shore Blvd N and Banyan Blvd in Coquina Sands. This turnkey furnished first-floor condo features large tile, impact resistant doors and windows, laundry in the unit, new air conditioner, and a garden view and patio area. Decorated with a Martha's Vineyard flair! Live the good life in Naples with quick access to Lowdermilk Park, the restaurants and conveniences at Charleston Square, world-class shopping and dining on 5th Ave and 3rd St in downtown Naples.

19. 2021-05-18
    status Pending With Contingencies 583-char remark

    Show marketing remark (583 chars)

    C2371 - You'll love the charming Calusa Club an extremely well-maintained co-op located steps away from the beaches on Gulf Shore Blvd N and Banyan Blvd in Coquina Sands. This turnkey furnished first-floor condo features large tile, impact resistant doors and windows, laundry in the unit, new air conditioner, and a garden view and patio area. Decorated with a Martha's Vineyard flair! Live the good life in Naples with quick access to Lowdermilk Park, the restaurants and conveniences at Charleston Square, world-class shopping and dining on 5th Ave and 3rd St in downtown Naples.

20. 2021-05-18
    listed $368,000 Active 583-char remark

    Show marketing remark (583 chars)

    C2371 - You'll love the charming Calusa Club an extremely well-maintained co-op located steps away from the beaches on Gulf Shore Blvd N and Banyan Blvd in Coquina Sands. This turnkey furnished first-floor condo features large tile, impact resistant doors and windows, laundry in the unit, new air conditioner, and a garden view and patio area. Decorated with a Martha's Vineyard flair! Live the good life in Naples with quick access to Lowdermilk Park, the restaurants and conveniences at Charleston Square, world-class shopping and dining on 5th Ave and 3rd St in downtown Naples.

21. 2007-05-25
    soldstatus $337,000
22. 2007-05-25
    soldstatus $337,000
23. 2004-09-08
    soldstatus $304,500
24. 1998-08-21
    soldstatus $130,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,751 · $313/mo
• Projected year-2 tax: $4,150 · $346/mo
• Expected delta: +$399/yr (+$33/mo · 10.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,260
• − Mortgage interest: −$28,008
• − Property taxes: −$3,751
• − Insurance: −$7,618
• − Repairs & maintenance: −$4,901
• − Management: −$4,901
• − HOA: −$15,660
• − Depreciation: −$14,545
• Taxable loss: −$18,123
• Est. tax savings @ 24.0%: +$4,350
• After-tax cash flow: $-5,748/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Collier
• NCES district ID: 1200330
• Math proficiency: 60% ▼ -4.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $58,275
• Composite: 50.23/100
• National rank: #1892
• State rank: #16 of 73 in FL

Livability — Naples

• Score: 80/100
• State rank: #126
• US rank: #1903

Category grades

Amenities A+ Commute D+ Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Naples, FL
• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 11,179
• Household income: $130,929
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 333.0

Population outlook (Collier County) Hauer SSP2

• Today (2025): 420,858 people
• By 2030: 450,054 · +6.9%
• By 2040: 502,232 · +19.3%
• By 2050: 544,932 · +29.5%
• By 2075: 627,203 · +49.0%
• By 2100: 659,015 · +56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Black 8% Asian 1%
• Hispanic origin (detail): Cuban 6%
• Common ancestry: Hispanic 4% Lithuanian 4% Romanian 4%
• Foreign-born: 17% · Canada, China
• Languages at home: 87% English-only · Spanish 7% French/Haitian/Cajun 4% German/W. Germanic 1%

Political lean MEDSL · Collier

• 2024 margin: Solid R (+33.1) · D 33.1% · R 66.2%
• 2008→2024 swing: -10.6pp toward R · 2008: -22.5pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+24.7 2016: R+26.0 2012: R+30.1 2008: R+22.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.08%
• Current HPI: 328.2755
• Rent YoY: ▲ 8.75%
• Metro: Naples-Marco Island, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+284.6% since first listed

11 events — show timeline

• 2026-03-27 Price Changed $499,999 NAPLESMLS
• 2026-03-11 Price Changed $549,900 NAPLESMLS
• 2025-10-09 Price Changed $575,000 NAPLESMLS
• 2025-05-16 Listed $625,000 NAPLESMLS
• 2021-05-28 Sold (MLS) $368,000 NAPLESMLS
• 2021-05-18 Pending — NAPLESMLS
• 2021-05-18 Listed $368,000 NAPLESMLS
• 2007-05-25 Sold (Public Records) $337,000 Public Records
• 2007-05-25 Sold (Public Records) $337,000 Public Records
• 2004-09-08 Sold (Public Records) $304,500 Public Records
• 1998-08-21 Sold (Public Records) $130,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $3,751 · -7.7% YoY. Source: county tax records.