“Sanibel’s Rainbow” aka Loggerhead Cay #264 at 979 East Gulf Drive on Sanibel Island
Top-Floor 2-Bedroom 2-Bath Condo with Outstanding Rental Income
Loggerhead Cay is a community of 168 condominiums on Sanibel’s desirable East End, convenient to the causeway for quick on- off-island access and handy to Lighthouse Park, the Sanibel Fishing Pier, Olde Sanibel shops & restaurants, the Sanibel Marina, bike paths, Sanibel Golf & Tennis Club (which is open to the public), plus miles of Gulf of Mexico beach.
Loggerhead Cay courtyard units are 2-bedroom 2-bath style with ~1235 sq. ft. of air conditioned living space. A 150-sq. ft. screened and tiled balcony brings the total usable space up to 1385 sq. ft.
The condos center around a tropical courtyard featuring one of the largest heated swimming pools on island (Olympic-sized).
With meandering paver walkways leading to the beach, there are both sun and dining decks, a club house with BBQs and alfresco dining area, plus 2 tennis courts, and shuffleboard.
Each unit owner has an assigned parking space plus an exterior closet for storing bikes, sporting goods, beach toys, and the like. There are elevators, plenty of guest parking, and an inside owner’s storage closet too.
Currently grossing close to $60,000 annually, the location and condition of Unit #264 have renters come back year-after-year.
It has a view over the courtyard and pool to the gulf from the balcony.
The interior has been thoughtfully updated to best accommodate vacationers.
The kitchen was remodeled in late 2015 and features a tray ceiling, white bead-board cottage-style cabinetry, granite countertops, breakfast bar, and pass-through to the dining area.
The balcony is furnished for dining too.
A utility closet near the entry houses a full-sized washer and dryer.
Decorated in sunny décor, the master bedroom with king-sized bed has sliders to the balcony and an en suite bath with combo tub/shower.
The guest room with a queen & twin beds is handy to the 2nd bath which is shower only.
The living room with picture window to the tropical courtyard (overlooking an orchid tree and Royal Poinciana tree) also has sliders to the gulf. When sleeping for six is needed, there is a comfortable sleep sofa.
The Loggerhead Cay condo association is healthy with good reserves. The complex is pet-friendly with two small (under 25 lb) owner pets (dogs or cats) allowed. Guests or renters are limited to 1 small dog or cat. (Due to insurance limitations, some dog breeds are not permitted regardless of their puppy size.)
Weekly rentals are allowed, with this property enrolled in Sanibel Holiday’s seasonal rental program. The seller further markets the property with internet exposure as “Sanibel’s Rainbow” and is willing to help in the transition to a new buyer also wanting to be involved in the bookings.
Rental history includes $54,103 in 2014; $56,410 in 2015, $58,410 in 2016 (with six weeks owner use), & $60,409 in 2017.
As of Jan 4, 2018 bookings are $29,647 with buyer to honor future reservations.
(offered fully furnished & with future rental bookings)
Listed by Susan Andrews, Realtor, Broker/Owner of SanibelSusan Realty Associates, this information is deemed reliable but not guaranteed.N