$649,000
3 Bed Waterfront Home for Sale in Cape Coral
5229 Pelican Boulevard, Cape Coral, FL, 33914
About this home
Direct Gulf Access in one of Cape Coral’s most prestigious waterfront neighborhoods—5229 Pelican Blvd presents an exceptional opportunity to reimagine and redesign a custom luxury estate tailored entirely to your vision. Situated on an oversized triple-lot corner property in the highly coveted Tarpon Point area, this rare canal-front offering features direct Gulf access with no bridges or locks, placing open water just minutes from your future backyard dock. Surrounded by newly constructed luxury residences and multimillion-dollar waterfront homes, this property is perfectly positioned for an investor, builder, or visionary buyer looking to create a one-of-a-kind coastal retreat in a rapidly transforming enclave of Southwest Florida. Wide canal views, deep water access, and expansive lot dimensions provide endless possibilities for a sprawling custom home with resort-style outdoor living, an oversized pool, private dockage, and space to accommodate large yachts, recreational toys, and elevated entertaining spaces. The surrounding streetscape has become a showcase of modern waterfront architecture, including several newly completed and award-winning luxury homes, further enhancing the long-term value and prestige of the location. Opportunities of this caliber are becoming increasingly rare in Cape Coral, especially in a neighborhood known for its upscale boating lifestyle, proximity to Tarpon Point Marina, waterfront dining, boutique shopping, and quick access to the Gulf of Mexico. Whether your vision includes a contemporary masterpiece, a coastal-inspired estate, or the ultimate waterfront investment property, this is your chance to transform a premier Gulf-access homesite into a truly spectacular custom dream home in one of Cape Coral’s most desirable luxury waterfront corridors.
Property details
- Type
- SingleFamilyResidence
- Year built
- 1965
- Interior
- 1,397 sqft
- Lot size
- 18,643.68 sqft
- Acreage
- 0.43 acres
- Garage
- 2 car
- Days on market
- 268
- Total association fees
- None
- CDD
- None
- Est. taxes (1.4%)
- $9,086/yr
- Flood zone (area est.)
- Yes · High risk (AE)
- Storm protection
- Impact Windows/Doors
- Exposure
- East
- Waterfront
- Yes
- Gulf access
- No
- Gulf access type
- N/A
- Pool
- No
- Spa
- No
- Natural gas
- No
- Water
- Assessment Paid
- Sewer
- Assessment Paid
- New construction
- No
- Pets
- Yes
- County
- Lee
Flood risk shown is an area-level estimate and can differ from a specific unit's actual FEMA designation (which varies by structure and elevation). Look up this address on the FEMA Flood Map and verify with a licensed insurance agent before relying on it.
Based on the $/sqft of 7 comparable homes sold nearby in the last 12 months. Indicative, not an appraisal.
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Recently sold nearby
Closed comparable sales within ~1 mile in the last 12 months, similar price, size, beds/baths, and age.
| Address | Sold | Sold price | Beds/Baths | Sq ft | $/sqft |
|---|---|---|---|---|---|
| 5315 Pelican Boulevard | Feb 2026 | $635,000 | 3/2 | 1,513 | $420 |
| 166 SW 52nd Street | Oct 2025 | $503,000 | 2/2 | 1,303 | $386 |
| 4820 SW 2nd Place | Jun 2026 | $515,000 | 3/2 | 1,497 | $344 |
| 5313 SW 8th Court | Apr 2026 | $640,000 | 3/2 | 1,448 | $442 |
| 4832 Triton Court | Jun 2026 | $505,000 | 3/2 | 1,394 | $362 |
| 5617 SW 10th Avenue | Oct 2025 | $530,000 | 3/2 | 1,536 | $345 |
| Average | 6 comps | $554,667 | $383 |
Market trends, Cape Coral
Median of closed MLS sales each month over the available window. Months with too few sales are omitted; the range extends automatically as more sales close.
Live area medians from the MLS · see all listings. Indicative, not an appraisal.
Price & status history
Down $100,000 (13.4%) from the original list price.
| Jul 20, 2026 | Price reducedfrom $675,000 | $649,000 |
| Jan 14, 2026 | Back on market | |
| Nov 8, 2025 | Listed | $749,000 |
The good, the trade-offs & the location
- Waterfront
- Storm protection: Impact Windows/Doors
- 2-car garage
- Built 1965 — pre-2002 construction may carry older wind codes and higher insurance
- In a higher-risk flood zone (AE) — flood insurance likely required
Straight-line distances to major SWFL amenities, approximate; actual drive times vary.
Nearby schools
Get more information on their programs, scores, and extracurriculars on each school's page · browse the full schools directory.
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Listing information is provided in part by the Florida Gulf Coast Multiple Listing Service (MLS) through its Broker Reciprocity / Internet Data Exchange (IDX) program. Properties displayed may be listed by brokerages other than SWFL Relocation Team. Data is deemed reliable but is not guaranteed accurate by the MLS or this brokerage and should be independently verified. Fees, flood zones, taxes, square footage, and school assignments are estimates from the feed and must be confirmed. © 2026 SWFL Relocation Team. All rights reserved.