Red Coconut is a fantastic place. We have stayed there often. You can ride to Publix or Topps grocery store easily on your bikes as we do. There is a trolley that stops right at the entrance to the Red Coconut that will take you right up into Fort Myers if you want it to for 50 cents or 25 cents for seniors or you can take it to Publix as well. What we usually do is walk the beach into the main shopping/bar/restaurant area and take the trolley back. There is also the Junkanoo bar/restaurant accross the street and a great Chinese restaurant about 100 yards south of the Coconut. Make sure you hit the Beach Pub. Tables and chairs right in the sand on the beach and good happy hour prices. Easy walk on the beach from the Coconut.
We often use the trolley but it's not that reliable and breaks down pretty frequently and if it does, you're stuck waiting so we always have cab fare with us in case (happened to us twice that it didn't come and the last time, we asked one of the locals at the bus stop and she said it's fairly common that it doesn't show up and you just have to wait for the next one).