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    Buildable Double Lot in Iona Gardens Title is generated by Realmo AI

    12081 Live Oak Drive, Fort Myers, FL 33908

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    Claim this Listing
    For Sale
    $197,500

    LAND - Fort Myers, FL

    Lot size:
    0.20 Acres
    Added:
    Mar 14, 2025
    Days on Market:
    448
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 12081 Live Oak Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Grassed
    Fencing
    Fenced
    Standard status
    Active
    APN
    36-45-23-03-0000C.0310
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    IONA GARDENS BLK C PB 17 PG 72 LOTS 31 + 32
    Tax Annual Amount
    2008

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Tracy Meadows
    Tracy Meadows

    Listing agent Tracy Meadows License #258020932

    Listing office SWFL Real Estate Experts 19441 Cromwell Court, #206, Ft Myers, FL

    Listing date Mar 14, 2025

    MLS# 225028365 Listing URL

    Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Buildable double lot in Iona Gardens with accessible utilities and subdivision potential.
    • No Home Owners Association (HOA).
    • Prime location near Sanibel Causeway/Punta Rassa Boat launch, beaches of Sanibel & Captiva, and downtown River District.
    • Fenced and gated for privacy and security.
    • Optional community pool membership available.
    • Owners are licensed Florida contractors and can build to suit (stick‑built home).

    Overview

    This improved double lot is located on the corner of Live Oak and Croton in Iona Gardens. The buildable lot has accessible utilities that can be split for an estimated cost of $10,000, as the lot can be subdivided. Placing a manufactured home is estimated to cost $90,000, including setup. The owners are licensed Florida contractors and will build to suit if a stick-built home is desired. The land is owned. An oak tree, palm tree, and a frangipani tree are located on the site. The lot is fenced and gated. There is no homeowners association. However, there is an optional voluntary annual club membership for use of the community pool for approximately $350. The location is near the Sanibel Causeway and Punta Rassa Boat launch. Local parks, entertainment, dining, shopping, the downtown River District, and the beaches of Sanibel and Captiva are a short drive away. Margaritaville Resort at FMB is also nearby. The lot size is 0.2 acres. The estimated elevation is approximately 10 feet, but an elevation certificate is not available because the property lacks a structure. The property is located in Fort Myers, Florida.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.9530039
    Latitude
    26.5154082

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    FAQs

    What type of property is this?
    Land - Improved double lot near Sanibel Causeway with accessible utilities.
    Where is this land located?
    The property is located at 12081 Live Oak Drive Fort Myers, FL.
    What is the asking price?
    The asking price for this property is $197,500.
    What are key features of this property?
    This property features: Buildable double lot in Iona Gardens with accessible utilities and subdivision potential.; No Home Owners Association (HOA).; Prime location near Sanibel Causeway/Punta Rassa Boat launch, beaches of Sanibel & Captiva, and downtown River District.
    (574) 529-0123
    We can help!
    Listing Contact
    Tracy Meadows
    Tracy Meadows
    Real Estate License ID: 258020932
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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