Corner Office
For Sale
$369,000
1640 Periwinkle Way, Sanibel, FL 33957
CommercialSale, Sanibel, FL
Property Size1,200 SF
Lot Size0.14 Acres
Price / SF$307.50
Days on Market73
Property Features for 1640 Periwinkle Way
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
SI01 - Sanibel Island
Standard status
Active
APN
25-46-22-T2-00900.0050
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LIME TREE CENTER I COMM CONDO UNIT 5 OR 1267 PG 546
Tax Annual Amount
4345
Legal Description
LIME TREE CENTER I COMM CONDO UNIT 5 OR 1267 PG 546
Building Details
Year built
1978
Floors in Building
1
Listing Agency:
Premier Sotheby's Int'l Realty
(239) 472-2735
Listed By:
Jeffrey Burns · License #280595636
(239) 464-2984
Added: Jun 18
Changed: Aug 26
Last Checked: Aug 29 at 8:06PM
MLS# 2026026479
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.
Investment Insights
Based on property information with market context.
This office condominium occupies a corner position at the end of a five-unit, partially elevated commercial building. The interior includes a reception area, three private offices, and a private half bath, creating a practical layout for professional, service-oriented, or medical operations. The unit benefits from additional windows, natural light, and customer and staff parking.
The building dates to 1978 and has been recently renovated with a new shingle roof and firewalls separating the office condominiums. The property is located at 1640 Periwinkle Way in Sanibel’s mid-island commercial district, just steps from Jerry’s Foods. The current occupant is on a month-to-month lease and has expressed willingness to renew.
The building dates to 1978 and has been recently renovated with a new shingle roof and firewalls separating the office condominiums. The property is located at 1640 Periwinkle Way in Sanibel’s mid-island commercial district, just steps from Jerry’s Foods. The current occupant is on a month-to-month lease and has expressed willingness to renew.
Key Highlights
- Corner office condominium at the end of a five‑unit building
- Reception area, three private offices, and private half bath
- Recently renovated building with new shingle roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,622
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$412,440
$412.4K
Cap Rate 7%
$294,600
$294.6K
Cap Rate 9%
$229,133
$229.1K
Market Conditions
NOI Build-Up for 1,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.0K $24.96/SF
− Vacancy
−$2.5K −$2.05/SF
EGI
$27.5K $22.91/SF
− OpEx
−$6.9K −$5.73/SF
NOI
$20.6K $17.18/SF
Area
Lee County, FL
Vacancy
8.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$412,440
Cap Rate 7%
$294,600
Cap Rate 9%
$229,133
Alternative Uses
Best Use
Office B
$294.6K
$257.8K – $343.7K
NOI $20,622 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 33957, FL
6,382
Population
8,525
Households
0.7
Avg Household Size
68
Median Age
62%
College-Educated
99%
High-School Grad
16.2 sq mi
ZIP Area
394
Density / Sq Mi
$122,730
Median Household Income
$44,840
Median Earnings
$747
Median Rent
$912,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated unit offers reception space, three private offices, and a private half bath.
Where is this office units located?
The property is located at 1640 Periwinkle Way Sanibel, FL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Corner office condominium at the end of a five‑unit building; Reception area, three private offices, and private half bath; Recently renovated building with new shingle roof
