Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    1801 Olde Middle Gulf Drive Sanibel, FL 33957

    View on Map
    Claim this Listing
    For Sale
    $5,999,000

    LAND - Sanibel, FL

    Lot size:
    2.54 Acres
    Added:
    May 9, 2024
    Days on Market:
    728
    Last Refresh:
    May 6 at 8:06 am

    Property Features for 1801 Olde Middle Gulf Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    36-46-22-T2-00801.00A0
    Lot size
    2.54 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    CLAMSHELL CONDO BLDG 1 OR 1399 PG 2376 UNIT A
    Tax Annual Amount
    9986

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Jeffrey Burns

    Listing agent Jeffrey Burns License #280595636

    Listing office Premier Sotheby's Int'l Realty 2341 Palm Ridge Road, Sanibel, FL

    Listing date May 9, 2024

    MLS# 224042001 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.

    Overview

    Sanibel Island Beachfront Redevelopment Opportunity

    This 2.54-acre parcel on Sanibel Island, Florida, presents a redevelopment opportunity. The site, formerly the Clamshell condominium complex, included six units (three 3-bedroom and three 2-bedroom), a large pool, and a private boardwalk along the Gulf of Mexico. The buildings have been removed, but the pool shell remains. The property features 300 feet of beach frontage and is zoned multifamily with designated zoning categorizations: D-1 (Lowlands Wetland Zone), E-2 (Gulf Beach Ridge), and A (Gulf Beach Zone). The location offers many redevelopment options with beach frontage and views. Situated on Sanibel Island between the Sand Dollar and Signal Inn condominium complexes, the parcel is near an 18-hole golf course, shops, restaurants, resorts, and scenic bike paths. This property is intended for residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Hotel & Motel Department Store Kitchen & Bath Showroom Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Sanibel
    County
    Lee
    State
    Florida
    Longitude
    -82.060217
    Latitude
    26.427725

    Nearby Similar for Sale

    • $2,700,000

      Sanibel Commercial Building For Sale

      Income-producing commercial building in Sanibel's Central Business District.
      2440 Palm Ridge Road, Sanibel, FL 33957
      View Details
    • $415,000

      Sanibel Island Office Condo

      Turnkey, stabilized office condo on Periwinkle Way, Sanibel Island.
      1101 Periwinkle Way, Sanibel, FL 33957
      View Details
    • $975,000

      Sanibel Duplex Near Gulf of Mexico

      Beachside duplex on Sanibel's East End, steps to the Gulf.
      1155 Seagrape Lane, Sanibel, FL 33957
      View Details
    • $699,000
      2,764 SF

      Sanibel Triplex: Investment Opportunity

      Rare 5 bed, 4 bath triplex in Sanibel, Florida.
      887 Casa Ybel Road, Sanibel, FL 33957
      View Details
    • $850,000
      1,280 SF

      Sanibel Island Multi-Family Opportunity

      Elevated multi-family property with two cottages near the beach.
      746 Cardium Street, Sanibel, FL 33957
      View Details
    • $329,000

      Sanibel Office Suite For Sale

      Bright, versatile office suite in central Sanibel location.
      2323 Wooster Lane, Sanibel, FL 33957
      View Details
    • $11,000,000

      Sanibel Beachfront Development Opportunity

      2.86-acre beachfront property ideal for luxury condominium development.
      2669 W Gulf Drive, Sanibel, FL 33957
      View Details
    • $2,950,000

      Prime Commercial Lot on Sanibel

      High-visibility commercial lot ideal for restaurant, retail, or office.
      1625 Periwinkle Way, Sanibel, FL 33957
      View Details
    • $750,000

      Sanibel Waterfront Land Opportunity

      Private waterfront lot on Clam Bayou, Sanibel, Florida.
      5749 Sanibel Captiva Road, Sanibel, FL 33957
      View Details
    • $775,000

      Sanibel Land Near Gulf

      Homesite near the Gulf with community amenities and lake views.
      933 Strangler Fig Lane, Sanibel, FL 33957
      View Details
    • $795,000

      Prime Commercial Space on Periwinkle

      Commercial building with high visibility on a high-traffic island corridor.
      1025 Periwinkle Way, Sanibel, FL 33957
      View Details
    • $500,000

      Sanibel Land Ready to Build

      Two parcels totaling over half an acre ready to build.
      393 & 401 Raintree Place, Sanibel, FL 33957
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 2.54 acres of beachfront land zoned multifamily on Sanibel Island.
    Where is this residential land & home lot located?
    The property is located at 1801 Olde Middle Gulf Drive Sanibel, FL.
    What is the asking price?
    The asking price for this property is $5,999,000.
    What are key features of this property?
    This property features: 300 feet of beach frontage on the Gulf of Mexico.; Approximately 2.54 acres of land zoned multifamily.; Redevelopment opportunity with potential for stunning beach views.
    (239) 464-2984
    We can help!
    Listing Contact
    Jeffrey Burns
    Real Estate License ID: 280595636
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1801 Olde Middle Gulf Drive, Sanibel, FL 33957
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!