Renovated Flex Space with
For Sale
$899,000
3616 Broadway Pass, Fort Myers, FL 33901
COMMERCIAL - Fort Myers, FL
Property Size2,300 SF
Lot Size0.32 Acres
Price / SF$390.87
Days on Market249
Property Features for 3616 Broadway Pass
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CG
Subdivision
FM03 - Fort Myers Area
Standard status
Active
APN
36-44-24-P1-00005.0070
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PARL IN NE 1/4 OF NW 1/4 SEC 36 TWP 44 R 24 OC DESC IN OR 780 PG 26
Tax Annual Amount
4877
Legal Description
PARL IN NE 1/4 OF NW 1/4 SEC 36 TWP 44 R 24 OC DESC IN OR 780 PG 26
Building Details
Year built
1965
Floors in Building
1
Listing Agency:
Krise Commercial Group, LLC
(239) 690-4100
Listed By:
Babu John · License #258029357
(239) 440-4105
Added: Dec 18, 2025
Changed: Aug 19
Last Checked: Aug 24 at 6:06PM
MLS# 2025024683
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 flex property combines renovated commercial space with a rear warehouse area measuring just over 1000+/- sq. ft. and a large overhead door. Major upgrades include new air conditioning, updated electrical service, new plumbing and pumping systems, a replaced metal roof completed in 2020, and a newly paved parking lot. The building was constructed in 1965 and offers approximately 100 +/- feet of frontage.
The property is located on the Broadway corridor in Fort Myers, with access and signage exposure identified as notable site features. The sale also includes an adjacent 0.32 +/- acre parcel, providing additional land connected to the commercial building. Expansion, parking, or redevelopment are referenced as potential uses subject to zoning.
The property is located on the Broadway corridor in Fort Myers, with access and signage exposure identified as notable site features. The sale also includes an adjacent 0.32 +/- acre parcel, providing additional land connected to the commercial building. Expansion, parking, or redevelopment are referenced as potential uses subject to zoning.
Key Highlights
- Rear warehouse area measuring just over 1000+/- sq. ft.
- Large overhead door serving the rear warehouse
- Adjacent 0.32 +/- acre parcel included in the sale
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
$39,525
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
4.40%
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%
$790,500
$790.5K
Cap Rate 7%
$564,643
$564.6K
Cap Rate 9%
$439,167
$439.2K
Market Conditions
NOI Build-Up for 2,300 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
$57.4K $24.96/SF
− Vacancy
−$4.7K −$2.05/SF
EGI
$52.7K $22.91/SF
− OpEx
−$13.2K −$5.73/SF
NOI
$39.5K $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%
$790,500
Cap Rate 7%
$564,643
Cap Rate 9%
$439,167
Alternative Uses
Best Use
Office B
$564.6K
$494.1K – $658.8K
NOI $39,525 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$359.4K
$314.5K – $419.4K
NOI $25,161 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$723.9K
$633.4K – $844.6K
NOI $50,674 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,751
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial space includes rear warehouse functionality, an overhead door, upgraded systems, and newly paved parking.
Where is this flex space located?
The property is located at 3616 Broadway Pass Fort Myers, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Rear warehouse area measuring just over 1000+/- sq. ft.; Large overhead door serving the rear warehouse; Adjacent 0.32 +/- acre parcel included in the sale
