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    Mixed-Use Redevelopment Opportunity, Fort Myers Title is generated by Realmo AI

    440 Old San Carlos Boulevard, Fort Myers Beach, FL 33931

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    Claim this Listing
    For Sale
    $3,900,000

    SINGLE_FAMILY - Fort Myers Beach, FL

    Type:Retail
    Lot size:
    0.42 Acres
    Added:
    Oct 28, 2025
    Days on Market:
    198
    Last Refresh:
    May 13 at 6:06 am

    Property Features for 440 Old San Carlos Boulevard

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    APN
    24-46-23-W3-00202.0010
    Lot size
    0.42 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    BUSINESS CENTER BLK 2 PB 9 PG 9 LOT 1
    Tax Annual Amount
    4779

    Building Details

    Year built
    1952
    Floors in Building
    1

    We can help!

    Listing Contact
    Justin Thibaut
    Justin Thibaut

    Listing agent Justin Thibaut License #258024058

    Listing office LSI Companies Inc. 8000 SUMMERLIN LAKES DR SUITE 200, FL

    Listing date Oct 28, 2025

    MLS# 2025017470

    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

    • Prime redevelopment opportunity in the heart of Fort Myers Beach's Downtown District.
    • Strategic hard corner location with HIGH VISIBILITY (23,000 AADT) from Matanzas Bridge.
    • Approved for up to 40 resort units and 5,000 sq ft of commercial/retail space.
    • EXCEPTIONAL WALKABILITY to Times Square, Fort Myers Beach Pier, and Margaritaville.
    • Located within a pedestrian‑focused corridor promoting public engagement.
    • Comprised of 0.42+/- acres across three parcels.

    Overview

    This mixed-use redevelopment opportunity, known as Old San Carlos Commercial, is situated in the core of Fort Myers Beach. The property consists of 0.42 acres across three parcels, located at a hard corner within the Downtown District, a pedestrian-focused corridor. The site benefits from walkability to attractions such as Times Square, Fort Myers Beach Pier, and Margaritaville. It also features visibility from the Matanzas Bridge, with an average annual daily traffic count exceeding 23,000. The site was previously approved for up to 40 resort units and approximately 5,000 square feet of commercial or retail floor area. This property offers a developer the opportunity to participate in the redevelopment of Fort Myers Beach.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    the cigar hut (Bike/Boat/Book/etc) Store Cigar Hut (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers Beach
    County
    Lee
    State
    Florida
    Longitude
    -81.954725
    Latitude
    26.455654

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use redevelopment opportunity in the heart of Fort Myers Beach.
    Where is this mixed-use property located?
    The property is located at 440 Old San Carlos Boulevard Fort Myers Beach, FL.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: Prime redevelopment opportunity in the heart of Fort Myers Beach's Downtown District.; Strategic hard corner location with HIGH VISIBILITY (23,000 AADT) from Matanzas Bridge.; Approved for up to 40 resort units and 5,000 sq ft of commercial/retail space.
    (239) 565-3456
    We can help!
    Listing Contact
    Justin Thibaut
    Justin Thibaut
    Real Estate License ID: 258024058
    Learn More
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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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