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    The Largest CRE Database in the US with Over 1 Million Listings

    740 Overiver Dr North Fort Myers, FL 33903

    View on Map
    Sponsored
    Pending
    $699,000

    LAND - North Fort Myers, FL

    Lot size:
    0.62 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 26 at 7:06 pm

    Property Features for 740 Overiver Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    15-44-24-00-00007.0010
    Lot size
    0.62 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    River Front
    Water front
    1

    We can help!

    Listing Contact
    Justin Milcetich

    Land Solutions Inc

    Listing agent Justin Milcetich License #258034861

    Listing date Mar 25, 2026

    MLS# 225010904

    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.

    Learn more

    Property Insight Report

    Overview

    Waterfront Lot on Caloosahatchee River

    Located in North Fort Myers, 740 Overiver Drive is a 0.62+/- acre waterfront residential lot situated directly on the Caloosahatchee River. The property is one of the best-valued riverfront properties in the Fort Myers MSA. The fully cleared lot is construction-ready and oriented with a western-facing front and eastern-rear exposure, capturing sunsets and sunrise views over the Caloosahatchee River. This oversized estate lot has a depth of 250+ feet and 115+ feet of river frontage, with the ability to permit and construct a personal dock, offering access to the Gulf and waterfront activities. The property is located 3.5 miles from Downtown Fort Myers, combining riverside living with access to urban amenities, the barrier islands, and the gulf beaches. An adjacent 0.74+/- acre lot is available for purchase. Together, the parcels combine for 1.36+/- acres and 265 ft. of contiguous river frontage, presenting a developer/investment opportunity to build up to 3 custom homes or one expansive estate lot. The property is located in North Fort Myers, FL 33903, Lee County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    North Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.895524
    Latitude
    26.650967

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    FAQs

    What type of property is this?
    Waterfront Land - 0.62-acre waterfront residential lot in North Fort Myers.
    Where is this waterfront land located?
    The property is located at 740 Overiver Dr North Fort Myers, FL.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Prime waterfront lot on the Caloosahatchee River with **115+ feet of river frontage** and potential for a private dock, providing direct Gulf access.; - Cleared, construction-ready 0.62+/- acre lot with optimal eastern-rear exposure for sunrise views and western-facing front for sunset views.; - Conveniently located 3.5 miles from Downtown Fort Myers, offering easy access to urban amenities, barrier islands, and gulf beaches.
    (239) 287-8616
    Request Owner's contact information
    740 Overiver Dr North Fort Myers, FL 33903
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    North Fort Myers, FL 33903
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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.

    More about this property
    740 Overiver Dr North Fort Myers, FL 33903
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    Listing Contact
    Justin Milcetich
    Real Estate License ID: 258034861
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