Versatile Office Condo in
For Sale
$1,575,000
103-3021 Airport Rd N, Naples, FL 34104
Centrally located office condo with flexible space and ample parking.
Property Size4,257 SF
Price / SF$369.98
Days on Market380
Property Features for 103-3021 Airport Rd N
General Information
Standard status
Active
Size
4,257 SF
Taxes and HOA fees
Annual Taxes
$8,571
Listing Agency:
Downing Frye Realty Inc.
(239) 330-9004
Listed By:
Richard Parlante, PA
(239) 330-9004
Source:
Exprealty
Added: Aug 15, 2025
Changed: Aug 21
Last Checked: Aug 26 at 10:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Downing Frye Realty Inc.
Investment Insights
Based on property information with market context.
Located on Airport Pulling Road in Naples, across from Grey Oaks subdivision and adjacent to Poinciana Elementary School, this office condo offers accessibility to I-75, downtown Naples, North Naples, East Naples, and Naples South. Situated on the first floor inside the Centennial Bank Building, the property has C3 zoning, allowing for a variety of uses. Originally designed as a medical office, the space can be adapted into various office environments, such as a law firm, insurance company, or real estate office. Constructed in 2006, the condo provides approximately 4,257 square feet of space, featuring three A/C units (approximately 5 years old) and a new roof (approximately 2 years old). Ample parking is available. The common area foyer features marble inlays and a dome ceiling. Inside, there is a waiting area with LED lighting, crown moldings, and plantation shutters. Bamboo flooring extends through most of the 16 rooms, with some carpeted areas. Key features include a kitchen area, a conference room with a tray ceiling, private office space, two storage/utility rooms, two restrooms and one unisex restroom, and a reception area with sliding glass windows. There is also a medical records or flex room, a built-in wall safe, and an electronics room, with cabinetry and storage space. The condo can accommodate traditional office space or a flexible space solution.
Key Highlights
- Price reduced $300,000 below recent appraisal.
- Prime central Naples location on Airport Pulling Road with quick access to I‑75 and various Naples areas.
- Versatile C3 zoning allows for a wide variety of business uses.
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
$87,641
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
5.56%
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%
$1,752,820
$1.8M
Cap Rate 7%
$1,252,014
$1.3M
Cap Rate 9%
$973,789
$973.8K
Market Conditions
NOI Build-Up for 4,257 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
$127.7K $30.00/SF
− Vacancy
−$10.9K −$2.55/SF
EGI
$116.9K $27.45/SF
− OpEx
−$29.2K −$6.86/SF
NOI
$87.6K $20.59/SF
Area
Collier County, FL
Vacancy
8.50%
Lease Rate
$30.00 /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%
$1,752,820
Cap Rate 7%
$1,252,014
Cap Rate 9%
$973,789
Alternative Uses
Best Use
Office B
$1.25M
$1.10M – $1.46M
NOI $87,641 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$815.1K
$713.2K – $951.0K
NOI $57,059 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,597 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 34104, FL
25,485
Population
16,062
Households
1.6
Avg Household Size
53
Median Age
33%
College-Educated
91%
High-School Grad
9.9 sq mi
ZIP Area
2,574
Density / Sq Mi
$70,301
Median Household Income
$40,680
Median Earnings
$1,742
Median Rent
$348,600
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 - Centrally located office condo with flexible space and ample parking.
Where is this office units located?
The property is located at 103-3021 Airport Rd N Naples, FL.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Price reduced $300,000 below recent appraisal.; Prime central Naples location on Airport Pulling Road with quick access to I‑75 and various Naples areas.; Versatile C3 zoning allows for a wide variety of business uses.
