Four-Unit Flex Space
For Sale
$5,500,000
10951 Harmony Park Dr, Bonita Springs, FL 34135
Commercial Sale, BONITA SPRINGS, FL
Property Size18,452 SF
Lot Size1.01 Acres
Price / SF$298.07
Days on Market169
Property Features for 10951 Harmony Park Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IL
Standard status
Active
APN
02-48-25-B3-00400.0310
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GREYHOUND COMMERCE PARK DESC IN PB 66 PGS 21-22 LOTS 31 + 32
Tax Annual Amount
42655
Legal Description
GREYHOUND COMMERCE PARK DESC IN PB 66 PGS 21-22 LOTS 31 + 32
Building Details
Year built
2003
Floors in Building
2
Listing Agency:
Downing Frye Realty Inc.
(239) 261-2244
Listed By:
Patricia McClimans, LLC
(239) 293-4285
Added: Apr 10
Changed: Sep 18
Last Checked: Sep 25 at 11:06PM
MLS# 226016387
Copyright © 2026 Naples Area Board of REALTORS. 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 2003 flex property contains four units within an 18,452-square-foot concrete-block warehouse and office building on 1.01 acres. The building features insulated 28-foot ceilings, full air conditioning, a sprinkler system, and gated access along the sides and rear. Unit 1 is available for lease and measures 3,026 square feet.
Zoned IL, the property is positioned in Greyhound Industrial Park near Bonita Beach Road Exit 116, between I-75 and Old 41 in Bonita Springs. The layout supports owner occupancy, leasing, or a combination of both, with potential uses including distribution, light manufacturing, storage, assembly, construction services, professional services, and office operations.
Zoned IL, the property is positioned in Greyhound Industrial Park near Bonita Beach Road Exit 116, between I-75 and Old 41 in Bonita Springs. The layout supports owner occupancy, leasing, or a combination of both, with potential uses including distribution, light manufacturing, storage, assembly, construction services, professional services, and office operations.
Key Highlights
- Four‑unit, 18,452 SF warehouse/office property on 1.01 acres
- Concrete‑block construction with insulated 28' ceilings
- IL zoning supports distribution, light manufacturing, storage, assembly, and office 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
$201,856
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
3.67%
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%
$4,037,120
$4.0M
Cap Rate 7%
$2,883,657
$2.9M
Cap Rate 9%
$2,242,844
$2.2M
Market Conditions
NOI Build-Up for 18,452 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
$332.1K $18.00/SF
− Vacancy
−$21.6K −$1.17/SF
EGI
$310.5K $16.83/SF
− OpEx
−$108.7K −$5.89/SF
NOI
$201.9K $10.94/SF
Area
Lee County, FL
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$4,037,120
Cap Rate 7%
$2,883,657
Cap Rate 9%
$2,242,844
Alternative Uses
Best Use
Flex RnD
$2.88M
$2.52M – $3.36M
NOI $201,856 @ 7.0% cap · market cap 3.67%
Second Best
Warehouse
$2.69M
$2.35M – $3.14M
NOI $188,135 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$5.81M
$5.08M – $6.78M
NOI $406,534 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
28 ft
Clear height
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34135, FL
45,518
Population
30,904
Households
1.5
Avg Household Size
60
Median Age
39%
College-Educated
88%
High-School Grad
61.8 sq mi
ZIP Area
737
Density / Sq Mi
$86,731
Median Household Income
$37,952
Median Earnings
$1,790
Median Rent
$419,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete-block commercial space combines warehouse and office functionality with air conditioning and flexible occupancy options.
Where is this flex space located?
The property is located at 10951 Harmony Park Dr Bonita Springs, FL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Four‑unit, 18,452 SF warehouse/office property on 1.01 acres; Concrete‑block construction with insulated 28' ceilings; IL zoning supports distribution, light manufacturing, storage, assembly, and office uses
