Medical Office Building with Flexible
For Sale
$2,950,000
3822 Broadway, Fort Myers, FL 33901
CommercialSale, Fort Myers, FL
Property Size7,231 SF
Lot Size0.80 Acres
Price / SF$407.97
Days on Market638
Property Features for 3822 Broadway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CG
Fencing
Fenced
Directions
I-75 to exit 136 (travel west) 1.2 miles, turning right on Winkler Ave. Travel 3 miles, then turn right (north) on Broadway. Travel 750 feet - Building will be on the left across from Winkler Park.
Subdivision
FM03 - Fort Myers Area
Standard status
Active
APN
36-44-24-P1-00500.0070
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
MIDTOWN OFFICE PARK UNIT 1 PB 33 PG 114 LOT 7
Tax Annual Amount
12429
Legal Description
MIDTOWN OFFICE PARK UNIT 1 PB 33 PG 114 LOT 7
Amenities
covered drop-off area
Building Details
Year built
1984
Floors in Building
1
Listing Agency:
Phil Deems Real Estate
(239) 945-4545
Listed By:
Phil Deems · License #252010067
(239) 945-4540
Added: Dec 2, 2024
Changed: Aug 26
Last Checked: Sep 1 at 4:06AM
MLS# 224093153
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 7,231-square-foot medical office building is also zoned for general office use. The interior is organized into three adjoining suites measuring 4,331, 1,100, and 1,800 square feet, with lockable connections that support separate occupancy or combined operations. Each section has front and rear access. The facility is fully built out with multiple bathrooms, including some with showers, and includes four recently installed air-conditioning units plus one older unit. A covered patient drop-off extends to Units A and B.
Recent improvements include a new roof, covered rear staff parking for 10 cars, and exterior cleaning and painting. Approximately 40 parking spaces serve the property. Built in 1984, the building is located at 3822 Broadway in Fort Myers, one block east of Cleveland Avenue, also identified as U.S. Highway 41, and near Winkler Avenue and Edison Mall. I-75 is reachable in under 10 minutes by car.
Recent improvements include a new roof, covered rear staff parking for 10 cars, and exterior cleaning and painting. Approximately 40 parking spaces serve the property. Built in 1984, the building is located at 3822 Broadway in Fort Myers, one block east of Cleveland Avenue, also identified as U.S. Highway 41, and near Winkler Avenue and Edison Mall. I-75 is reachable in under 10 minutes by car.
Key Highlights
- 7,231‑square‑foot medical office building with general office zoning
- Three adjoining suites: 4,331 SF, 1,100 SF, and 1,800 SF
- Lockable connections allow the building to operate as 2 or 3 office units
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
$124,264
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
4.21%
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%
$2,485,280
$2.5M
Cap Rate 7%
$1,775,200
$1.8M
Cap Rate 9%
$1,380,711
$1.4M
Market Conditions
NOI Build-Up for 7,231 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
$180.5K $24.96/SF
− Vacancy
−$14.8K −$2.05/SF
EGI
$165.7K $22.91/SF
− OpEx
−$41.4K −$5.73/SF
NOI
$124.3K $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%
$2,485,280
Cap Rate 7%
$1,775,200
Cap Rate 9%
$1,380,711
Alternative Uses
Best Use
Office B
$1.78M
$1.55M – $2.07M
NOI $124,264 @ 7.0% cap · market cap 4.21%
Second Best
Healthcare Medical
$1.29M
$1.13M – $1.51M
NOI $90,512 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,313 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,164
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - Three adjoining sections can function as separate office units with shared medical-office improvements.
Where is this office building located?
The property is located at 3822 Broadway Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 7,231‑square‑foot medical office building with general office zoning; Three adjoining suites: 4,331 SF, 1,100 SF, and 1,800 SF; Lockable connections allow the building to operate as 2 or 3 office units
