Mixed-Use Property with Retail
For Sale
$499,000
Pending
1793 Fowler Street, Fort Myers, FL 33901
Mixed-use property with retail space, updated features, and historic charm.
Property Size1,746 SF
Lot Size0.18 Acres
Days on Market621
Property Features for 1793 Fowler Street
General Information
Standard status
Pending
Size
1,746 SF
Lot size
0.18 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$4,519
Building Details
Year Built
1912
Listing Agency:
Keller Williams Realty Fort Myers and the Islands
(239) 247-2868
Listed By:
Denise Chambre · License #258008519
(239) 247-2868
Source:
Exitrealty
Added: Nov 28, 2024
Changed: Aug 8
Last Checked: Apr 5 at 10:09PM
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 Keller Williams Realty Fort Myers and the Islands
Investment Insights
Based on property information with market context.
This mixed-use property features an original 1912 home with 85 feet of frontage on Fowler Street, situated next door to the butterfly garden compound and close to the downtown river district. Zoned for mixed commercial use, the property has previously served as a retail bookstore and is currently used as a record/vinyl retail shop. The structure includes a main floor of 1746 square feet, encompassing the building and two enclosed porches, along with a large 1280-square-foot attic suitable for storage or other permitted uses. Recent updates include plumbing and electrical work, a new roof installed in 2024, a new AC system, and the installation of an ADA ramp. The building has also undergone termite tenting as a preventative measure and features see-through hurricane shutters for all windows. Original architectural details include wood floors, lath and plaster walls, French doors, exposed brick, and a fireplace. Two sunrooms are located off the front of the building. The property includes one updated bathroom and two additional non-working bathrooms. The property is suitable for storefront, retail, and other commercial uses.
Key Highlights
- Prime mixed commercial zoning with 85 feet of frontage on Fowler St, offering versatile business opportunities.
- Recently updated with new roof (2024), AC, plumbing, electrical, and ADA ramp for immediate usability.
- Large 1746 sq ft main floor plus a 1280 sq ft attic, providing ample space for various 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
$22,905
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
4.59%
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%
$458,100
$458.1K
Cap Rate 7%
$327,214
$327.2K
Cap Rate 9%
$254,500
$254.5K
Market Conditions
NOI Build-Up for 1,746 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
$33.7K $19.32/SF
− Vacancy
−$1.0K −$0.58/SF
EGI
$32.7K $18.74/SF
− OpEx
−$9.8K −$5.62/SF
NOI
$22.9K $13.12/SF
Area
Lee County, FL
Vacancy
3.00%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
30.00%
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%
$458,100
Cap Rate 7%
$327,214
Cap Rate 9%
$254,500
Alternative Uses
Best Use
Retail
$327.2K
$286.3K – $381.8K
NOI $22,905 @ 7.0% cap · market cap 4.59%
Second Best
Mixed Use
$307.7K
$269.3K – $359.0K
NOI $21,541 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$549.5K
$480.9K – $641.1K
NOI $38,468 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,226
Businesses Nearby
52k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 46%
Ford's Garage
Dining
15,286 visits/mo
0.4 miles
7-Eleven
Shops & Services
14,943 visits/mo
0.2 miles
Starbucks
Dining
7,994 visits/mo
0.4 miles
Family Dollar
Shops & Services
6,247 visits/mo
0.5 miles
Wells Fargo
Shops & Services
3,583 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Mixed-use property with retail space, updated features, and historic charm.
Where is this storefront property located?
The property is located at 1793 Fowler Street Fort Myers, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Prime mixed commercial zoning with 85 feet of frontage on Fowler St, offering versatile business opportunities.; Recently updated with new roof (2024), AC, plumbing, electrical, and ADA ramp for immediate usability.; Large 1746 sq ft main floor plus a 1280 sq ft attic, providing ample space for various uses.
