Tilt-Up Warehouse Unit with Overhead
For Sale
Contact for pricing
12940-12960 Express Ct, Fort Myers, FL 33913
Condominium warehouse built in 2007 with a 10' x 12' overhead door, 18' ceiling height, and tilt-up construction.
Property Size2,064 SF
Price / SF$290.70
Days on Market176
Property Features for 12940-12960 Express Ct
General Information
Standard status
Active
Size
2,064 SF
Property subtype
INDUSTRIAL
Additional Details
Clear Height
18 ft
Amenities
Hurricane Impact Glass
Professional Landscaping
Abundant Parking
Extensive Exterior Lighting
Building Details
Year Built
2007
Construction
concrete tilt-up
Listing Agency:
Lee & Associates | Orlando
(321) 281-8500
Listed By:
Brock Rasmussen · License #3345374
(239) 209-0458
Source:
Moodyscre
Added: Mar 24
Changed: Sep 13
Last Checked: Sep 14 at 10:57AM
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 Lee & Associates | Orlando
Investment Insights
Based on property information with market context.
This 2007-built condominium warehouse features concrete tilt-up construction and hurricane impact glass. The unit includes one 10’ x 12’ overhead door and an 18’ warehouse ceiling height.
The property also offers professional landscaping, abundant parking, and extensive exterior lighting.
Condo fees are listed as $1,165 per quarter. The public remarks indicate it is the last unit remaining for sale in the Gateway.
The property also offers professional landscaping, abundant parking, and extensive exterior lighting.
Condo fees are listed as $1,165 per quarter. The public remarks indicate it is the last unit remaining for sale in the Gateway.
Key Highlights
- Built in 2007 condominium warehouse with concrete tilt‑up construction
- 10' x 12' overhead door and 18' warehouse ceiling height
- Hurricane impact glass
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
$21,044
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
3.51%
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%
$420,880
$420.9K
Cap Rate 7%
$300,629
$300.6K
Cap Rate 9%
$233,822
$233.8K
Market Conditions
NOI Build-Up for 2,064 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
$26.0K $12.60/SF
− Vacancy
−$1.2K −$0.60/SF
EGI
$24.8K $12.00/SF
− OpEx
−$3.7K −$1.80/SF
NOI
$21.0K $10.20/SF
Area
Lee County, FL
Vacancy
4.80%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
15.00%
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%
$420,880
Cap Rate 7%
$300,629
Cap Rate 9%
$233,822
Alternative Uses
Best Use
Warehouse
$300.6K
$263.1K – $350.7K
NOI $21,044 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$649.6K
$568.4K – $757.9K
NOI $45,474 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
18 ft
Clear height
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33913, FL
28,216
Population
16,026
Households
1.8
Avg Household Size
54
Median Age
47%
College-Educated
95%
High-School Grad
101.0 sq mi
ZIP Area
279
Density / Sq Mi
$106,925
Median Household Income
$54,341
Median Earnings
$1,914
Median Rent
$439,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Condominium warehouse built in 2007 with a 10' x 12' overhead door, 18' ceiling height, and tilt-up construction.
Where is this warehouse located?
The property is located at 12940-12960 Express Ct Fort Myers, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Built in 2007 condominium warehouse with concrete tilt‑up construction; 10' x 12' overhead door and 18' warehouse ceiling height; Hurricane impact glass
