Updated Freestanding Office
For Sale
$295,000
2023 Jeffcott St, Fort Myers, FL 33901
CI-zoned office property with ADA upgrades and vacant possession for immediate occupancy.
Property Size1,553 SF
Price / SF$189.95
Days on Market49
Property Features for 2023 Jeffcott St
General Information
Standard status
Active
Size
1,553 SF
Class
C
Property subtype
Office
Zoning
CI
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Building Size
1,553 SF
Year Built
1939
Year Renovated
2026
Buildings
1
Listing Agency:
Lee & Associates | Fort Myers
Listed By:
Jeff Forsythe, CCIM
(239) 233-5212
Source:
Svn
Added: Aug 2
Changed: Sep 11
Last Checked: Sep 18 at 4:52AM
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 | Fort Myers
Investment Insights
Based on property information with market context.
This freestanding office building at 2023 Jeffcott St. contains 1,553 SF and was originally built in 1939. Updates completed in 2026 include improvements for full code compliance, with ADA features such as a handicap ramp, accessible bathrooms, and drinking fountains. The property is offered vacant for immediate occupancy and is zoned CI, allowing a broad range of business uses.
The site is near Cleveland Ave (US 41), an active bus route, Lee Memorial Hospital, and Downtown River District. A roof replacement was completed in 2021, adding a recent major building improvement to the property's updated condition. The compact standalone format provides a practical setting for office users or coworking configurations.
The site is near Cleveland Ave (US 41), an active bus route, Lee Memorial Hospital, and Downtown River District. A roof replacement was completed in 2021, adding a recent major building improvement to the property's updated condition. The compact standalone format provides a practical setting for office users or coworking configurations.
Key Highlights
- 1,553 SF freestanding office building
- Built in 1939 and revitalized in 2026
- CI zoning allows a wide array 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
$26,688
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
9.05%
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%
$533,760
$533.8K
Cap Rate 7%
$381,257
$381.3K
Cap Rate 9%
$296,533
$296.5K
Market Conditions
NOI Build-Up for 1,553 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
$38.8K $24.96/SF
− Vacancy
−$3.2K −$2.05/SF
EGI
$35.6K $22.91/SF
− OpEx
−$8.9K −$5.73/SF
NOI
$26.7K $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%
$533,760
Cap Rate 7%
$381,257
Cap Rate 9%
$296,533
Alternative Uses
Best Use
Office B
$381.3K
$333.6K – $444.8K
NOI $26,688 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$488.8K
$427.7K – $570.3K
NOI $34,216 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,696
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - CI-zoned office property with ADA upgrades and vacant possession for immediate occupancy.
Where is this office building located?
The property is located at 2023 Jeffcott St Fort Myers, FL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,553 SF freestanding office building; Built in 1939 and revitalized in 2026; CI zoning allows a wide array of business uses
