New Construction Flex
For Sale
$399,995
16221 Lee Rd #120, Fort Myers, FL 33912
Class A units feature durable construction, overhead access, LED lighting, and customizable vanilla shell interiors.
Property Size80,000 SF
Price / SF$319
Days on Market745
Property Features for 16221 Lee Rd #120
General Information
Standard status
Active
Size
80,000 SF
Class
Class A
Property subtype
Commercial
Zoning
IPD
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$6,110
Amenities
impact-resistant windows and doors
LED lighting
ADA-compliant restroom
Building Details
Building Size
80,000 SF
Year Built
2025
Stories
1
Construction
concrete block and steel
Listing Agency:
Bartley Realty LLLP
(239) 784-3283
Listed By:
David Bartley, Sr · License #249512089
(239) 784-3283
Source:
Bartleyrealty
Added: Aug 15, 2024
Changed: Aug 28
Last Checked: Aug 29 at 10:23AM
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 Bartley Realty LLLP
Investment Insights
Based on property information with market context.
Meridian Flex Suites offers newly constructed flex space with 1,250-square-foot units designed for adaptable commercial use. The buildings use concrete block and steel construction with impact-resistant windows and doors, while each unit includes a 14' x 14' electric overhead door, LED lighting, an ADA-compliant restroom, and a fire sprinkler system. The vanilla shell layout can be configured with office, showroom, warehouse, or climate-controlled improvements. Adjacent units may be combined to create 2,500 square feet or more. The property contains 80,000 square feet and was built in 2025.
Located at 16221 Lee Rd Unit 120 in Fort Myers, the property is near Lee Road and I-75, with access to Southwest Florida International Airport, Fort Myers, Cape Coral, Estero, Bonita Springs, and Naples. The zoning permits internet-based automotive sales, supporting online vehicle dealers, brokers, and related automotive businesses.
Located at 16221 Lee Rd Unit 120 in Fort Myers, the property is near Lee Road and I-75, with access to Southwest Florida International Airport, Fort Myers, Cape Coral, Estero, Bonita Springs, and Naples. The zoning permits internet-based automotive sales, supporting online vehicle dealers, brokers, and related automotive businesses.
Key Highlights
- 1,250‑square‑foot flex warehouse units
- 80,000‑square‑foot property built in 2025
- 14' x 14' electric overhead door in each unit
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
$13,674
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
3.42%
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%
$273,480
$273.5K
Cap Rate 7%
$195,343
$195.3K
Cap Rate 9%
$151,933
$151.9K
Market Conditions
NOI Build-Up for 1,250 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
$22.5K $18.00/SF
− Vacancy
−$1.5K −$1.17/SF
EGI
$21.0K $16.83/SF
− OpEx
−$7.4K −$5.89/SF
NOI
$13.7K $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%
$273,480
Cap Rate 7%
$195,343
Cap Rate 9%
$151,933
Alternative Uses
Best Use
Flex RnD
$195.3K
$170.9K – $227.9K
NOI $13,674 @ 7.0% cap · market cap 3.42%
Second Best
Warehouse
$182.1K
$159.3K – $212.4K
NOI $12,745 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33912, FL
19,146
Population
12,078
Households
1.6
Avg Household Size
61
Median Age
48%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
903
Density / Sq Mi
$101,043
Median Household Income
$54,143
Median Earnings
$1,653
Median Rent
$367,800
Median Home Value
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?
Flex space - Class A units feature durable construction, overhead access, LED lighting, and customizable vanilla shell interiors.
Where is this flex space located?
The property is located at 16221 Lee Rd #120 Fort Myers, FL.
What is the asking price?
The asking price for this property is $399,995.
What are key features of this property?
This property features: 1,250‑square‑foot flex warehouse units; 80,000‑square‑foot property built in 2025; 14' x 14' electric overhead door in each unit
