Renovated Two-Unit Flex
For Sale
$1,850,000
1860 Boy Scout Drive 203-205, Fort Myers, FL 33907
Commercial Intensive zoning, two occupied units, and lease renewal options define the current setup.
Property Size5,714 SF
Price / SF$323.77
Days on Market156
Property Features for 1860 Boy Scout Drive 203-205
General Information
Standard status
Active
Size
5,714 SF
Property subtype
Industrial
Zoning
CI
Occupancy
100%
Net Operating Income
$108,000
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
5.84%
Building Details
Building Size
5,714 SF
Year Built
1984
Year Renovated
2025
Listed By:
Mark Morris · License #3235278
(239) 671-2266
Source:
Svncp
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 6:54AM
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 Mark Morris
Investment Insights
Based on property information with market context.
This flex property contains 5,714 square feet across two units. Originally built in 1984, the building underwent renovation in 2025 and carries Commercial Intensive (CI) zoning. The property is currently 100% occupied, with long-term leases that include renewal options.
Located at 1860 Boy Scout Drive in Fort Myers, the site provides ingress and egress to Colonial Boulevard, Summerlin Road, and US 41. The existing two-unit configuration and updated improvements offer a straightforward format for continued industrial and flex-space use. The reported CAP rate is 5.84%.
Located at 1860 Boy Scout Drive in Fort Myers, the site provides ingress and egress to Colonial Boulevard, Summerlin Road, and US 41. The existing two-unit configuration and updated improvements offer a straightforward format for continued industrial and flex-space use. The reported CAP rate is 5.84%.
Key Highlights
- 5,714 SF flex building configured as 2 units
- Renovated in 2025; built in 1984
- Commercial Intensive (CI) zoning
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
$62,508
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
3.38%
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%
$1,250,160
$1.3M
Cap Rate 7%
$892,971
$893.0K
Cap Rate 9%
$694,533
$694.5K
Market Conditions
NOI Build-Up for 5,714 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
$102.9K $18.00/SF
− Vacancy
−$6.7K −$1.17/SF
EGI
$96.2K $16.83/SF
− OpEx
−$33.7K −$5.89/SF
NOI
$62.5K $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%
$1,250,160
Cap Rate 7%
$892,971
Cap Rate 9%
$694,533
Alternative Uses
Best Use
Flex RnD
$893.0K
$781.4K – $1.04M
NOI $62,508 @ 7.0% cap · market cap 3.38%
Second Best
Industrial
$745.2K
$652.0K – $869.4K
NOI $52,161 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,891 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,538
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
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 - Commercial Intensive zoning, two occupied units, and lease renewal options define the current setup.
Where is this flex space located?
The property is located at 1860 Boy Scout Drive 203-205 Fort Myers, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 5,714 SF flex building configured as 2 units; Renovated in 2025; built in 1984; Commercial Intensive (CI) zoning
