Two-Unit Flex
For Sale
$2,000,000
17221 Alico Center Rd, Fort Myers, FL 33967
Light industrial zoning accompanies a fenced yard and separate front and rear units.
Property Size5,616 SF
Days on Market92
Property Features for 17221 Alico Center Rd
General Information
Standard status
Active
Size
5,616 SF
Property subtype
Industrial
Zoning
IL
Additional Details
Fenced Yard
Yes
Building Details
Building Size
5,616 SF
Year Built
1996
Listed By:
Brock Rasmussen, SIOR
(239) 209-0458
Source:
Lee-associates
Added: Jun 29
Changed: Sep 26
Last Checked: Sep 28 at 4:49AM
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 Brock Rasmussen, SIOR
Investment Insights
Based on property information with market context.
This flex property contains two industrial units within a 1996-built building. The rear unit measures 3,000 SF, is vacant, and includes a fenced-in yard area. The front unit measures 2,616 SF and is leased through a renewal date of December 1, 2026. The building also features a new roof completed in 2026.
Light industrial zoning applies to the property. The two-unit configuration provides separate front and rear spaces, with the rear unit available for occupancy or leasing and the front unit currently leased.
Light industrial zoning applies to the property. The two-unit configuration provides separate front and rear spaces, with the rear unit available for occupancy or leasing and the front unit currently leased.
Key Highlights
- Two‑unit flex building with 5,616 SF combined unit area
- 3,000 SF rear unit is vacant and includes a fenced‑in yard area
- 2,616 SF front unit is leased through December 1, 2026
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
$61,436
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
3.07%
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%
$1,228,720
$1.2M
Cap Rate 7%
$877,657
$877.7K
Cap Rate 9%
$682,622
$682.6K
Market Conditions
NOI Build-Up for 5,616 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
$101.1K $18.00/SF
− Vacancy
−$6.6K −$1.17/SF
EGI
$94.5K $16.83/SF
− OpEx
−$33.1K −$5.89/SF
NOI
$61.4K $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%
$1,228,720
Cap Rate 7%
$877,657
Cap Rate 9%
$682,622
Alternative Uses
Best Use
Flex RnD
$877.7K
$768.0K – $1.02M
NOI $61,436 @ 7.0% cap · market cap 3.07%
Second Best
Industrial
$732.4K
$640.8K – $854.5K
NOI $51,267 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,732 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33967, FL
28,174
Population
11,685
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
92%
High-School Grad
7.6 sq mi
ZIP Area
3,707
Density / Sq Mi
$84,787
Median Household Income
$48,792
Median Earnings
$1,695
Median Rent
$321,800
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
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial zoning accompanies a fenced yard and separate front and rear units.
Where is this flex space located?
The property is located at 17221 Alico Center Rd Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two‑unit flex building with 5,616 SF combined unit area; 3,000 SF rear unit is vacant and includes a fenced‑in yard area; 2,616 SF front unit is leased through December 1, 2026
