Building Details

Year Built 1978

Buildings 1

Stories 1

Listing Agency: Premier Sotheby's Int'l Realty p***@premiersir.com Show Phone

Listed By: Jeffrey Burns · License #280595636 Show Phone

Source: Islandexchangerealty

Added: Jun 18 Changed: Oct 31 Last Checked: Oct 30 at 2:49PM

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Investment Insights

Based on property information with market context.

This office condominium contains approximately 1,200 square feet of air-conditioned space, with a reception area, three private offices, and a half bath. The building was constructed in 1978 and has five units; recent work included a shingle roof and firewalls separating the office condominiums. The suite occupies a corner position at the end of the plaza and has additional windows. A tenant currently occupies the space under a month-to-month lease and has indicated willingness to renew.

The property is at 1640 Periwinkle Way in Sanibel, near Jerry’s Foods. The plaza has housed businesses in accounting, chiropractic, veterinary, wellness, real estate, and vacation rental services.

Key Highlights

• Approximately 1,200 square feet of air‑conditioned office space
• Corner unit at the end of a five‑unit building
• Reception area, three private offices, and a half bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,622

Cap Rate

6.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$412,440 $412.4K

Cap Rate 7%

$294,600 $294.6K

Cap Rate 9%

$229,133 $229.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$30.0K $24.96/SF

− Vacancy

−$2.5K −$2.05/SF

EGI

$27.5K $22.91/SF

− OpEx

−$6.9K −$5.73/SF

NOI

$20.6K $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 Rate 5%

$412,440

Cap Rate 7%

$294,600

Cap Rate 9%

$229,133

Alternative Uses

Best Use

Office B

$294.6K

$257.8K – $343.7K (±1% cap)

NOI $20,622 @ 7.0% cap · market cap 6.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$377.7K

$330.5K – $440.6K (±1% cap)

NOI $26,438 @ 7.0% cap · market cap 8.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Beachside Animal Clinic ... Veterinary Clinic Milissa Sprecher Realtor Real Estate Agency Island Sun Newspaper Publishing House Gregory Walsh Alternative Medicine Practice McCallion & McCallion Realty ... Real Estate Agency

Suggested Use

Top Pick Dental Office Auto Repair Shop HVAC Service Electrical Service Skin Care Clinic Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

293

Businesses Nearby

Explore this area Business Placement

Demographics for 33957, FL

6,382

Population

8,525

Households

0.7

Avg Household Size

68

Median Age

62%

College-Educated

99%

High-School Grad

16.2 sq mi

ZIP Area

394

Density / Sq Mi

$122,730

Median Household Income

$44,840

Median Earnings

$747

Median Rent

$912,200

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - The suite is arranged with a reception area, three enclosed offices, and a private half bath.

Where is this office unit located?

The property is located at 1640 Periwinkle Way #5 Sanibel, FL.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Approximately 1,200 square feet of air‑conditioned office space; Corner unit at the end of a five‑unit building; Reception area, three private offices, and a half bath