Renovated Office
For Sale
$225,000
Pending
1640 Periwinkle Way, Sanibel, FL 33957
CommercialSale, Sanibel, FL
Property Size987 SF
Lot Size0.14 Acres
Days on Market396
Property Features for 1640 Periwinkle Way
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
SI01 - Sanibel Island
Standard status
Pending
APN
25-46-22-T2-00900.0030
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LIME TREE CENTER I COMM CONDO UNIT 3 OR 1267 PG 546
Tax Annual Amount
3605
Legal Description
LIME TREE CENTER I COMM CONDO UNIT 3 OR 1267 PG 546
Building Details
Year built
1978
Floors in Building
1
Listing Agency:
McCallion and McCallion
(239) 472-1950
Listed By:
Susan McCallion · License #280596767
(239) 233-1388
Added: Oct 3, 2025
Changed: Oct 10
Last Checked: Nov 2 at 10:06PM
MLS# 2025012910
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This office condominium at 1640 Periwinkle Way underwent a complete renovation in 2024. The interior includes luxury vinyl plank flooring, white cabinetry, built-in workspaces, multiple offices, a waiting area, and dedicated spaces for a receptionist and assistant. The suite also contains an in-unit restroom with two sinks, along with a washer, dryer, and full-size refrigerator.
The property is located on Periwinkle Way in Sanibel, across from Bank of the Islands and near Jerry's Grocery Store. The surrounding area includes beaches, golfing, boating, and shopping, with accessible parking serving the property. Originally built in 1978, the office configuration accommodates a range of professional and service-oriented uses identified in the listing.
The property is located on Periwinkle Way in Sanibel, across from Bank of the Islands and near Jerry's Grocery Store. The surrounding area includes beaches, golfing, boating, and shopping, with accessible parking serving the property. Originally built in 1978, the office configuration accommodates a range of professional and service-oriented uses identified in the listing.
Key Highlights
- Complete interior renovation completed in 2024
- Multiple offices plus waiting, receptionist, and assistant areas
- Luxury vinyl plank flooring, white cabinetry, and built‑in workspaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,962
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,240
$339.2K
Cap Rate 7%
$242,314
$242.3K
Cap Rate 9%
$188,467
$188.5K
Market Conditions
NOI Build-Up for 987 SF
Gross rent
$24.6K $24.96/SF
− Vacancy
−$2.0K −$2.05/SF
EGI
$22.6K $22.91/SF
− OpEx
−$5.7K −$5.73/SF
NOI
$17.0K $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%
$339,240
Cap Rate 7%
$242,314
Cap Rate 9%
$188,467
Alternative Uses
Best Use
Office B
$242.3K
$212.0K – $282.7K
NOI $16,962 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$310.7K
$271.8K – $362.4K
NOI $21,746 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Flexible commercial suite with multiple offices, a reception area, private restroom, and built-in work surfaces.
Where is this office unit located?
The property is located at 1640 Periwinkle Way Sanibel, FL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Complete interior renovation completed in 2024; Multiple offices plus waiting, receptionist, and assistant areas; Luxury vinyl plank flooring, white cabinetry, and built‑in workspaces
