Corner Office Condominium
For Sale
$369,000
1640 Periwinkle Way, Sanibel, FL 33957
SINGLE_FAMILY - Sanibel, FL
Property Size1,200 SF
Lot Size0.14 Acres
Price / SF$307.50
Days on Market48
Property Features for 1640 Periwinkle Way
General Information
Property type
Residential
Property subtype
Office
Subdivision
SI01 - Sanibel Island
Standard status
Active
APN
25-46-22-T2-00900.0050
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LIME TREE CENTER I COMM CONDO UNIT 5 OR 1267 PG 546
Tax Annual Amount
4345
Legal Description
LIME TREE CENTER I COMM CONDO UNIT 5 OR 1267 PG 546
Building Details
Year built
1978
Floors in Building
1
Listing Agency:
Premier Sotheby's Int'l Realty
(239) 472-2735
Listed By:
Jeffrey Burns · License #280595636
(239) 464-2984
Added: Jun 18
Last Checked: Aug 4 at 10:06AM
MLS# 2026026479
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.
Investment Insights
Based on property information with market context.
Professionally updated corner office condominium offering approximately 1,200 square feet of air-conditioned space. The suite is in a five-unit, partially elevated building that was recently renovated with a new shingle roof and firewalls between each office condominium. Inside, the layout includes a reception area, three private offices, and a private half bath, providing a functional setup for a range of professional and service-oriented uses.
The condominium is located at the end of the plaza, with additional privacy and abundant natural light through extra windows. Convenient parking supports both customer and staff access. The plaza includes a variety of commercial operations, and the property sits just steps from Jerry’s Foods, supporting day-to-day accessibility for island residents and visitors in Sanibel.
For owner-users, the configuration can support a medical or professional practice requiring a reception area and multiple private rooms. For investors, the current tenant is on a month-to-month lease and has expressed willingness to execute a lease renewal. Monthly condominium fees of $750 include building insurance, water, sewer, trash service, and pest control, simplifying ownership-related operating expenses.
The condominium is located at the end of the plaza, with additional privacy and abundant natural light through extra windows. Convenient parking supports both customer and staff access. The plaza includes a variety of commercial operations, and the property sits just steps from Jerry’s Foods, supporting day-to-day accessibility for island residents and visitors in Sanibel.
For owner-users, the configuration can support a medical or professional practice requiring a reception area and multiple private rooms. For investors, the current tenant is on a month-to-month lease and has expressed willingness to execute a lease renewal. Monthly condominium fees of $750 include building insurance, water, sewer, trash service, and pest control, simplifying ownership-related operating expenses.
Key Highlights
- Professionally updated corner office condominium in a five‑unit partially elevated building built in 1978
- About 1,200 SF of air‑conditioned space with extra windows for abundant natural light and added privacy at the end of the plaza
- Recent upgrades include a new shingle roof and firewalls between each office condominium
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.0k | $24.96 |
| − Vacancy | −$2.5k | −$2.05 |
| EGI | $27.5k | $22.91 |
| − OpEx | −$6.9k | −$5.73 |
| NOI | $20.6k | $17.18 |
1,200 SF · lease $24.96/SF/yr · vacancy 8.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$294.6K
$257.8K – $343.7K
NOI $20,622 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
247
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Professionally updated office condo with three private offices, reception, and extra windows at the end of a small plaza.
Where is this office units located?
The property is located at 1640 Periwinkle Way Sanibel, FL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Professionally updated corner office condominium in a five‑unit partially elevated building built in 1978; About 1,200 SF of air‑conditioned space with extra windows for abundant natural light and added privacy at the end of the plaza; Recent upgrades include a new shingle roof and firewalls between each office condominium
