Renovated Office
For Sale
$225,000
Pending
1640 Periwinkle Way Unit 3, Sanibel, FL 33957
Updated office condo with multiple private rooms, reception areas, an in-unit restroom, and built-in workstations.
Property Size987 SF
Days on Market422
Property Features for 1640 Periwinkle Way Unit 3
General Information
Standard status
Pending
Size
987 SF
Property subtype
Commercial
Building Details
Year Built
1978
Year Renovated
2024
Listing Agency:
McCallion and McCallion
(239) 233-1388
Listed By:
Susan McCallion · License #280596767
Source:
Naplesareahomesearch
Added: Jul 6, 2025
Changed: Aug 29
Last Checked: Aug 30 at 6:01PM
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 McCallion and McCallion
Investment Insights
Based on property information with market context.
This 987-square-foot office condo was renovated in 2024 and configured for flexible professional use. The interior includes luxury vinyl plank flooring, white cabinetry, built-in workspaces, multiple offices, a waiting area, separate receptionist and assistant areas, and an in-unit restroom. Two sinks, a washer, dryer, and full-size refrigerator add practical functionality.
The property is located at 1640 Periwinkle Way, Unit 3, on Sanibel Island. It sits across from the Bank of the Islands and near Jerry's Grocery Store, with accessible on-site parking. The surrounding area includes beaches, golf, boating, and shopping. The building was constructed in 1978.
The property is located at 1640 Periwinkle Way, Unit 3, on Sanibel Island. It sits across from the Bank of the Islands and near Jerry's Grocery Store, with accessible on-site parking. The surrounding area includes beaches, golf, boating, and shopping. The building was constructed in 1978.
Key Highlights
- 987 square feet of office condo space
- Renovated in 2024 with luxury vinyl plank flooring and built‑in workspaces
- Multiple offices plus waiting, receptionist, and assistant areas
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
$16,962
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
7.54%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated office condo with multiple private rooms, reception areas, an in-unit restroom, and built-in workstations.
Where is this office units located?
The property is located at 1640 Periwinkle Way Unit 3 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: 987 square feet of office condo space; Renovated in 2024 with luxury vinyl plank flooring and built‑in workspaces; Multiple offices plus waiting, receptionist, and assistant areas
