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 Market413
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
Listed By:
Susan McCallion · License #280596767
(239) 233-1388
Source:
Naplesareahomesearch
Added: Aug 29, 2025
Changed: Oct 1
Last Checked: Oct 14 at 11:50PM
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
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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 / 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
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
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Market
Vacancy Rate% for Office in South region
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
