Concrete Block Warehouse with
For Sale
$995,000
1931 Custom Dr, Fort Myers, FL 33907
Maintained industrial building with a private office, restroom, outdoor storage, and overhead loading doors.
Property Size3,600 SF
Price / SF$276.39
Days on Market8
Property Features for 1931 Custom Dr
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Drive-In Doors
2
Building Details
Year Built
1985
Building Size
3,600 SF
Construction
concrete block
Listing Agency:
Phil Deems Real Estate
(239) 822-1101
Listed By:
Phil Deems · License #312608
Source:
Homesearchinswflorida
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 8:47AM
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 Phil Deems Real Estate
Investment Insights
Based on property information with market context.
This 3,600-square-foot concrete block warehouse was built in 1985 and is configured for a single user. The interior includes a private office and restroom, with no partitions or dividing walls. Two 12' X 14' overhead doors support access through the building, while the site also provides outside storage, fencing, gates, asphalt paving, and stone surfaces.
The property is positioned within an industrial park across from Page Field airport, along the US-41 and Tamiami Trail corridor in Fort Myers. Recent property improvements include fresh paint, new fencing and gates, and new asphalt paving. The layout and physical features provide a straightforward setting for warehouse and industrial operations.
The property is positioned within an industrial park across from Page Field airport, along the US-41 and Tamiami Trail corridor in Fort Myers. Recent property improvements include fresh paint, new fencing and gates, and new asphalt paving. The layout and physical features provide a straightforward setting for warehouse and industrial operations.
Key Highlights
- 3,600‑square‑foot concrete block warehouse built in 1985
- Two 12' X 14' overhead doors
- Drive‑through capability with outside storage
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
$39,382
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
3.96%
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%
$787,640
$787.6K
Cap Rate 7%
$562,600
$562.6K
Cap Rate 9%
$437,578
$437.6K
Market Conditions
NOI Build-Up for 3,600 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
$64.8K $18.00/SF
− Vacancy
−$4.2K −$1.17/SF
EGI
$60.6K $16.83/SF
− OpEx
−$21.2K −$5.89/SF
NOI
$39.4K $10.94/SF
Area
Lee County, FL
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$787,640
Cap Rate 7%
$562,600
Cap Rate 9%
$437,578
Alternative Uses
Best Use
Flex RnD
$562.6K
$492.3K – $656.4K
NOI $39,382 @ 7.0% cap · market cap 3.96%
Second Best
Warehouse
$524.4K
$458.8K – $611.8K
NOI $36,705 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.13M
$991.4K – $1.32M
NOI $79,315 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Maintained industrial building with a private office, restroom, outdoor storage, and overhead loading doors.
Where is this warehouse located?
The property is located at 1931 Custom Dr Fort Myers, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,600‑square‑foot concrete block warehouse built in 1985; Two 12' X 14' overhead doors; Drive‑through capability with outside storage
