Flex Warehouse with Drive-Through
New
For Sale
$995,000
1931 Custom Drive, Fort Myers, FL 33907
CommercialSale, Fort Myers, FL
Property Size3,600 SF
Lot Size0.38 Acres
Price / SF$276.39
Days on Market4
Property Features for 1931 Custom Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C-1
Fencing
Fenced
Subdivision
FM07 - Fort Myers Area
Standard status
Active
APN
11-45-24-00-00005.3020
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PARL IN N 1/2 OF SE 1/4 OF NE 1/4 SEC 11 TWP 45 R 24 DESC IN OR 1295 PG 1412
Tax Annual Amount
4724
Legal Description
PARL IN N 1/2 OF SE 1/4 OF NE 1/4 SEC 11 TWP 45 R 24 DESC IN OR 1295 PG 1412
Building Details
Year built
1985
Floors in Building
1
Listing Agency:
Phil Deems Real Estate
(239) 945-4545
Listed By:
Phil Deems · License #252010067
(239) 994-4540
Added: Aug 26
Last Checked: Aug 29 at 6:06PM
MLS# 2026036213
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.
This 3,600-square-foot flex property is a concrete-block warehouse built in 1985. The building includes a private office and restroom and is configured for single-user occupancy without interior partitions or dividing walls. Its prior duplex design provides a flexible base for a range of commercial operations. Recent property improvements include fresh paint, new fencing and gates, asphalt paving, and stone surfacing. The site is fenced and includes outside storage, drive-through capability, and two 12' X 14' overhead doors.
The property is located across from Page Field airport along US-41 and the Tamiami Trail corridor in Fort Myers, Florida. Its physical layout supports warehouse, office, storage, and operational uses within one standalone flex building.
The property is located across from Page Field airport along US-41 and the Tamiami Trail corridor in Fort Myers, Florida. Its physical layout supports warehouse, office, storage, and operational uses within one standalone flex building.
Key Highlights
- 3,600‑square‑foot concrete‑block warehouse on a 0.3825‑acre site
- Two 12' X 14' overhead doors with drive‑through capability
- Private office and restroom; open interior without dividing walls
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
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
Under-served
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
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete-block flex space with office, restroom, fenced storage, and adaptable single-user warehouse layout.
Where is this flex space located?
The property is located at 1931 Custom Drive 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 on a 0.3825‑acre site; Two 12' X 14' overhead doors with drive‑through capability; Private office and restroom; open interior without dividing walls
