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    Fort Myers Warehouse with Office Title is generated by Realmo AI

    1941 Custom Drive, Fort Myers, FL 33907

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    For Sale
    $949,000

    Warehouse with office space and recent upgrades for sale.

    Type:Commercial/Industrial
    Property size:
    4,000 SF
    Lot size:
    0.32 Acres
    Price / SF:
    $237/SF
    Added:
    Feb 12, 2025
    Days on Market:
    473
    Last Refresh:
    May 19 at 9:02 pm

    Property Features for 1941 Custom Drive

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Lot size
    0.32 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Justin Gabel

    Listing agent Justin Gabel License #258015498

    Listing office Century 21 Selling Paradise

    Listing date Feb 12, 2025

    Source Exitrealty

    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 Century 21 Selling Paradise

    HighLights

    • Excellent location just off US 41 with C1 zoning
    • Substantial 3404 Sq.Ft. warehouse space features new epoxy floor coating and LED lighting
    • Recent upgrades include a new roof, new blacktop in the parking area, new paint, and updated 3‑phase electrical system
    • Two new 12Ft bay doors being installed for easy loading and unloading
    • Updated 596 Sq.Ft. office/waiting area/kitchenette/half bath
    • Owner will consider seller financing with at least 20% down

    Overview

    Located just off US 41, this property is zoned C1 and situated on a 0.317-acre lot. The building features a warehouse area of 3404 square feet and an updated 596 square feet of air-conditioned office space, including a waiting area, kitchenette, and half bath. The warehouse also includes a half bath. There is a framed-out area that could be finished into another room or office, offering customization options. Recent upgrades include a new epoxy floor coating completed in March 2025 in the warehouse area, a new roof, new blacktop in the parking area, and two new 12-foot bay doors scheduled for installation in February 2024. A new covered 30x40 carport has been added, and the property is fenced. The building has new paint with 4-foot wainscoting around three sides, updated 3-phase electrical, and newly installed LED lighting fixtures in the warehouse area and around the outside of the building. The layout provides ample storage space and many possibilities for customization to suit specific needs. Owner will consider seller financing with at least 20% down.

    Local 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 $99.8k $24.96
    − Vacancy −$8.2k −$2.05
    EGI $91.7k $22.91
    − OpEx −$22.9k −$5.73
    NOI $68.7k $17.18
    4,000 SF · lease $24.96/SF/yr · vacancy 8.20% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $982.0K
    $859.3K – $1.15M (±1% cap)
    NOI $68,740 @ 7.0% cap · market cap 7.24%
    Second Best
    Warehouse
    $582.6K
    $509.8K – $679.7K (±1% cap)
    NOI $40,784 @ 7.0% cap · market cap 4.30%
    Theoretical Best
    Office A
    $1.26M
    $1.10M – $1.47M (±1% cap)
    NOI $88,128 @ 7.0% cap · market cap 9.29%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Americut Coring & Sawing ... Construction Company

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Vital Records Control — 11901 Amedicus Ln, Fort Myers, FL 33907
    • Self-Storage at U-Haul — 11401 S Cleveland Ave, Fort Myers, FL 33907
    • Warehouse City — 2024 Beacon Manor Dr, Fort Myers, FL 33907
    • swfl warehouse — 2024 Beacon Manor Dr, Fort Myers, FL 33907
    • Public Storage — 11800 S Cleveland Ave, Fort Myers, FL 33907

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8753
    Latitude
    26.5778

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    FAQs

    What type of property is this?
    Warehouse - Warehouse with office space and recent upgrades for sale.
    Where is this warehouse located?
    The property is located at 1941 Custom Drive Fort Myers, FL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: Excellent location just off US 41 with C1 zoning; Substantial 3404 Sq.Ft. warehouse space features new epoxy floor coating and LED lighting; Recent upgrades include a new roof, new blacktop in the parking area, new paint, and updated 3‑phase electrical system
    (239) 699-5142
    We can help!
    Listing Contact
    Justin Gabel
    Real Estate License ID: 258015498
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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