Industrial Redevelopment
For Sale
$2,200,000
204-212 3rd St, Fort Myers, FL 33907
Redevelopment-ready industrial and commercial site with IL and C-2 zoning for warehouse, yard, or flex use.
Property Size12,979 SF
Lot Size3.86 Acres
Price / SF$169.50
Days on Market115
Property Features for 204-212 3rd St
General Information
Standard status
Active
Size
12,979 SF
Lot size
3.86 Acres
Property subtype
Commercial
Zoning
IL & C-2
Additional Details
Highway Access
Yes
Building Details
Year Built
1990
Listing Agency:
Realnet Florida Real Estate
Listed By:
Tammy Vellucci · License #256021786
(239) 770-2417
Source:
Napleshomesearches
Added: May 16
Changed: Sep 4
Last Checked: Sep 6 at 9:30AM
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 Realnet Florida Real Estate
Investment Insights
Based on property information with market context.
This offering is a prime industrial and commercial redevelopment site totaling 3.86± acres. The property is currently supporting existing month-to-month tenants, providing interim income while plans are developed. With IL and C-2 zoning in place, the site is positioned for multiple industrial and light commercial directions, including warehouse, contractor yard, flex industrial, or owner-user redevelopment.
The property is located at 204-212 3rd St in Fort Myers, near Page Field Airport and US-41. The surrounding area supports drive-up, car-oriented access consistent with industrial users and redevelopment activity.
For tenants, contractors, and buyers looking for redevelopment flexibility, the IL and C-2 zoning provides a practical foundation to support industrial operations that may benefit from outdoor storage and adaptable warehouse or flex configurations. For an owner-user, the month-to-month tenant setup can help manage timing while the site is evaluated for a planned redevelopment approach aligned with industrial and commercial use objectives.
The property is located at 204-212 3rd St in Fort Myers, near Page Field Airport and US-41. The surrounding area supports drive-up, car-oriented access consistent with industrial users and redevelopment activity.
For tenants, contractors, and buyers looking for redevelopment flexibility, the IL and C-2 zoning provides a practical foundation to support industrial operations that may benefit from outdoor storage and adaptable warehouse or flex configurations. For an owner-user, the month-to-month tenant setup can help manage timing while the site is evaluated for a planned redevelopment approach aligned with industrial and commercial use objectives.
Key Highlights
- 3.86± acre industrial/commercial redevelopment site with IL & C‑2 zoning
- Existing month‑to‑month tenants provide interim income
- Built in 1990
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
$141,984
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
6.45%
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%
$2,839,680
$2.8M
Cap Rate 7%
$2,028,343
$2.0M
Cap Rate 9%
$1,577,600
$1.6M
Market Conditions
NOI Build-Up for 12,979 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
$233.6K $18.00/SF
− Vacancy
−$15.2K −$1.17/SF
EGI
$218.4K $16.83/SF
− OpEx
−$76.5K −$5.89/SF
NOI
$142.0K $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%
$2,839,680
Cap Rate 7%
$2,028,343
Cap Rate 9%
$1,577,600
Alternative Uses
Best Use
Flex RnD
$2.03M
$1.77M – $2.37M
NOI $141,984 @ 7.0% cap · market cap 6.45%
Second Best
Warehouse
$1.89M
$1.65M – $2.21M
NOI $132,333 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$4.09M
$3.57M – $4.77M
NOI $285,953 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
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?
Industrial land - Redevelopment-ready industrial and commercial site with IL and C-2 zoning for warehouse, yard, or flex use.
Where is this industrial land located?
The property is located at 204-212 3rd St Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 3.86± acre industrial/commercial redevelopment site with IL & C‑2 zoning; Existing month‑to‑month tenants provide interim income; Built in 1990
