Redevelopment Industrial Flex
For Sale
$2,450,000
204212 3rd Street, Fort Myers, FL 33907
Redevelopment-ready industrial/commercial site on IL and C-2 zoning with interim income from month-to-month tenants.
Property Size12,979 SF
Lot Size3.86 Acres
Price / SF$188.77
Days on Market88
Property Features for 204212 3rd Street
General Information
Standard status
Active
Size
12,979 SF
Lot size
3.86 Acres
Property subtype
Industrial
Zoning
IL & C-2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$25,540
Amenities
3
Building Details
Year Built
1990
Listing Agency:
(239) 770-2417
Listed By:
Realnet Florida Real Estate
(239) 770-2417
Source:
Xome
Added: May 18
Changed: Aug 12
Last Checked: Aug 12 at 3:53AM
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.
Located at 204212 3rd Street in Fort Myers, this 3.86± acre industrial/commercial redevelopment site is offered for sale with IL and C-2 zoning. The property includes existing month-to-month tenants providing interim income, supporting continuity while redevelopment plans are evaluated.
The site is described as being near Page Field Airport and US-41, offering a practical location for industrial and flex-oriented uses. The current offering highlights potential for uses such as IOS, warehouse, contractor yard, flex industrial, or owner-user redevelopment.
With 12,979 square feet noted for the property size, this assemblage is positioned for buyers seeking an adaptable redevelopment platform under IL and C-2 zoning with active tenants in place.
The site is described as being near Page Field Airport and US-41, offering a practical location for industrial and flex-oriented uses. The current offering highlights potential for uses such as IOS, warehouse, contractor yard, flex industrial, or owner-user redevelopment.
With 12,979 square feet noted for the property size, this assemblage is positioned for buyers seeking an adaptable redevelopment platform under IL and C-2 zoning with active tenants in place.
Key Highlights
- 3.86± acre industrial/commercial redevelopment site
- Zoned IL and C‑2
- Near Page Field Airport and US‑41
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
5.80%
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 5.80%
Second Best
Industrial
$1.69M
$1.48M – $1.97M
NOI $118,481 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$4.09M
$3.57M – $4.77M
NOI $285,953 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
355
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Redevelopment-ready industrial/commercial site on IL and C-2 zoning with interim income from month-to-month tenants.
Where is this flex space located?
The property is located at 204212 3rd Street Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 3.86± acre industrial/commercial redevelopment site; Zoned IL and C‑2; Near Page Field Airport and US‑41
