Flex Building with
For Sale
$899,000
2119 Fowler St, Fort Myers, FL 33901
Adaptable commercial building combines office, showroom, and warehouse areas with direct Fowler Street frontage.
Property Size4,850 SF
Price / SF$185.36
Days on Market28
Property Features for 2119 Fowler St
General Information
Standard status
Active
Size
4,850 SF
Warehouse & Industrial
Clear Height
9 ft
Warehouse Space
750 SF
Office Build-Out
2,500 SF
Additional Details
Road Access
Yes
Building Details
Year Built
1949
Buildings
1
Building Size
4,850 SF
Construction
CBS
Listing Agency:
Phil Deems Real Estate
(239) 822-1101
Listed By:
Phil Deems · License #252010067
Source:
Swfloridarealestate
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 5:32AM
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 4,850-square-foot CBS flex building, constructed in 1949, combines office, showroom, and warehouse components. Approximately 2,500 square feet is under air, including an entryway, lobby, showroom, three offices, a conference room, and a kitchen. The warehouse area includes approximately 750 square feet within the conditioned portion, while the balance provides two workstation areas and a storage room.
The building offers 9-foot ceilings, one 10-by-8-foot overhead door, and frontage along Fowler Street. Its mix of conditioned commercial space and warehouse functionality supports a range of business operations within a single facility.
The building offers 9-foot ceilings, one 10-by-8-foot overhead door, and frontage along Fowler Street. Its mix of conditioned commercial space and warehouse functionality supports a range of business operations within a single facility.
Key Highlights
- 4,850‑square‑foot CBS flex building constructed in 1949
- Approximately 2,500 square feet under air
- Office, showroom, lobby, conference room, kitchen, and three offices
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
$53,057
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
5.90%
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%
$1,061,140
$1.1M
Cap Rate 7%
$757,957
$758.0K
Cap Rate 9%
$589,522
$589.5K
Market Conditions
NOI Build-Up for 4,850 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
$87.3K $18.00/SF
− Vacancy
−$5.7K −$1.17/SF
EGI
$81.6K $16.83/SF
− OpEx
−$28.6K −$5.89/SF
NOI
$53.1K $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%
$1,061,140
Cap Rate 7%
$757,957
Cap Rate 9%
$589,522
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,347 @ 7.0% cap · market cap 9.27%
Second Best
Flex RnD
$758.0K
$663.2K – $884.3K
NOI $53,057 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,855 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,192
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building combines office, showroom, and warehouse areas with direct Fowler Street frontage.
Where is this flex space located?
The property is located at 2119 Fowler St Fort Myers, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 4,850‑square‑foot CBS flex building constructed in 1949; Approximately 2,500 square feet under air; Office, showroom, lobby, conference room, kitchen, and three offices
