Flex Building with Street
For Sale
$899,000
2119 Fowler Street, Fort Myers, FL 33901
CommercialSale, Fort Myers, FL
Property Size4,850 SF
Lot Size0.18 Acres
Price / SF$185.36
Days on Market717
Property Features for 2119 Fowler Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C1
Directions
Downtown Ft. Myers.
Subdivision
FE06 - East Fort Myers Area
Standard status
Active
APN
24-44-24-P2-01803.0280
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
ANDERSON HTS BLK 3 PB 3 PG 59 LT 28 + S 1 FT LT 29 DESC IN OR 1110 PG 732
Tax Annual Amount
5077
Legal Description
ANDERSON HTS BLK 3 PB 3 PG 59 LT 28 + S 1 FT LT 29 DESC IN OR 1110 PG 732
Building Details
Year built
1949
Floors in Building
1
Listing Agency:
Phil Deems Real Estate
(239) 945-4545
Listed By:
Phil Deems · License #252010067
(239) 945-4540
Added: Sep 12, 2024
Changed: Aug 26
Last Checked: Aug 29 at 6:06PM
MLS# 224074734
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 4,850-square-foot CBS flex building combines office, showroom, and warehouse functions. Approximately 2,500 square feet is under air, with an entryway, lobby, showroom, three offices, a conference room, and a kitchen. The warehouse component includes approximately 750 square feet in one area, along with two workstation areas and a storage room in the balance of the warehouse space.
Built in 1949, the building has 9-foot ceilings and one 10-by-8-foot overhead door. The property fronts Fowler Street in Fort Myers, providing a clearly identified commercial address at 2119 Fowler Street.
Built in 1949, the building has 9-foot ceilings and one 10-by-8-foot overhead door. The property fronts Fowler Street in Fort Myers, providing a clearly identified commercial address at 2119 Fowler Street.
Key Highlights
- 4,850‑square‑foot CBS flex building
- Approximately 2,500 square feet under air
- Three offices, conference room, kitchen, lobby, and showroom
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 - Office, showroom, and warehouse areas are arranged within a freestanding commercial building.
Where is this flex space located?
The property is located at 2119 Fowler Street 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; Approximately 2,500 square feet under air; Three offices, conference room, kitchen, lobby, and showroom
