Mixed-Use Property with Residential
For Sale
$1,200,000
2251 GRAND Avenue, Fort Myers, FL 33901
Commercial Sale, FORT MYERS, FL
Property Size4,688 SF
Lot Size0.15 Acres
Price / SF$255.97
Days on Market88
Property Features for 2251 GRAND Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CI
Subdivision
CRANFORDS SUB
Directions
41 to Crawford east to Grand Ave
Standard status
Active
APN
24-44-24-P1-00802.0020
Size
4,688 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CRANFORDS SUBD BLK 2 PB 1 P 30 S 130 FT LOT 2 DESC IN OR 1234 P 1862
Tax Annual Amount
7735
Legal Description
CRANFORDS SUBD BLK 2 PB 1 P 30 S 130 FT LOT 2 DESC IN OR 1234 P 1862
Utilities
Cooling system
Central Air
Building Details
Year built
1965
Floors in Building
2
Building materials
Block
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Danielle Mazza · License #261546130
(813) 843-0218
Added: Jun 3
Changed: Aug 26
Last Checked: Aug 29 at 2:06PM
MLS# TB8515169
Copyright © 2026 Stellar MLS. 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 4,688-square-foot mixed-use property combines two renovated residential condominium units with a commercial area on the ground floor. The larger residence includes 3 bedrooms and 2 baths, while the second offers 2 bedrooms and 2 baths. The lower level is configured as a music studio and provides adaptable space for commercial use. Block construction, central air, and a fully fenced parking area are also included.
The property occupies 0.15 acres at 2251 Grand Avenue in Fort Myers, directly adjacent to the Fort Myers Skatium. Approximately 10 dedicated parking spaces serve the building and its visitors. The property is zoned CI and was built in 1965.
The property occupies 0.15 acres at 2251 Grand Avenue in Fort Myers, directly adjacent to the Fort Myers Skatium. Approximately 10 dedicated parking spaces serve the building and its visitors. The property is zoned CI and was built in 1965.
Key Highlights
- 4,688‑square‑foot mixed‑use property with two residential condominium units and ground‑floor commercial space
- Upstairs residences include a renovated 3‑bedroom, 2‑bath unit and a renovated 2‑bedroom, 2‑bath unit
- Ground floor is configured as a music studio
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
$80,563
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
6.71%
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%
$1,611,260
$1.6M
Cap Rate 7%
$1,150,900
$1.2M
Cap Rate 9%
$895,144
$895.1K
Market Conditions
NOI Build-Up for 4,688 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
$117.0K $24.96/SF
− Vacancy
−$9.6K −$2.05/SF
EGI
$107.4K $22.91/SF
− OpEx
−$26.9K −$5.73/SF
NOI
$80.6K $17.18/SF
Area
Lee County, FL
Vacancy
8.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,611,260
Cap Rate 7%
$1,150,900
Cap Rate 9%
$895,144
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.34M
NOI $80,563 @ 7.0% cap · market cap 6.71%
Second Best
Mixed Use
$826.3K
$723.0K – $964.0K
NOI $57,838 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,286 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,420
Businesses Nearby
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?
Mixed-use property - Two renovated upstairs residences complement flexible ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 2251 GRAND Avenue Fort Myers, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,688‑square‑foot mixed‑use property with two residential condominium units and ground‑floor commercial space; Upstairs residences include a renovated 3‑bedroom, 2‑bath unit and a renovated 2‑bedroom, 2‑bath unit; Ground floor is configured as a music studio
