Renovated Office Condo in
For Sale
$349,000
2402 Bay St, Fort Myers, FL 33901
Newly renovated office condo in downtown Fort Myers.
Property Size1,400 SF
Price / SF$249.29
Days on Market116
Property Features for 2402 Bay St
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,162
Building Details
Year Built
2005
Stories
3
Listed By:
Bill Wingate
(239) 860-1241
Source:
Elliman
Added: May 15
Changed: Aug 27
Last Checked: Sep 6 at 11:31AM
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 Bill Wingate
Investment Insights
Based on property information with market context.
This newly renovated office condo offers over 1400 square feet of space on the elevated ground floor. Located on Bay Street in downtown Fort Myers, the property features four offices, a large conference room that can be converted into two executive suites, a reception room, lobby, kitchenette, and ample storage. Quality built-in cabinets are included. The property is suitable for an attorney, title agent, insurance agent, or real estate firm. It is positioned within walking distance of downtown amenities and offers a view of the Caloosahatchee River. Rare street parking is available directly in front of the office. The bike score is 51, indicating it is bikeable, and the walk score is 63, indicating it is somewhat walkable.
Key Highlights
- Newly renovated, turn‑key office condo in Downtown Ft Myers.
- Elevated ground floor location on Bay Street with a view of the Caloosahatchee River.
- Spacious 1400+ Sq Ft layout with 4 offices, large conference room (convertible to 2 executive suites), reception area, lobby, kitchenette, and ample storage.
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
$24,059
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
6.89%
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%
$481,180
$481.2K
Cap Rate 7%
$343,700
$343.7K
Cap Rate 9%
$267,322
$267.3K
Market Conditions
NOI Build-Up for 1,400 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
$34.9K $24.96/SF
− Vacancy
−$2.9K −$2.05/SF
EGI
$32.1K $22.91/SF
− OpEx
−$8.0K −$5.73/SF
NOI
$24.1K $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%
$481,180
Cap Rate 7%
$343,700
Cap Rate 9%
$267,322
Alternative Uses
Best Use
Office B
$343.7K
$300.7K – $401.0K
NOI $24,059 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$440.6K
$385.6K – $514.1K
NOI $30,845 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,141
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?
Office units - Newly renovated office condo in downtown Fort Myers.
Where is this office units located?
The property is located at 2402 Bay St Fort Myers, FL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Newly renovated, turn‑key office condo in Downtown Ft Myers.; Elevated ground floor location on Bay Street with a view of the Caloosahatchee River.; Spacious 1400+ Sq Ft layout with 4 offices, large conference room (convertible to 2 executive suites), reception area, lobby, kitchenette, and ample storage.
