Class A Office
For Sale
Contact for pricing
Pending
24301 & 24311 Walden Center Dr, Bonita Springs, FL 34134
Two Class A office buildings in Bonita Springs, Florida.
Property Size94,776 SF
Days on Market162
Property Features for 24301 & 24311 Walden Center Dr
General Information
Standard status
Pending
Size
94,776 SF
Class
A
Property subtype
Office
Occupancy
83%
Lease Type
NNN
Investment Type
Core+
Building Details
Year Built
1997
Year Renovated
2018
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
Colliers - Fort Myers, Florida
(239) 985-8074
Listed By:
Brandon Stoneburner · License #SL 3099587
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Jul 24 at 12:39PM
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 Colliers - Fort Myers, Florida
Investment Insights
Based on property information with market context.
The property consists of two three-story Class A office buildings, totaling 94,776 rentable square feet. Constructed in 1997 and renovated in 2018/2019, the property has undergone substantial modernization, with considerable capital enhancements. These include a recent roof replacement, signage upgrades, LED lighting throughout, complete renovation of twelve restrooms, new carpeting and paint, and extensive tenant improvement work. The property is positioned as a premier office asset in the submarket. It is located within a lakefront campus with immediate regional access and daily amenities. The property is currently 83.42% occupied and presents an opportunity to acquire a signature asset in the rapidly growing Village of Estero/Bonita Springs submarket. The Class A office market is experiencing increasing demand from companies seeking locations in Lee and Collier County, and is poised for continued rent growth and demand that outperform national trends.
Key Highlights
- Premier Class A office asset in the rapidly growing Village of Estero/Bonita Springs submarket.
- Significant modernization with renovations in 2018/2019 and considerable capital enhancements.
- Core‑Plus investment with near term value‑add through lease‑up and rent growth.
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
$1,628,722
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
9.07%
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%
$32,574,440
$32.6M
Cap Rate 7%
$23,267,457
$23.3M
Cap Rate 9%
$18,096,911
$18.1M
Market Conditions
NOI Build-Up for 94,776 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
$2.37M $24.96/SF
− Vacancy
−$194.0K −$2.05/SF
EGI
$2.17M $22.91/SF
− OpEx
−$542.9K −$5.73/SF
NOI
$1.63M $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%
$32,574,440
Cap Rate 7%
$23,267,457
Cap Rate 9%
$18,096,911
Alternative Uses
Best Use
Office B
$23.27M
$20.36M – $27.15M
NOI $1,628,722 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.83M
$26.10M – $34.80M
NOI $2,088,105 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 34134, FL
15,906
Population
15,051
Households
1.1
Avg Household Size
70
Median Age
55%
College-Educated
98%
High-School Grad
13.4 sq mi
ZIP Area
1,187
Density / Sq Mi
$122,102
Median Household Income
$56,170
Median Earnings
$1,814
Median Rent
$659,600
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 building - Two Class A office buildings in Bonita Springs, Florida.
Where is this office building located?
The property is located at 24301 & 24311 Walden Center Dr Bonita Springs, FL.
What is the asking price?
The asking price for this property is $17,950,000.
What are key features of this property?
This property features: Premier Class A office asset in the rapidly growing Village of Estero/Bonita Springs submarket.; Significant modernization with renovations in 2018/2019 and considerable capital enhancements.; Core‑Plus investment with near term value‑add through lease‑up and rent growth.
