Two-Story Retail
2440 Palm Ridge Road, Sanibel, FL 33957
For Sale
$2,700,000
CommercialSale, Sanibel, FL
Property Size8,132 SF
Lot Size0.63 Acres
Price / SF$332.02
Days on Market277
Property Features for 2440 Palm Ridge Road
General Information
Property type
Property subtype
Zoning description
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Water front features
Water front
Building Details
Year built
Floors in Building
Listing Agency:
Pfeifer Realty Group LLC
(239) 472-0004
Listed By:
Tina DiCharia · License FL #280596822
(239) 340-5636
Added: Feb 8
Changed: Oct 10
Last Checked: Nov 11 at 3:06AM
MLS# 2026002508
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.
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Investment Insights
Based on property information with market context.
This two-story retail property contains 4,066 square feet on each level and was built in 1980 with steel-reinforced concrete slab construction and concrete stem wall footings. The first floor is fully leased, while the second floor is being repainted and receiving door replacements. Architectural plans have been prepared for potential residential use on the upper level, subject to City approval.
The building occupies 0.632 acres at 2440 Palm Ridge Road in Sanibel’s Central Business District and offers 175 feet of road frontage. It is zoned Town Center Limited and carries a G (Altered Lands) designation under the City of Sanibel Comprehensive Land Use Plan. The property also includes a lake waterfront feature.
The building occupies 0.632 acres at 2440 Palm Ridge Road in Sanibel’s Central Business District and offers 175 feet of road frontage. It is zoned Town Center Limited and carries a G (Altered Lands) designation under the City of Sanibel Comprehensive Land Use Plan. The property also includes a lake waterfront feature.
Key Highlights
- 4,066 square feet on each of two levels
- 175 feet of frontage on Palm Ridge Road
- Fully leased first floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,678
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,133,560
$2.1M
Cap Rate 7%
$1,523,971
$1.5M
Cap Rate 9%
$1,185,311
$1.2M
Market Conditions
NOI Build-Up for 8,132 SF
Gross rent
$157.1K $19.32/SF
− Vacancy
−$4.7K −$0.58/SF
EGI
$152.4K $18.74/SF
− OpEx
−$45.7K −$5.62/SF
NOI
$106.7K $13.12/SF
Area
Lee County, FL
Vacancy
3.00%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,133,560
Cap Rate 7%
$1,523,971
Cap Rate 9%
$1,185,311
Alternative Uses
Best Use
Retail
$1.52M
$1.33M – $1.78M
NOI $106,678 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.99M
NOI $179,164 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
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Business Placement
Demographics for 33957, FL
6,382
Population
8,525
Households
0.7
Avg Household Size
68
Median Age
62%
College-Educated
99%
High-School Grad
16.2 sq mi
ZIP Area
394
Density / Sq Mi
$122,730
Median Household Income
$44,840
Median Earnings
$747
Median Rent
$912,200
Median Home Value
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Market
Average Price Trend$/SF for Retail space in Lee County, FL
Properties on Market for Retail space in Lee County
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - Fully leased ground-floor space in Sanibel’s Town Center Limited district with additional upper-level commercial capacity.
Where is this retail space located?
The property is located at 2440 Palm Ridge Road Sanibel, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 4,066 square feet on each of two levels; 175 feet of frontage on Palm Ridge Road; Fully leased first floor
