Remodeled Flex Industrial
For Sale
$1,950,000
2528 Andalusia Blvd, Cape Coral, FL 33909
Updated flex space offers renovated offices, open warehouse areas, and a fully fenced commercial site.
Property Size10,675 SF
Lot Size0.92 Acres
Price / SF$182.67
Days on Market321
Property Features for 2528 Andalusia Blvd
General Information
Standard status
Active
Size
10,675 SF
Lot size
0.92 Acres
Property subtype
Commercial
Additional Details
Fenced Yard
Yes
Amenities
conference room
kitchen
security system
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Listing Agency:
Phil Deems Real Estate
(239) 822-1101
Listed By:
Phil Deems · License #252010067
Source:
Naplesareapropertysearch
Added: Oct 13, 2025
Changed: Aug 28
Last Checked: Aug 28 at 12:22PM
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 Phil Deems Real Estate
Investment Insights
Based on property information with market context.
Constructed in 2004, this 10,675-square-foot flex industrial property occupies a 40,000-square-foot fully fenced lot. The building was originally configured as a seven-unit office warehouse complex and has since been substantially reworked. Unit 1 and Unit 2 are combined into 3,000 square feet of insulated, air-conditioned space, while Units 6 and 7 have been opened into warehouse area. Interior improvements include new offices, a conference room, kitchen, paint, epoxy flooring, interior wall removal, and a 2-hour-rated fire door.
Exterior and building-system upgrades include new HVAC systems on wall brackets, resurfaced parking and drive areas, security fencing with manual rolling gates, a Vivint security system, landscaping, and sprinklers. The property is located in Cape Coral at 2528 Andalusia Blvd. The seller may lease back 6,000 square feet across four units or deliver the property vacant.
Exterior and building-system upgrades include new HVAC systems on wall brackets, resurfaced parking and drive areas, security fencing with manual rolling gates, a Vivint security system, landscaping, and sprinklers. The property is located in Cape Coral at 2528 Andalusia Blvd. The seller may lease back 6,000 square feet across four units or deliver the property vacant.
Key Highlights
- 10,675 SF flex industrial building on a 40,000 SF fully fenced lot
- Originally designed as a 7 unit multi tenant office warehouse complex
- Units 1 and 2 combined into 3,000 sf of insulated, under‑air space
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
$151,078
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
7.75%
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%
$3,021,560
$3.0M
Cap Rate 7%
$2,158,257
$2.2M
Cap Rate 9%
$1,678,644
$1.7M
Market Conditions
NOI Build-Up for 10,675 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
$237.0K $22.20/SF
− Vacancy
−$35.5K −$3.33/SF
EGI
$201.4K $18.87/SF
− OpEx
−$50.4K −$4.72/SF
NOI
$151.1K $14.15/SF
Area
Cape Coral, FL
Vacancy
15.00%
Lease Rate
$22.20 /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%
$3,021,560
Cap Rate 7%
$2,158,257
Cap Rate 9%
$1,678,644
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.52M
NOI $151,078 @ 7.0% cap · market cap 7.75%
Second Best
Flex RnD
$1.67M
$1.46M – $1.95M
NOI $116,779 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,892 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33909, FL
33,063
Population
14,051
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
94%
High-School Grad
37.8 sq mi
ZIP Area
875
Density / Sq Mi
$79,096
Median Household Income
$39,912
Median Earnings
$1,773
Median Rent
$292,800
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 - Updated flex space offers renovated offices, open warehouse areas, and a fully fenced commercial site.
Where is this flex space located?
The property is located at 2528 Andalusia Blvd Cape Coral, FL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 10,675 SF flex industrial building on a 40,000 SF fully fenced lot; Originally designed as a 7 unit multi tenant office warehouse complex; Units 1 and 2 combined into 3,000 sf of insulated, under‑air space
