Industrial Distribution Center with Rail
New
For Sale
Contact for pricing
2666 PRINCE ST, Fort Myers, FL 33916
IH-zoned distribution facility with dock-high loading and on-site rail access.
Property Size39,750 SF
Lot Size2.69 Acres
Price / SF$145.91
Days on Market6
Property Features for 2666 PRINCE ST
General Information
Standard status
Active
Size
39,750 SF
Lot size
2.69 Acres
Property subtype
Industrial
Zoning
IH (City of Fort Myers)
Warehouse & Industrial
Dock-High Doors
13
Rail Access
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1970
Year Renovated
2026
Stories
1
Units
1
Building Size
39,750 SF
Listing Agency:
Mayhugh Commercial Advisors
(239) 850-3890
Listed By:
Chase Mayhugh, SIOR, CCIM · License #BK3053987
Source:
Crexi
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 3:48AM
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 Mayhugh Commercial Advisors
Investment Insights
Based on property information with market context.
The facility at 2666 Prince Street comprises approximately 39,750 SF on approximately 2.69 acres. Built in 1970 with a 1990 expansion, the interconnected industrial building offers warehouse space with varying clear heights and 13 dock-high overhead doors. Four loading doors are positioned along the on-site rail spur, supporting freight movement by truck and rail to the Seminole Gulf Railway.
Recent work includes a new roof scheduled for 2026, replacement dock-high doors, repaired exterior steel, exterior painting, upgraded interior lighting, new fencing, enhanced landscaping, and newly paved parking and truck court areas. The property is zoned IH (Industrial Heavy) by the City of Fort Myers and is configured for distribution, manufacturing, warehousing, storage, and fabrication operations.
Recent work includes a new roof scheduled for 2026, replacement dock-high doors, repaired exterior steel, exterior painting, upgraded interior lighting, new fencing, enhanced landscaping, and newly paved parking and truck court areas. The property is zoned IH (Industrial Heavy) by the City of Fort Myers and is configured for distribution, manufacturing, warehousing, storage, and fabrication operations.
Key Highlights
- ±39,750 SF industrial distribution facility on ±2.69 acres
- 13 dock‑high overhead doors, including 4 along the on‑site rail spur
- Rail access to the Seminole Gulf Railway
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
$405,288
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
6.99%
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%
$8,105,760
$8.1M
Cap Rate 7%
$5,789,829
$5.8M
Cap Rate 9%
$4,503,200
$4.5M
Market Conditions
NOI Build-Up for 39,750 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
$500.9K $12.60/SF
− Vacancy
−$24.0K −$0.60/SF
EGI
$476.8K $12.00/SF
− OpEx
−$71.5K −$1.80/SF
NOI
$405.3K $10.20/SF
Area
Lee County, FL
Vacancy
4.80%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
15.00%
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%
$8,105,760
Cap Rate 7%
$5,789,829
Cap Rate 9%
$4,503,200
Alternative Uses
Best Use
Warehouse
$5.79M
$5.07M – $6.75M
NOI $405,288 @ 7.0% cap · market cap 6.99%
Second Best
Industrial
$5.18M
$4.54M – $6.05M
NOI $362,866 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$12.51M
$10.95M – $14.60M
NOI $875,772 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Dock-high doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - IH-zoned distribution facility with dock-high loading and on-site rail access.
Where is this distribution center located?
The property is located at 2666 PRINCE ST Fort Myers, FL.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: ±39,750 SF industrial distribution facility on ±2.69 acres; 13 dock‑high overhead doors, including 4 along the on‑site rail spur; Rail access to the Seminole Gulf Railway
