Prime Mixed-Use Development
For Sale
$1,095,000
2915 Estero Boulevard, Fort Myers Beach, FL 33931
Cleared lot on Estero Blvd, steps from the Gulf.
Property Size4,748 SF
Lot Size0.11 Acres
Price / SF$230.62
Days on Market115
Property Features for 2915 Estero Boulevard
General Information
Standard status
Active
Size
4,748 SF
Lot size
0.11 Acres
Property subtype
Land & Docks / Unimproved Land
Taxes and HOA fees
Annual Taxes
$8,454
Amenities
No
Paved
Building Details
Year Built
1949
Listing Agency:
COLDWELL BANKER SUNSTAR REALTY
Listed By:
Jaha Cummings · License #3453140
(813) 344-9674
Source:
Compass
Added: May 22
Changed: Sep 12
Last Checked: Sep 13 at 10:19AM
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 COLDWELL BANKER SUNSTAR REALTY
Investment Insights
Based on property information with market context.
This shovel-ready mixed-use parcel at 2915 Estero Blvd presents a redevelopment opportunity in Fort Myers Beach. The cleared 4,748+/- square foot lot is situated directly across from the Gulf beaches on the island's most traveled corridor, benefiting from high visibility and year-round traffic. The property offers approximately 85 feet of Estero Boulevard frontage with public water, sewer, and electric available on-site. It is located approximately 1 mile from the Margaritaville Beach Resort and Times Square, the island's primary dining and entertainment hub, and 700 feet from the upcoming Seagate Development. The property is 35 yards from the Gulf of Mexico and between two public beach accesses, the closest being .2 mile away. The CO zoning supports configurations, including professional or boutique office space, limited retail development, mixed-use coastal projects, and residential with a caretaker unit. The build back provision could accommodate a three-unit development consistent with pre-existing density and intensity prior to Hurricane Ian. There are no existing structures to demolish. The site formerly hosted a mixed-use structure, providing a roadmap for development.
Key Highlights
- Premier redevelopment opportunity on Fort Myers Beach's main corridor (Estero Blvd) directly across from the Gulf beaches.
- Cleared, shovel‑ready 4,748 sq ft lot with 85 feet of Estero Blvd frontage and utilities available.
- Versatile CO zoning supports various high‑value configurations.
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
$58,578
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
5.35%
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%
$1,171,560
$1.2M
Cap Rate 7%
$836,829
$836.8K
Cap Rate 9%
$650,867
$650.9K
Market Conditions
NOI Build-Up for 4,748 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
$99.7K $21.00/SF
− Vacancy
−$6.0K −$1.26/SF
EGI
$93.7K $19.74/SF
− OpEx
−$35.1K −$7.40/SF
NOI
$58.6K $12.34/SF
Area
Lee County, FL
Vacancy
6.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,171,560
Cap Rate 7%
$836,829
Cap Rate 9%
$650,867
Alternative Uses
Best Use
Mixed Use
$836.8K
$732.2K – $976.3K
NOI $58,578 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,608 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Commercial land - Cleared lot on Estero Blvd, steps from the Gulf.
Where is this commercial land located?
The property is located at 2915 Estero Boulevard Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Premier redevelopment opportunity on Fort Myers Beach's main corridor (Estero Blvd) directly across from the Gulf beaches.; Cleared, shovel‑ready 4,748 sq ft lot with **85 feet of Estero Blvd frontage** and utilities available.; Versatile CO zoning supports various high‑value configurations.
