Renovated Riverfront Office
For Sale
Contact for pricing
3131 E Riverside Dr, Fort Myers, FL 33916
Completely renovated since Hurricane Ian, with back waterfront offices that can support conference space or owner use.
Property Size9,200 SF
Price / SF$412.50
Days on Market173
Property Features for 3131 E Riverside Dr
General Information
Standard status
Active
Size
9,200 SF
Property subtype
INDUSTRIAL
Building Details
Year Renovated
2022
Listing Agency:
RE/MAX REALTY GROUP
(239) 489-0444
Listed By:
Michael J. Frye, CCIM|CEO · License #258000168
(239) 281-0441
Source:
Moodyscre
Added: Mar 27
Changed: Sep 4
Last Checked: Sep 14 at 12:04PM
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 RE/MAX REALTY GROUP
Investment Insights
Based on property information with market context.
Located on the Caloosahatchee River near the historic Downtown River District of Fort Myers, this renovated office building offers a versatile interior layout for professional use. The property has been completely renovated since Hurricane Ian in 2022.
A distinctive feature of the building is its back waterfront offices, which can be used as either owner residential space or as a professional conference room with views of the river.
The configuration supports a range of office-oriented occupancies, including options such as a corporate headquarters, a high-tech IT firm, an engineering company, or a law firm.
A distinctive feature of the building is its back waterfront offices, which can be used as either owner residential space or as a professional conference room with views of the river.
The configuration supports a range of office-oriented occupancies, including options such as a corporate headquarters, a high-tech IT firm, an engineering company, or a law firm.
Key Highlights
- Located on the Caloosahatchee River near the historic Downtown River District of Fort Myers.
- Building completely renovated since Hurricane Ian (2022).
- Back waterfront offices can be used as a professional conference room or as owner residential 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
$158,102
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
4.17%
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%
$3,162,040
$3.2M
Cap Rate 7%
$2,258,600
$2.3M
Cap Rate 9%
$1,756,689
$1.8M
Market Conditions
NOI Build-Up for 9,200 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
$229.6K $24.96/SF
− Vacancy
−$18.8K −$2.05/SF
EGI
$210.8K $22.91/SF
− OpEx
−$52.7K −$5.73/SF
NOI
$158.1K $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%
$3,162,040
Cap Rate 7%
$2,258,600
Cap Rate 9%
$1,756,689
Alternative Uses
Best Use
Office B
$2.26M
$1.98M – $2.64M
NOI $158,102 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.53M – $3.38M
NOI $202,694 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Completely renovated since Hurricane Ian, with back waterfront offices that can support conference space or owner use.
Where is this office building located?
The property is located at 3131 E Riverside Dr Fort Myers, FL.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: Located on the Caloosahatchee River near the historic Downtown River District of Fort Myers.; Building completely renovated since Hurricane Ian (2022).; Back waterfront offices can be used as a professional conference room or as owner residential space.
