Administrative Office and Warehouse
For Sale
Contact for pricing
Pending
3660 BROADWAY, Fort Myers, FL 33901
A leased office building and adjoining industrial warehouse totaling 38,104 sf in a healthcare operations campus.
Property Size38,104 SF
Days on Market57
Property Features for 3660 BROADWAY
General Information
Standard status
Pending
Size
38,104 SF
Class
B
Property subtype
Office, Industrial
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$1,006,945
Building Details
Year Built
2005
Buildings
2
Stories
1
Tenancy
Single
Listing Agency:
Zeustra Inc
Listed By:
Nick Myers · License #PA RS322215
Source:
Crexi
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 14 at 8:27AM
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 Zeustra Inc
Investment Insights
Based on property information with market context.
The offering includes two facilities totaling 38,104 square feet: a 22,104-square-foot administrative office building and an adjoining 16,000-square-foot industrial warehouse. Both properties are 100% leased under a long-term absolute net lease to Treasure Coast Imaging Partners (TCIP), an affiliate of Radiology Regional and RadNet (NASDAQ: RDNT).
The administrative building is described as the operational headquarters for RadNet’s Southwest Florida imaging network, supporting executive leadership and core functions such as human resources, information technology, customer service, appointment scheduling, and training and continuing education for imaging technologists. The adjoining warehouse is described as a regional logistics center supporting centralized storage of imaging equipment, replacement parts, and operational supplies.
The tenant is committed through November 30, 2031, with 3% annual contractual rental escalations throughout the lease term.
The administrative building is described as the operational headquarters for RadNet’s Southwest Florida imaging network, supporting executive leadership and core functions such as human resources, information technology, customer service, appointment scheduling, and training and continuing education for imaging technologists. The adjoining warehouse is described as a regional logistics center supporting centralized storage of imaging equipment, replacement parts, and operational supplies.
The tenant is committed through November 30, 2031, with 3% annual contractual rental escalations throughout the lease term.
Key Highlights
- Healthcare corporate headquarters and industrial operations campus totaling 38,104 SF in Fort Myers, FL (built in 2005)
- Portfolio includes a 22,104‑SF administrative office building and a 16,000‑SF industrial warehouse
- Both buildings are 100% leased under a long‑term absolute net lease to Treasure Coast Imaging Partners (TCIP), an affiliate of RadNet (NASDAQ: RDNT)
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
$654,816
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
6.02%
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%
$13,096,320
$13.1M
Cap Rate 7%
$9,354,514
$9.4M
Cap Rate 9%
$7,275,733
$7.3M
Market Conditions
NOI Build-Up for 38,104 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
$951.1K $24.96/SF
− Vacancy
−$78.0K −$2.05/SF
EGI
$873.1K $22.91/SF
− OpEx
−$218.3K −$5.73/SF
NOI
$654.8K $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%
$13,096,320
Cap Rate 7%
$9,354,514
Cap Rate 9%
$7,275,733
Alternative Uses
Best Use
Office B
$9.35M
$8.19M – $10.91M
NOI $654,816 @ 7.0% cap · market cap 6.02%
Second Best
Warehouse
$5.55M
$4.86M – $6.48M
NOI $388,505 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$11.99M
$10.49M – $13.99M
NOI $839,507 @ 7.0% cap · market cap 7.71%
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
2,158
Businesses Nearby
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Business Placement
Demographics for 33901, FL
22,629
Population
11,709
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
83%
High-School Grad
6.2 sq mi
ZIP Area
3,650
Density / Sq Mi
$51,579
Median Household Income
$37,233
Median Earnings
$1,291
Median Rent
$280,400
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 - A leased office building and adjoining industrial warehouse totaling 38,104 sf in a healthcare operations campus.
Where is this office building located?
The property is located at 3660 BROADWAY Fort Myers, FL.
What is the asking price?
The asking price for this property is $10,885,900.
What are key features of this property?
This property features: Healthcare corporate headquarters and industrial operations campus totaling 38,104 SF in Fort Myers, FL (built in 2005); Portfolio includes a 22,104‑SF administrative office building and a 16,000‑SF industrial warehouse; Both buildings are 100% leased under a long‑term absolute net lease to Treasure Coast Imaging Partners (TCIP), an affiliate of RadNet (NASDAQ: RDNT)
