Climate-Controlled Flex
For Sale
$4,500,000
3806 Progress Ave, Naples, FL 34104
Office and warehouse areas include climate control across most of the building, with multiple work areas and secure site fencing.
Property Size13,600 SF
Lot Size1.13 Acres
Price / SF$330.88
Days on Market76
Property Features for 3806 Progress Ave
General Information
Standard status
Active
Size
13,600 SF
Lot size
1.13 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
18 ft
Office Build-Out
2,000 SF
Drive-In Doors
8
Voltage
440 V
Three-Phase Power
Yes
Amenities
secure fenced site
Building Details
Building Size
13,600 SF
Year Built
1989
Listing Agency:
Lee & Associates | Fort Myers
(248) 789-7234
Listed By:
Jeffrey Buckler, SIOR
(248) 789-7234
Source:
Lee-associates
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 30 at 2:58PM
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 Lee & Associates | Fort Myers
Investment Insights
Based on property information with market context.
Located at 3806 Progress Ave in Naples, this flex space property includes a 13,600± SF office/warehouse building on 1.13± acres. Approximately 90% of the building is climate-controlled, with 2,000± SF dedicated to office space. The facility also provides eight 12' x 14' grade-level overhead doors, 16'–18' clear heights, and 440V, 3-phase electrical service. Compressed air lines serve three work areas, supported by two twin-screw air compressors, including one new unit and one backup. Four HVAC units were replaced within the past two years, and the site is secured with fencing.
Built in 1989, the property is approximately 2.2± miles from the Golden Gate Parkway/I-75 interchange, with access to Naples Airport and major Southwest Florida commercial corridors.
Built in 1989, the property is approximately 2.2± miles from the Golden Gate Parkway/I-75 interchange, with access to Naples Airport and major Southwest Florida commercial corridors.
Key Highlights
- 13,600± SF office/warehouse facility on 1.13± acres
- Approximately 90% climate‑controlled building area with 2,000± SF of office space
- Eight (8) 12' x 14' grade‑level overhead doors
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
$279,990
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
6.22%
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%
$5,599,800
$5.6M
Cap Rate 7%
$3,999,857
$4.0M
Cap Rate 9%
$3,111,000
$3.1M
Market Conditions
NOI Build-Up for 13,600 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
$408.0K $30.00/SF
− Vacancy
−$34.7K −$2.55/SF
EGI
$373.3K $27.45/SF
− OpEx
−$93.3K −$6.86/SF
NOI
$280.0K $20.59/SF
Area
Collier County, FL
Vacancy
8.50%
Lease Rate
$30.00 /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%
$5,599,800
Cap Rate 7%
$3,999,857
Cap Rate 9%
$3,111,000
Alternative Uses
Best Use
Office B
$4.00M
$3.50M – $4.67M
NOI $279,990 @ 7.0% cap · market cap 6.22%
Second Best
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,167 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$5.46M
$4.78M – $6.37M
NOI $382,081 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
8
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,575
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34104, FL
25,485
Population
16,062
Households
1.6
Avg Household Size
53
Median Age
33%
College-Educated
91%
High-School Grad
9.9 sq mi
ZIP Area
2,574
Density / Sq Mi
$70,301
Median Household Income
$40,680
Median Earnings
$1,742
Median Rent
$348,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Prestige Catering Naples | Event and Private Catering — 4406 Exchange Ave STE 141, Naples, FL 34104
- Nguyen Street LLC — 3606 Enterprise Ave Ste 200, Naples, FL 34104, United States
- Carolina Catering Company — 4110 Enterprise Ave #102, Naples, FL 34104
- Island Kitchen In-Flight Catering — 4110 Enterprise Ave STE 114, Naples, FL 34104
- Southern Sky Inflight Catering — 4110 Enterprise Ave STE 114, Naples, FL 34104
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas include climate control across most of the building, with multiple work areas and secure site fencing.
Where is this flex space located?
The property is located at 3806 Progress Ave Naples, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 13,600± SF office/warehouse facility on 1.13± acres; Approximately 90% climate‑controlled building area with 2,000± SF of office space; Eight (8) 12' x 14' grade‑level overhead doors
