Medical/General Office Space
For Sale
$2,950,000
3822 Broadway, Fort Myers, FL 33901
7,231 sq ft medical/general office space for sale.
Property Size7,231 SF
Lot Size0.80 Acres
Price / SF$407.97
Days on Market614
Property Features for 3822 Broadway
General Information
Standard status
Active
Size
7,231 SF
Lot size
0.80 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1984
Listing Agency:
Phil Deems Real Estate
(239) 994-4540
Listed By:
Phil Deems · License #252010067
(239) 994-4540
Source:
Exitrealty
Added: Dec 2, 2024
Changed: Jul 6
Last Checked: Aug 7 at 2:39AM
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 Phil Deems Real Estate
Investment Insights
Based on property information with market context.
This 7,231 sq. ft. building is suitable for medical or general office use. The property is comprised of three adjoining suites, each with front and back entrances. The suites are currently configured as a single medical office facility, with individual suite sizes of 4,400 sq. ft., 1,031 sq. ft., and 1,800 sq. ft. The building features a new roof, recently renovated exterior, and newly covered staff parking in the rear. Four recently installed A/C units are present, along with an older unit that the lessor will replace or overhaul if it fails during the lease period. The property is situated on a 3/4-acre lot. The new lessee has the option to sublease any of the three office units, subject to agreement and approval of the lessor. Minimal work is required to divide the space back into two or three offices. The property is located at 3822 Broadway, one block east of Cleveland Ave (U.S. Highway 41) and less than one block north of Winkler and the Edison Mall, one parcel south of Collier Ave, and under a 10-minute drive to I-75. A 92-unit residential community complex is under construction just north of Collier Ave along Hwy 41, near the site. The property is one of the few office buildings in the Ft. Myers area available in the 6,000 – 9,000 sq. ft. range.
Key Highlights
- Excellent Location: High‑traffic area near Cleveland Ave (US 41), Winkler Ave, Edison Mall, and under 10 minutes to I‑75.
- Large Office Space: 7,231 sq. ft. suitable for medical or general office use.
- Sub‑Lease Potential: Configured as 3 adjoining suites, allowing for sub‑leasing with Lessor approval.
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
$124,264
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
4.21%
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%
$2,485,280
$2.5M
Cap Rate 7%
$1,775,200
$1.8M
Cap Rate 9%
$1,380,711
$1.4M
Market Conditions
NOI Build-Up for 7,231 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
$180.5K $24.96/SF
− Vacancy
−$14.8K −$2.05/SF
EGI
$165.7K $22.91/SF
− OpEx
−$41.4K −$5.73/SF
NOI
$124.3K $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%
$2,485,280
Cap Rate 7%
$1,775,200
Cap Rate 9%
$1,380,711
Alternative Uses
Best Use
Office B
$1.78M
$1.55M – $2.07M
NOI $124,264 @ 7.0% cap · market cap 4.21%
Second Best
Healthcare Medical
$1.29M
$1.13M – $1.51M
NOI $90,512 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,313 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,572
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
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
- Gulf Coast Humane Society Veterinary Clinic — 2685 Swamp Cabbage Ct, Fort Myers, FL 33901
- Grace Veterinary Center — 4400 Cleveland Ave, Fort Myers, FL 33901
Frequently Asked Questions
What type of property is this?
Medical Office Space - 7,231 sq ft medical/general office space for sale.
Where is this medical office space located?
The property is located at 3822 Broadway Fort Myers, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Excellent Location: High‑traffic area near Cleveland Ave (US 41), Winkler Ave, Edison Mall, and under 10 minutes to I‑75.; Large Office Space: 7,231 sq. ft. suitable for medical or general office use.; Sub‑Lease Potential: Configured as 3 adjoining suites, allowing for sub‑leasing with Lessor approval.
