Four-Building Office
For Sale
$3,400,000
3900 Broadway, Fort Myers, FL 33901
The property is 95% leased, with tenants primarily in medical and professional fields.
Property Size25,000 SF
Lot Size2.70 Acres
Price / SF$136
Days on Market9
Property Features for 3900 Broadway
General Information
Standard status
Active
Size
25,000 SF
Net Rentable
24,000 SF
Lot size
2.70 Acres
Occupancy
95%
Additional Details
Cap Rate
9%
Road Access
Yes
Building Details
Buildings
4
Construction
concrete block
Tenancy
Multi
Listing Agency:
Realty One Group MVP
(407) 963-5799
Listed By:
Gina Middleton · License #3272678
Source:
Chenoregroup
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 10:34AM
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 Realty One Group MVP
Investment Insights
Based on property information with market context.
This office property comprises four concrete block buildings at 3900 Broadway in Fort Myers. The property size is 25,000 square feet, including more than 24,000 square feet of leasable space. Most units feature newer laminate flooring, and the site includes over 100 parking spaces. Tenants pay their own electric service, while property expenses include water, landscaping, insurance, and taxes. A grandfathered local well provides irrigation water for the grounds.
The property occupies 2.7 acres with 240 feet of Broadway frontage and is positioned across from Edison Mall. It is 95% leased, with occupancy concentrated among medical and professional tenants. The site also borders other commercial properties, with residential uses located up the block.
The property occupies 2.7 acres with 240 feet of Broadway frontage and is positioned across from Edison Mall. It is 95% leased, with occupancy concentrated among medical and professional tenants. The site also borders other commercial properties, with residential uses located up the block.
Key Highlights
- Four concrete block office buildings totaling 25,000 square feet
- More than 24,000 square feet of leasable space
- 95% leased with primarily medical and professional tenants
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
$312,930
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
9.20%
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%
$6,258,600
$6.3M
Cap Rate 7%
$4,470,429
$4.5M
Cap Rate 9%
$3,477,000
$3.5M
Market Conditions
NOI Build-Up for 25,000 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
$570.0K $22.80/SF
− Vacancy
−$48.5K −$1.94/SF
EGI
$521.6K $20.86/SF
− OpEx
−$208.6K −$8.34/SF
NOI
$312.9K $12.52/SF
Area
Lee County, FL
Vacancy
8.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$6,258,600
Cap Rate 7%
$4,470,429
Cap Rate 9%
$3,477,000
Alternative Uses
Best Use
Office B
$6.14M
$5.37M – $7.16M
NOI $429,624 @ 7.0% cap · market cap 12.64%
Second Best
Healthcare Medical
$4.47M
$3.91M – $5.22M
NOI $312,930 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$7.87M
$6.89M – $9.18M
NOI $550,800 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
95%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,164
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - The property is 95% leased, with tenants primarily in medical and professional fields.
Where is this office building located?
The property is located at 3900 Broadway Fort Myers, FL.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Four concrete block office buildings totaling 25,000 square feet; More than 24,000 square feet of leasable space; 95% leased with primarily medical and professional tenants
