Naples Flex Space Investment
For Sale
$9,606,022
3933 Tollhouse Dr, Naples, FL 34114
Fully leased flex space near I-75, ideal for 1031 exchange.
Property Size33,262 SF
Price / SF$288.97
Days on Market168
Property Features for 3933 Tollhouse Dr
General Information
Standard status
Active
Size
33,262 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$50,127
Building Details
Building Size
33,262 SF
Year Built
2022
Stories
1
Listing Agency:
Bartley Realty LLLP
(239) 784-3283
Listed By:
David Bartley, Sr · License #249512089
(239) 784-3283
Source:
Elliman
Added: Mar 12
Changed: Aug 25
Last Checked: Aug 25 at 7:34AM
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 Bartley Realty LLLP
Investment Insights
Based on property information with market context.
This ±33,242 square foot flex space property in Naples, Florida, presents a fully leased investment opportunity ideally suited for a 1031 tax exchange. The property is strategically located near I-75 and Collier Boulevard, providing excellent access for tenants and businesses. The building is fully leased to a reputable defense contractor with approximately four years remaining on their lease, ensuring immediate cash flow. The flexible layout is divisible into 22 individual units of approximately 1,500 square feet each, offering future expansion potential and adaptability to market changes. Each unit is equipped with modern amenities, including individual AC units and bathroom rough-ins, supported by 22 electrical panels. The property is suitable for various commercial uses. Located in Naples, a thriving economy with a growing population, this property offers excellent potential for appreciation. This income-producing property is a prime opportunity for a 1031 exchange, allowing for deferred capital gains taxes and long-term wealth building.
Key Highlights
- Fully leased to a strong tenant (defense contractor) providing immediate and stable income.
- Ideal for a 1031 exchange, allowing for deferral of capital gains taxes.
- Located in Naples, FL, a high‑growth market with excellent potential for property appreciation.
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
$270,230
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
2.81%
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%
$5,404,600
$5.4M
Cap Rate 7%
$3,860,429
$3.9M
Cap Rate 9%
$3,002,556
$3.0M
Market Conditions
NOI Build-Up for 33,242 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
$430.8K $12.96/SF
− Vacancy
−$15.1K −$0.45/SF
EGI
$415.7K $12.51/SF
− OpEx
−$145.5K −$4.38/SF
NOI
$270.2K $8.13/SF
Area
Collier County, FL
Vacancy
3.50%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
35.00%
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%
$5,404,600
Cap Rate 7%
$3,860,429
Cap Rate 9%
$3,002,556
Alternative Uses
Best Use
Flex RnD
$3.86M
$3.38M – $4.50M
NOI $270,230 @ 7.0% cap · market cap 2.81%
Second Best
Industrial
$3.20M
$2.80M – $3.73M
NOI $223,652 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$13.34M
$11.67M – $15.57M
NOI $933,908 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 34114, FL
21,343
Population
16,381
Households
1.3
Avg Household Size
62
Median Age
41%
College-Educated
90%
High-School Grad
176.6 sq mi
ZIP Area
121
Density / Sq Mi
$81,314
Median Household Income
$38,467
Median Earnings
$1,993
Median Rent
$469,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
1031 exchange property - Fully leased flex space near I-75, ideal for 1031 exchange.
Where is this 1031 exchange property located?
The property is located at 3933 Tollhouse Dr Naples, FL.
What is the asking price?
The asking price for this property is $9,606,022.
What are key features of this property?
This property features: Fully leased to a strong tenant (defense contractor) providing immediate and stable income.; Ideal for a 1031 exchange, allowing for deferral of capital gains taxes.; Located in Naples, FL, a high‑growth market with excellent potential for property appreciation.
