Warehouse Condo with Oversized Access
For Sale
$559,000
404-16255 Pine Ridge Rd, Fort Myers, FL 33908
Secure warehouse condo with soaring ceilings and oversized access doors, offering private space for vehicles and projects.
Property Size2,100 SF
Price / SF$266.19
Days on Market84
Property Features for 404-16255 Pine Ridge Rd
General Information
Standard status
Active
Size
2,100 SF
Taxes and HOA fees
Annual Taxes
$464
Amenities
soaring ceilings
expansive open space
oversized access doors
secure
low-maintenance
Listing Agency:
Royal Shell Real Estate, Inc.
(239) 850-7888
Listed By:
Michael McMurray · License #280500145
(239) 850-7888
Source:
Exprealty
Added: Jun 1
Changed: Aug 20
Last Checked: Aug 23 at 7:12AM
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 Royal Shell Real Estate, Inc.
Investment Insights
Based on property information with market context.
This warehouse condo is presented as a luxury garage condo with expansive, open interior space and soaring ceilings. The unit is described at 2,100 square feet and designed for flexible vehicle storage and hands-on projects, with oversized access doors for convenient movement in and out. The property is also described as secure and low-maintenance.
The layout is positioned as versatile for a wide range of uses, including vehicle storage with lifts and workshop space, recreational equipment storage, and a custom-designed second-floor mezzanine. Additional interior use ideas mentioned include a lounge area, sports bar, golf simulator, office, fitness space, or a private clubhouse.
Conveniently located at 404-16255 Pine Ridge Rd in Fort Myers, Florida, the property is described as having easy access to major roadways, supporting straightforward arrivals and departures for vehicles, equipment, and day-to-day use.
The layout is positioned as versatile for a wide range of uses, including vehicle storage with lifts and workshop space, recreational equipment storage, and a custom-designed second-floor mezzanine. Additional interior use ideas mentioned include a lounge area, sports bar, golf simulator, office, fitness space, or a private clubhouse.
Conveniently located at 404-16255 Pine Ridge Rd in Fort Myers, Florida, the property is described as having easy access to major roadways, supporting straightforward arrivals and departures for vehicles, equipment, and day-to-day use.
Key Highlights
- 2,100‑square‑foot luxury garage condo with expansive open space
- Soaring ceilings for an airy interior and flexible build‑out options
- Oversized access doors for convenient vehicle and equipment movement
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
$27,548
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
4.93%
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%
$550,960
$551.0K
Cap Rate 7%
$393,543
$393.5K
Cap Rate 9%
$306,089
$306.1K
Market Conditions
NOI Build-Up for 2,100 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
$40.6K $19.32/SF
− Vacancy
−$1.2K −$0.58/SF
EGI
$39.4K $18.74/SF
− OpEx
−$11.8K −$5.62/SF
NOI
$27.5K $13.12/SF
Area
Lee County, FL
Vacancy
3.00%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
30.00%
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%
$550,960
Cap Rate 7%
$393,543
Cap Rate 9%
$306,089
Alternative Uses
Best Use
Retail
$393.5K
$344.4K – $459.1K
NOI $27,548 @ 7.0% cap · market cap 4.93%
Second Best
Warehouse
$305.9K
$267.6K – $356.9K
NOI $21,411 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$661.0K
$578.3K – $771.1K
NOI $46,267 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33908, FL
43,110
Population
32,067
Households
1.3
Avg Household Size
63
Median Age
44%
College-Educated
96%
High-School Grad
34.2 sq mi
ZIP Area
1,261
Density / Sq Mi
$74,711
Median Household Income
$50,063
Median Earnings
$1,829
Median Rent
$346,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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- Public Storage — 11181 Kelly Rd, Fort Myers, FL 33908
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- CubeSmart Self Storage — 11591 Chitwood Dr, Fort Myers, FL 33908
Frequently Asked Questions
What type of property is this?
Warehouse - Secure warehouse condo with soaring ceilings and oversized access doors, offering private space for vehicles and projects.
Where is this warehouse located?
The property is located at 404-16255 Pine Ridge Rd Fort Myers, FL.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: 2,100‑square‑foot luxury garage condo with expansive open space; Soaring ceilings for an airy interior and flexible build‑out options; Oversized access doors for convenient vehicle and equipment movement
