Grey Shell Retail
For Sale
Contact for pricing
4991 Majorca Palms Dr, Fort Myers, FL 33905
Vacant commercial building with flexible single-tenant or multi-tenant configuration and PUD zoning.
Property Size6,765 SF
Price / SF$147.52
Days on Market133
Property Features for 4991 Majorca Palms Dr
General Information
Standard status
Active
Size
6,765 SF
Property subtype
Retail
Zoning
PUD
Additional Details
Highway Access
Yes
Building Details
Year Built
2007
Buildings
1
Listing Agency:
LSI Companies
(239) 940-3171
Listed By:
Mike Trivett · License #FL SL3518487
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 3:23AM
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 LSI Companies
Investment Insights
Based on property information with market context.
This vacant 6,765-square-foot commercial building was constructed in 2007 and remains in grey shell condition. The interior can be configured for either a single occupant or multiple tenants, offering a flexible foundation for retail, medical, or office use. PUD zoning applies to the property.
The building provides 193 feet of frontage along Ortiz Avenue, with access to State Road 80 and State Road 82. Interstate 75 is located less than one mile away. The property is within the City of Fort Myers municipality and supports a range of approved and conditional uses, including retail, medical, office, animal hospital or veterinary clinic, health club, and personal care services or day care center.
The building provides 193 feet of frontage along Ortiz Avenue, with access to State Road 80 and State Road 82. Interstate 75 is located less than one mile away. The property is within the City of Fort Myers municipality and supports a range of approved and conditional uses, including retail, medical, office, animal hospital or veterinary clinic, health club, and personal care services or day care center.
Key Highlights
- 6,765± SF vacant commercial building constructed in 2007
- Grey shell condition allows for customized interior buildout
- Single‑tenant or multi‑tenant configuration
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
$88,745
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
8.89%
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%
$1,774,900
$1.8M
Cap Rate 7%
$1,267,786
$1.3M
Cap Rate 9%
$986,056
$986.1K
Market Conditions
NOI Build-Up for 6,765 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
$130.7K $19.32/SF
− Vacancy
−$3.9K −$0.58/SF
EGI
$126.8K $18.74/SF
− OpEx
−$38.0K −$5.62/SF
NOI
$88.7K $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%
$1,774,900
Cap Rate 7%
$1,267,786
Cap Rate 9%
$986,056
Alternative Uses
Best Use
Office B
$1.66M
$1.45M – $1.94M
NOI $116,256 @ 7.0% cap · market cap 11.65%
Second Best
Retail
$1.27M
$1.11M – $1.48M
NOI $88,745 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $149,046 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 33905, FL
37,692
Population
17,337
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
79%
High-School Grad
40.2 sq mi
ZIP Area
938
Density / Sq Mi
$70,009
Median Household Income
$36,923
Median Earnings
$1,509
Median Rent
$260,400
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?
Retail space - Vacant commercial building with flexible single-tenant or multi-tenant configuration and PUD zoning.
Where is this retail space located?
The property is located at 4991 Majorca Palms Dr Fort Myers, FL.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 6,765± SF vacant commercial building constructed in 2007; Grey shell condition allows for customized interior buildout; Single‑tenant or multi‑tenant configuration
