Office/Medical Condo with Spa
For Sale
$759,900
551-12545 New Brittany Blvd, Fort Myers, FL 33907
Zoned for office/medical with one spa lease through 2028 and an updated unit ready for occupancy.
Property Size3,264 SF
Price / SF$232.81
Days on Market118
Property Features for 551-12545 New Brittany Blvd
General Information
Standard status
Active
Size
3,264 SF
Listing Agency:
RE/MAX Realty Team
(239) 887-0237
Listed By:
Karen Augustine · License #258016092
(239) 887-0237
Source:
Exprealty
Added: Apr 13
Changed: Jul 10
Last Checked: Aug 7 at 9:22AM
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 RE/MAX Realty Team
Investment Insights
Based on property information with market context.
This is a zoned office/medical condominium opportunity within a professional, well-kept community. The property consists of two updated office units totaling 3,264 square feet. One unit is leased to a spa through 2028, offering a defined occupancy timeline. The other unit is available for owner occupancy or could be leased out. The seller’s unit includes two restrooms and two showers, along with a kitchen, a large conference area, multiple offices, a front desk reception area, and a waiting area sized for client traffic. The leased spa unit features several treatment rooms, two restrooms, a small kitchen area, and a combined front desk/waiting area.
The World Plaza is located in South Fort Myers and provides easy access to US 41 and major corridors. The property also offers plenty of parking availability, and the community includes onsite professional management.
The mix of an income-producing spa tenant through 2028 and an updated second unit makes this property practical for an owner occupant seeking office/medical space with in-place rental income, or for an investor looking for a managed, office/medical-oriented asset with a tenant already positioned for the near term. The unit layout supports both client-facing operations and back-office needs, including reception, waiting space, and multiple offices.
The World Plaza is located in South Fort Myers and provides easy access to US 41 and major corridors. The property also offers plenty of parking availability, and the community includes onsite professional management.
The mix of an income-producing spa tenant through 2028 and an updated second unit makes this property practical for an owner occupant seeking office/medical space with in-place rental income, or for an investor looking for a managed, office/medical-oriented asset with a tenant already positioned for the near term. The unit layout supports both client-facing operations and back-office needs, including reception, waiting space, and multiple offices.
Key Highlights
- Zoned for office/medical in the World Plaza community in South Fort Myers
- One unit is leased to a spa through 2028; the other unit is available for owner occupancy or leasing
- Total building size for both units is 3,264 SF
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
$56,092
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
7.38%
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%
$1,121,840
$1.1M
Cap Rate 7%
$801,314
$801.3K
Cap Rate 9%
$623,244
$623.2K
Market Conditions
NOI Build-Up for 3,264 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
$81.5K $24.96/SF
− Vacancy
−$6.7K −$2.05/SF
EGI
$74.8K $22.91/SF
− OpEx
−$18.7K −$5.73/SF
NOI
$56.1K $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%
$1,121,840
Cap Rate 7%
$801,314
Cap Rate 9%
$623,244
Alternative Uses
Best Use
Office B
$801.3K
$701.2K – $934.9K
NOI $56,092 @ 7.0% cap · market cap 7.38%
Second Best
Healthcare Medical
$583.7K
$510.7K – $680.9K
NOI $40,856 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$1.03M
$898.9K – $1.20M
NOI $71,912 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 33907, FL
24,980
Population
14,125
Households
1.8
Avg Household Size
43
Median Age
26%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
3,422
Density / Sq Mi
$49,826
Median Household Income
$33,442
Median Earnings
$1,502
Median Rent
$236,700
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 units - Zoned for office/medical with one spa lease through 2028 and an updated unit ready for occupancy.
Where is this office units located?
The property is located at 551-12545 New Brittany Blvd Fort Myers, FL.
What is the asking price?
The asking price for this property is $759,900.
What are key features of this property?
This property features: Zoned for office/medical in the World Plaza community in South Fort Myers; One unit is leased to a spa through 2028; the other unit is available for owner occupancy or leasing; Total building size for both units is 3,264 SF
