Office Building with Retail Rezoning
New
For Sale
$3,100,000
7128-7132 Estero Blvd., Fort Myers Beach, FL 33931
Owner-user office property with retail rezoning potential and on-site parking.
Property Size7,709 SF
Price / SF$402.13
Days on Market3
Property Features for 7128-7132 Estero Blvd.
General Information
Standard status
Active
Size
7,709 SF
Class
B
Total Parking Spaces
29
Property subtype
Office
Building Details
Building Size
7,709 SF
Year Built
1979
Buildings
1
Listing Agency:
SVN - Commercial Partners | Miami
(239) 851-5492
Listed By:
Lauri Albion · License #BK433500
(239) 851-5492
Source:
Svncp
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 3:47AM
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 SVN - Commercial Partners | Miami
Investment Insights
Based on property information with market context.
This 7,709-square-foot office building, constructed in 1979, is positioned for an owner-user seeking an established commercial property with potential for retail rezoning. The building is supported by 29 parking spaces and can accommodate an office-oriented operation while offering an alternate retail direction subject to rezoning requirements.
The property is located in Fort Myers Beach, directly across from Santini Plaza and among high-rise condominiums and high-end retail businesses. Its Southwest Florida setting places the building within an established commercial area with both office and retail context.
The property is located in Fort Myers Beach, directly across from Santini Plaza and among high-rise condominiums and high-end retail businesses. Its Southwest Florida setting places the building within an established commercial area with both office and retail context.
Key Highlights
- 7,709‑square‑foot office building constructed in 1979
- Retail rezoning potential for an alternate commercial use
- 29 parking spaces
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
$132,479
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
4.27%
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%
$2,649,580
$2.6M
Cap Rate 7%
$1,892,557
$1.9M
Cap Rate 9%
$1,471,989
$1.5M
Market Conditions
NOI Build-Up for 7,709 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
$192.4K $24.96/SF
− Vacancy
−$15.8K −$2.05/SF
EGI
$176.6K $22.91/SF
− OpEx
−$44.2K −$5.73/SF
NOI
$132.5K $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%
$2,649,580
Cap Rate 7%
$1,892,557
Cap Rate 9%
$1,471,989
Alternative Uses
Best Use
Office B
$1.89M
$1.66M – $2.21M
NOI $132,479 @ 7.0% cap · market cap 4.27%
Second Best
Retail
$1.44M
$1.26M – $1.69M
NOI $101,129 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,845 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Explore this area
Business Placement
Demographics for 33931, FL
9,389
Population
14,561
Households
0.6
Avg Household Size
68
Median Age
37%
College-Educated
97%
High-School Grad
10.3 sq mi
ZIP Area
912
Density / Sq Mi
$80,438
Median Household Income
$38,723
Median Earnings
$1,500
Median Rent
$475,100
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 - Owner-user office property with retail rezoning potential and on-site parking.
Where is this office units located?
The property is located at 7128-7132 Estero Blvd. Fort Myers Beach, FL.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 7,709‑square‑foot office building constructed in 1979; Retail rezoning potential for an alternate commercial use; 29 parking spaces
