Waterfront Office with Development
For Sale
Contact for pricing
3111 E Riverside Dr, Fort Myers, FL 33916
9,200 SF Class A office with river views.
Property Size24,700 SF
Lot Size1.06 Acres
Price / SF$141.50
Days on Market661
Property Features for 3111 E Riverside Dr
General Information
Standard status
Active
Size
24,700 SF
Class
A
Lot size
1.06 Acres
Property subtype
Industrial, Mixed Use, Office
Zoning
CG
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1935
Year Renovated
2023
Stories
1
Tenancy
Multi
Listing Agency:
RE/MAX Realty Group
(239) 281-0441
Listed By:
Michael Frye · License #FL 3197869
Source:
Crexi
Added: Nov 6, 2024
Changed: Aug 28
Last Checked: Aug 28 at 9:02PM
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 Group
Investment Insights
Based on property information with market context.
This property features a 9,200 square foot Class A office space with views of the Caloosahatchee River. The space includes 12 offices and an approximately 1,000 square foot executive suite facing the river. The property includes a 60-foot floating dock, three outside decks, and a rooftop terrace. The building has new AC units installed after Hurricane Ian, as well as new LED lighting with 92% full spectrum light at 25% electric costs. High-speed internet with an installed Google Nest system is available. A new Firestone TPO roof with a remaining multi-year warranty covers the main waterfront office sections. Hurricane-resistant windows, tested to 185 mph, come with a lifetime warranty guaranteeing they will withstand 175 mph winds. The property is completely fenced with security-coded gate access and lighting. There are 36 total existing parking spaces. A 24-space parking lot expansion plan is available upon request. The property has a previously approved Planned Unit Development (PUD) for a high-rise development. The property consists of 1.06 acres, with an additional 0.41-acre lot across the street. The vacant lot next door was purchased by the City of Fort Myers with the intent to build a new city boat ramp.
Key Highlights
- Hurricane resistant windows with lifetime warranty (up to 175 mph)
- New Firestone TPO roof with remaining multi‑year warranty
- Magnificent views of the Caloosahatchee River from Class “A” office space
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
$304,736
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
8.72%
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%
$6,094,720
$6.1M
Cap Rate 7%
$4,353,371
$4.4M
Cap Rate 9%
$3,385,956
$3.4M
Market Conditions
NOI Build-Up for 24,700 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
$518.7K $21.00/SF
− Vacancy
−$31.1K −$1.26/SF
EGI
$487.6K $19.74/SF
− OpEx
−$182.8K −$7.40/SF
NOI
$304.7K $12.34/SF
Area
Lee County, FL
Vacancy
6.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$6,094,720
Cap Rate 7%
$4,353,371
Cap Rate 9%
$3,385,956
Alternative Uses
Best Use
Office B
$6.06M
$5.31M – $7.07M
NOI $424,469 @ 7.0% cap · market cap 12.15%
Second Best
Mixed Use
$4.35M
$3.81M – $5.08M
NOI $304,736 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$7.77M
$6.80M – $9.07M
NOI $544,190 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
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?
Mixed-use property - 9,200 SF Class A office with river views.
Where is this mixed-use property located?
The property is located at 3111 E Riverside Dr Fort Myers, FL.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: Hurricane resistant windows with lifetime warranty (up to 175 mph); New Firestone TPO roof with remaining multi‑year warranty; Magnificent views of the Caloosahatchee River from Class “A” office space
