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 Market706
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
Listed By:
Michael Frye · License #FL 3197869
(239) 281-0441
Source:
Crexi
Added: Nov 6, 2024
Changed: Sep 13
Last Checked: Oct 12 at 5:18PM
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 / Yr
$304,736
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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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
