Two-Level Office
For Sale
$1,095,000
905 Fitzhugh Street, Sanibel, FL 33957
CommercialSale, Sanibel, FL
Property Size3,000 SF
Lot Size0.26 Acres
Price / SF$365
Days on Market452
Property Features for 905 Fitzhugh Street
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
West on Periwinkle Way, Right on Fitzhugh St, Building is first on left.
Subdivision
SI01 - Sanibel Island
Standard status
Active
APN
19-46-23-T4-00902.0110
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
SANIBEL CENTER BLK 2 PB 7 PG 62 LOTS 11 + 12
Tax Annual Amount
6912
Legal Description
SANIBEL CENTER BLK 2 PB 7 PG 62 LOTS 11 + 12
Building Details
Year built
1974
Floors in Building
2
Listing Agency:
Pfeifer Realty Group LLC
(239) 472-0004
Listed By:
Kerri Maw · License #280596897
(239) 292-4944
Added: Jun 2, 2025
Changed: Aug 20
Last Checked: Aug 27 at 2:06PM
MLS# 225051228
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story commercial building contains 3,000 square feet, arranged with 1,500 square feet on each level. The first floor is configured as an open commercial area, while the upper floor is currently arranged as a two-bedroom apartment or office configuration. The property was built in 1974 and has 100 feet of side-street frontage.
Located at 905 Fitzhugh Street in Sanibel, the building carries Town Center Limited zoning. Its combination of open ground-floor space and separately configured upper-level rooms provides a clear physical layout for office-oriented use.
Located at 905 Fitzhugh Street in Sanibel, the building carries Town Center Limited zoning. Its combination of open ground-floor space and separately configured upper-level rooms provides a clear physical layout for office-oriented use.
Key Highlights
- 3,000‑square‑foot commercial building with 1,500 square feet on each level
- Open first‑floor layout
- Upper level currently configured with 2 bedrooms/offices
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
$51,555
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
4.71%
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%
$1,031,100
$1.0M
Cap Rate 7%
$736,500
$736.5K
Cap Rate 9%
$572,833
$572.8K
Market Conditions
NOI Build-Up for 3,000 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
$74.9K $24.96/SF
− Vacancy
−$6.1K −$2.05/SF
EGI
$68.7K $22.91/SF
− OpEx
−$17.2K −$5.73/SF
NOI
$51.6K $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%
$1,031,100
Cap Rate 7%
$736,500
Cap Rate 9%
$572,833
Alternative Uses
Best Use
Office B
$736.5K
$644.4K – $859.3K
NOI $51,555 @ 7.0% cap · market cap 4.71%
Second Best
Mixed Use
$528.8K
$462.7K – $616.9K
NOI $37,013 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$944.2K
$826.2K – $1.10M
NOI $66,096 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 33957, FL
6,382
Population
8,525
Households
0.7
Avg Household Size
68
Median Age
62%
College-Educated
99%
High-School Grad
16.2 sq mi
ZIP Area
394
Density / Sq Mi
$122,730
Median Household Income
$44,840
Median Earnings
$747
Median Rent
$912,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercial building with an open lower level and flexible upper-floor configuration in Town Center Limited zoning.
Where is this office building located?
The property is located at 905 Fitzhugh Street Sanibel, FL.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 3,000‑square‑foot commercial building with 1,500 square feet on each level; Open first‑floor layout; Upper level currently configured with 2 bedrooms/offices
