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    15850 Mcgregor Blvd Fort Myers, FL 33908

    Sponsored
    For Sale
    $2,495,000

    Prime 4.77-acre development site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    410
    This exceptional 4.77-acre parcel in Fort Myers, Florida, presents a remarkable opportunity for residential development. Located at 15850 McGregor Blvd, in Lee County (zip code 33908), this fully entitled Planned Development site is approved for 35 townhomes, totaling approximately 50,628 square feet. The property boasts a prime location on a major corridor connecting downtown Fort Myers to Sanibel Island, offering convenient access to major retailers, Sanibel Outlets, and Publix. The site sits at the entrance to Windward Way Condominiums, benefiting from its established residential surroundings. Existing infrastructure includes access, utility, and stormwater easements. The strong multifamily demand in Southern Lee County, coupled with a shrinking supply, creates a highly favorable market for this project. The proximity to Florida Gulf Coast University adds to the potential rental demand. Major roadways like I-75 and Tamiami Trail provide easy access for commuters. The location also offers convenient access to Sanibel Island, further enhancing its appeal. The seller is open to considering all offers and terms. APN: 36-45-23-21-00000.00A0. The asking price is $2,495,000. Ownership is Fee Simple.

    Property Features for 15850 Mcgregor Blvd

    General Information

    Property type
    Land
    Lot Size
    207,781 SF

    We can help!

    Listing Contact
    Brad Kuskin
    Brad Kuskin

    Learn more

    HighLights

    • Fully approved site available, or seller will provide time for buyer to obtain approvals.
    • Existing utility, stormwater, and access easements.
    • High demand for mid‑range residential in the rapidly growing Fort Myers/Cape Coral market.
    • Convenient access to McGregor Blvd and major employment/recreational areas.
    • Seller will consider all offers and terms.
    • Broker protection offered.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.955076
    Latitude
    26.511016

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    FAQs

    What type of property is this?
    Land - Prime 4.77-acre development site
    Where is this land located?
    The property is located at 15850 Mcgregor Blvd Fort Myers, FL.
    What is the asking price?
    The asking price for this property is $2,495,000.
    What are key features of this property?
    This property features: Fully approved site available, or seller will provide time for buyer to obtain approvals.; Existing utility, stormwater, and access easements.; High demand for mid-range residential in the rapidly growing Fort Myers/Cape Coral market.
    (561) 232-7899
    Request Owner's contact information
    15850 Mcgregor Blvd Fort Myers, FL 33908
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    Fort Myers, FL 33908
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    15850 Mcgregor Blvd Fort Myers, FL 33908
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    We can help!
    Listing Contact
    Brad Kuskin
    Brad Kuskin
    Real Estate License ID: BK3333122
    (561) 232-7899
    Learn more
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