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    The Largest CRE Database in the US with Over 1 Million Listings

    2868-2870 Joel Blvd Alva, FL 33920

    Sponsored
    For Sale
    $2,700,000

    Prime Lee County land, ideal for development.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    411
    This exceptional 22.09-acre property in Alva, Florida, presents a unique investment opportunity. Located at the southeast corner of Palm Beach Boulevard (SR-80) and Joel Boulevard, this strategically positioned land boasts a signalized intersection with significant frontage along SR-80, a major thoroughfare with a daily traffic count of 27,000 vehicles. Currently zoned AG-2, the property is ripe for rezoning and development, offering diverse potential uses. Proposed uses include a convenience store/gas station, fast-food restaurant, retail space, a manufactured homes/mobile home park, a religious facility, or self-storage. The asking price is $2,700,000, translating to $122,227.25 per acre. This land offers high visibility and accessibility, making it an attractive prospect for investors seeking a high-traffic location in a growing area. The address is 2868-2870 Joel Boulevard, Alva, FL 33920. This is a rare opportunity to acquire a substantial parcel of land with significant development potential in a desirable Lee County location. Don't miss this chance to capitalize on the growth and potential of this prime real estate.

    Property Features for 2868-2870 Joel Blvd

    General Information

    Property type
    Farms
    Lot Size
    962,240 SF

    We can help!

    Listing Contact
    Bruce Micciche, CCIM
    Bruce Micciche, CCIM

    Learn more

    HighLights

    • Ideal for agricultural use or future rezoning and development.
    • High‑traffic corner lot at the intersection of Palm Beach Boulevard (SR 80) and Joel Boulevard.
    • Signalized intersection with excellent SR 80 frontage.
    • Suitable for various uses including convenience store/gas station, fast food, retail, manufactured/mobile home park, religious facility, and self‑storage.
    • SR 80 boasts 27,000 vehicles per day.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Auto Repair Shop Clothing Store Auto Parts Store Department Store Kitchen & Bath Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Alva
    County
    Lee
    State
    Florida
    Longitude
    -81.5999821
    Latitude
    26.7038842

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    FAQs

    What type of property is this?
    Farm - Prime Lee County land, ideal for development.
    Where is this farm located?
    The property is located at 2868-2870 Joel Blvd Alva, FL.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: Ideal for agricultural use or future rezoning and development.; High-traffic corner lot at the intersection of Palm Beach Boulevard (SR 80) and Joel Boulevard.; Signalized intersection with excellent SR 80 frontage.
    Request Owner's contact information
    2868-2870 Joel Blvd Alva, FL 33920
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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
    2868-2870 Joel Blvd Alva, FL 33920
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    We can help!
    Listing Contact
    Bruce Micciche, CCIM
    Bruce Micciche, CCIM
    Real Estate License ID: FL BK3270705
    Learn more
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