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    Class A Medical Office Space Title is generated by Realmo AI

    49 8th St N, Naples, FL 34102

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    Rare medical-approved parking ratio near downtown Naples.

    Type:Office
    Added:
    Jun 5, 2023
    Days on Market:
    1091
    Last Refresh:
    May 12 at 9:58 pm

    Property Features for 49 8th St N

    General Information

    Standard status
    Active
    Property subtype
    Office

    We can help!

    Listing Contact
    Mike Rivera

    Listing agent Mike Rivera License #FL BK661902

    Listing office Saggio Realty

    Listing date Jun 5, 2023

    Source Crexi

    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 Saggio Realty

    HighLights

    • Rare medical‑approved parking ratio West of 41 on Central Ave, walking distance to 5th Ave.
    • First‑floor, single‑tenant, free‑standing medical office.
    • Class A location office space steps away from historic downtown Naples.
    • Potential Seller Held financing.
    • Zoning: O Under the CRA overlay zone allowing redevelopment for mixed use (2 stories for medical).
    • Lease rates $55 to $60 per sqft inplace.

    Overview

    This commercial office space presents an excellent opportunity to acquire a Class A location. Potential seller financing is available. The property features a rare medical-approved parking ratio west of 41 on Central Avenue and is within walking distance of 5th Avenue. This first-floor, single-tenant, free-standing medical office is ready for new tenants or an owner-occupant. The location is steps away from historic downtown Naples, situated on a newly developed street with good foot traffic. The zoning is O under the CRA overlay zone, allowing for redevelopment for typical mixed-use, with the possibility of two stories for medical purposes. Lease rates in the area range from $55 to $60 per square foot. Comps include Lola 41 Restaurant at 560 9th St South, Smith Organic's at 944 7th Ave N, and Modani Napes at 110 9th S (Us 41). The 2022 tax bill was $7,705.11.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hickey Jill DPM Physician Naples Pharmacy Pharmacy

    Suggested Use

    Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Real Estate Agency Building Supply Auto Repair Shop Pharmacy

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

    Similar Places Nearby

    • Naples Coastal Animal Hospital — 956 2nd Ave N, Naples, FL 34102
    • Dr. Sterling Sigmond — 956 2nd Ave N, Naples, FL 34102

    Location Insight

    • Map
    • Local Demand
    City
    Naples
    County
    Collier
    State
    Florida
    Longitude
    -81.7972191
    Latitude
    26.1476006

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    FAQs

    What type of property is this?
    Medical Office Space - Rare medical-approved parking ratio near downtown Naples.
    Where is this medical office space located?
    The property is located at 49 8th St N Naples, FL.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: Rare medical‑approved parking ratio West of 41 on Central Ave, walking distance to 5th Ave.; First‑floor, single‑tenant, free‑standing medical office.; Class A location office space steps away from historic downtown Naples.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mike Rivera
    Real Estate License ID: FL BK661902
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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.

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