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    49 8Th St Naples, FL 34102

    Sponsored
    For Sale
    $2,800,000

    Prime location, vacant, redevelopment potential.

    Property size:
    2,012 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a vacant, single-story, 2,012 square foot freestanding office building situated in the highly desirable Olde Naples area, at 49 8th St N, Naples, FL 34102. The property boasts a prime Class B location, zoned O under the CRA Downtown Zoning overlay, offering significant redevelopment potential. With 19,000 square feet of air rights and a 7,500 square foot lot, this property is ideal for a mixed-use development, potentially accommodating two stories for medical use. Currently vacant, the building presents a blank canvas for a new owner-user or an investor seeking to capitalize on the strong rental market. The property's pro-forma NOI is $84,000, projecting a 3.00% cap rate. Comparable properties in the area command average lease rates of $42 per square foot, according to Compstack Lease reports. The 2022 tax bill was $7,705.11. This is a rare opportunity to acquire a freestanding medical office building with ample parking west of 41, within walking distance of 5th Avenue. The property is suitable for executive or medical office use. The building was renovated in 2001. There is potential to acquire the entire corner block (15,500 sq ft) for $7,000,000, allowing for a three-story mixed-use development with a FAR of 1.5. The property is offered fee simple.

    Property Features for 49 8Th St

    General Information

    Property type
    Medical offices
    Square Feet
    2,012 SF
    Class
    B

    Building Details

    Year Renovated
    2001
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • Vacant, 2,012 SF single‑story office building in Olde Naples, FL.
    • Prime Class B location, zoned O with CRA Downtown Zoning overlay, offering redevelopment potential.
    • 19,000 SF air rights and 7,500 SF lot, ideal for mixed‑use development (potential for two‑story medical use).
    • Pro forma NOI of $84,000, projecting a 3.00% cap rate; 2022 taxes: $7,705.11.
    • Potential to acquire adjacent land (15,500 SF) for $7,000,000, allowing for a three‑story mixed‑use development with a 1.5 FAR.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hickey Jill DPM Podiatrist Naples Pharmacy Pharmacy

    Suggested Use

    Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Realty agency Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Naples
    County
    Collier
    State
    Florida
    Longitude
    -81.796999147805
    Latitude
    26.147608809789

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    FAQs

    What type of property is this?
    Medical office - Prime location, vacant, redevelopment potential.
    Where is this medical office located?
    The property is located at 49 8Th St Naples, FL.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: Vacant, 2,012 SF single-story office building in Olde Naples, FL.; Prime Class B location, zoned O with CRA Downtown Zoning overlay, offering redevelopment potential.; 19,000 SF air rights and 7,500 SF lot, ideal for mixed-use development (potential for two-story medical use).
    Request Owner's contact information
    49 8Th St Naples, FL 34102
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    Naples, FL 34102
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    Realmo Value Estimation

    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.

    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.

    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
    49 8Th St Naples, FL 34102
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