Combined Units in Municipal
For Sale
Contact for pricing
1015 & 1013 5th Ave N, Naples, FL 34102
Two combined units in a desirable downtown location.
Property Size1,762 SF
Price / SF$538.59
Days on Market659
Property Features for 1015 & 1013 5th Ave N
General Information
Standard status
Active
Size
1,762 SF
Total Parking Spaces
120
Property subtype
Office, Retail, Special Purpose
Zoning
D-DOWNTOWN DISTRICT
Investment Type
Owner/User
Building Details
Year Built
1974
Year Renovated
2024
Buildings
1
Stories
1
Units
2
Listing Agency:
Premier Property Management
(239) 370-2319
Listed By:
FILIPPO MASTROCOLA · License #FL 3234352
Source:
Crexi
Added: Nov 5, 2024
Changed: Aug 14
Last Checked: Aug 26 at 1:21AM
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 Premier Property Management
Investment Insights
Based on property information with market context.
Located in the D-Downtown district, these two combined units offer a total of 1,762 square feet of space. The units, 1013 and 1015, have been opened up to create one large area featuring 10-foot ceilings and two bathrooms. Situated in Municipal Plaza, the property is conveniently located near City Hall, restaurants, a new playhouse, medical services, and the Naples building department. The location is suitable for professional office or retail use, complemented by an established mix of businesses within the plaza. A large overhead door provides convenient rear alley access. The new buyer has the option to install covered parking in the rear alley way. The units can be easily modified to suit a new owner’s needs. The entire plaza has been recently upgraded with brand new impact glass store fronts, and the association boasts substantial invested financial reserves.
Key Highlights
- Combined units offering a large 1,762 sqft space, ideal for office or retail.
- Prime D‑Downtown location in Municipal Plaza, convenient to key city amenities.
- Option to install covered parking in the rear alley.
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
$36,275
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
3.82%
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%
$725,500
$725.5K
Cap Rate 7%
$518,214
$518.2K
Cap Rate 9%
$403,056
$403.1K
Market Conditions
NOI Build-Up for 1,762 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
$52.9K $30.00/SF
− Vacancy
−$4.5K −$2.55/SF
EGI
$48.4K $27.45/SF
− OpEx
−$12.1K −$6.86/SF
NOI
$36.3K $20.59/SF
Area
Collier County, FL
Vacancy
8.50%
Lease Rate
$30.00 /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%
$725,500
Cap Rate 7%
$518,214
Cap Rate 9%
$403,056
Alternative Uses
Best Use
Office B
$518.2K
$453.4K – $604.6K
NOI $36,275 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.2K
$618.8K – $825.0K
NOI $49,502 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,643
Businesses Nearby
Explore this area
Business Placement
Demographics for 34102, FL
10,496
Population
9,791
Households
1.1
Avg Household Size
64
Median Age
58%
College-Educated
96%
High-School Grad
5.6 sq mi
ZIP Area
1,874
Density / Sq Mi
$115,927
Median Household Income
$57,254
Median Earnings
$1,491
Median Rent
$1,422,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two combined units in a desirable downtown location.
Where is this office units located?
The property is located at 1015 & 1013 5th Ave N Naples, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Combined units offering a large 1,762 sqft space, ideal for office or retail.; Prime D‑Downtown location in Municipal Plaza, convenient to key city amenities.; Option to install covered parking in the rear alley.
