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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1516 Royal Palm Square Blvd Fort Myers, FL 33919

    • Office buildings
    • 3,368 SF
    • 0.40 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2034104
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commecial Property Specialists, Inc. / Property Management Company
    • Auriculotherapy Center-Stop / Medical Clinic
    • R.THAD GOODWIN, M.D. Ophthalmology / Eye Care Center
    • G-Force Dance Company / Training Center
    • Omega Portable Toilet Rentals / Building Supply

    Property Details for 1516 Royal Palm Square Blvd

    Year built
    1985
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.40 lot acres
    Property size
    3,368 SF
    Zone code
    CG
    Property type
    Office buildings
    APN
    02-45-24-P1-00400.0020
    APU
    024524P1004000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,030,000
      6.5%
      $950,000
      7%
      $880,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,063,000
      Market price range: $467k - $1.06M
      AI Estimate
      $735,000
      Market price range: $203k - $828k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $830,000
      Current use
      COMMERCIAL (GENERAL)
      $1,210,000
      Change: +45% Conversion: Easy
      MEDICAL BUILDING
      $895,000
      Change: +8% Conversion: Easy
      RETAIL STORES
      $875,000
      Change: +6% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $795,000
      Change: -4% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8848
    Latitude
    26.5939
    CBSA code
    15980
    CBSA name
    CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,220
    $138,537
    $592,142
    $730,679
    -
    $138,537
    $592,142
    $730,679

    Comparable in this City

    • Value Estimation
      $2,465,000
      9,412 SF

      6100 Winkler Rd

      PROFESSIONAL BUILDING • 9,412 SF
      6100 Winkler Rd, Fort Myers, FL 33919-8126
      View Details
    • Value Estimation by Request
      728 SF

      6214 Presidential Ct Ste A

      OFFICE BUILDING • 728 SF
      6214 Presidential Ct Ste A, Fort Myers, FL 33919-3591
      View Details
    • Value Estimation by Request
      728 SF

      6214 Presidential Ct Ste B

      OFFICE BUILDING • 728 SF
      6214 Presidential Ct Ste B, Fort Myers, FL 33919-3591
      View Details
    • Value Estimation
      $805,000
      2,464 SF

      6258 Presidential Ct

      OFFICE BUILDING (MULTI-STORY) • 2,464 SF
      6258 Presidential Ct, Fort Myers, FL 33919-3526
      View Details
    • Value Estimation
      $795,000
      7,400 SF

      6238 Presidential Ct

      OFFICE BUILDING (MULTI-STORY) • 7,400 SF
      6238 Presidential Ct, Fort Myers, FL 33919-3581
      View Details
    • Value Estimation
      $1,400,000
      8,916 SF

      6360 Presidential Ct

      OFFICE BUILDING (MULTI-STORY) • 8,916 SF
      6360 Presidential Ct, Fort Myers, FL 33919-3501
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,363 SF

      Office Space in Fort Myers

      Office spaces available in Fort Myers, Florida.
      6290 Corporate Ct, Fort Myers, FL 33919
      View Details
    • New
      $799,000
      4,105 SF

      Updated Home with Mother-in-Law Suite

      Updated 4100 sqft home with pool and private suite.
      729 Dean Way, Fort Myers, FL 33919
      View Details
    • New
      $3,689,000
      2.10 Acres

      Waterfront Land in Fort Myers

      2+ acre waterfront lot with 400 feet on Caloosahatchee River.
      8661 Cajuput Cv, Fort Myers, FL 33919
      View Details
    • $995,000
      0.31 Acres

      Waterfront Lot in Deep Lagoon

      Direct Gulf access lot in Deep Lagoon Estates, Fort Myers.
      122 Placid Dr, Fort Myers, FL 33919
      View Details
    • $1,850,000
      0.67 Acres

      Waterfront Lot Ready for Construction

      Cleared waterfront lot with Gulf access and stunning river views.
      6932 Old Whiskey Creek Dr, Fort Myers, FL 33919
      View Details
    • $1,050,000
      0.27 Acres

      Waterfront Land Ready For Development

      Direct gulf access lot, ideal for custom home.
      9980 Cypress Lake Dr, Fort Myers, FL 33919
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      2,325 SF

      Office Space Available For Rent

      Office spaces for rent in Fort Myers, Florida.
      6290-6296 Corporate Ct, Fort Myers, FL 33919
      View Details
    • $18 SF/Yr
      767 SF

      Fort Myers Office Space for Lease

      Prime location, single-tenant office.
      6360 Presidential Ct, Fort Myers, FL 33919
      View Details
    • $14 SF/Yr
      6,618 SF

      Office Space For Rent

      6,618 square feet of office space available for lease.
      1516 Royal Palm Square Blvd, Fort Myers, FL 33919
      View Details
    • Contact for pricing
      2,264 SF

      Office Space For Rent

      Office space available for lease in Fort Myers, Florida.
      9371 Cypress Lake Dr, Fort Myers, FL 33919
      View Details
    • $2,500 /Mo
      6,168 SF

      Move-in Ready Fort Myers Office

      Office space in a convenient Fort Myers location, move-in ready.
      6226 Presidential Ct, Fort Myers, FL 33919
      View Details
    • $9 SF/Yr
      39,664 SF

      Cypress Square: Fort Myers Office/Retail

      Prime Fort Myers location, upscale shops & restaurants.
      13451 Mcgregor Blvd, Fort Myers, FL 33919
      View Details
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    1516 Royal Palm Square Blvd
    Fort Myers, FL 33919
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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
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