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

    16051 1st Dr North Fort Myers, FL 33903-2205

    • Warehouses
    • 7,790 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Feb 20, 2025
    $1,555,000
    Value Estimations
    $1,465,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1996206
    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

    • Warehouses

    Property Details for 16051 1st Dr

    Year built
    1981
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.66 lot acres
    Property size
    7,790 SF
    Zone code
    C-2
    Property type
    Warehouses
    APN
    27-43-24-05-00007.0000
    APU
    27432405000070000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,325,000
      6.5%
      $1,220,000
      7%
      $1,135,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,530,000
      Market price range: $943k - $2.36M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,475,000
      Current use
      OFFICE BUILDING
      $2,135,000
      Change: +44% Conversion: Difficult
      MEDICAL BUILDING
      $2,070,000
      Change: +40% Conversion: Difficult
      RETAIL STORES
      $2,030,000
      Change: +37% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,840,000
      Change: +25% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    North Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8922
    Latitude
    26.6977
    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
    $7,796
    $207,930
    $585,831
    $793,761
    -
    $207,930
    $585,831
    $793,761

    Comparable in this City

    • Value Estimation
      $1,890,000
      11,600 SF

      8330 Littleton Rd

      MINI-WAREHOUSE, STORAGE • 11,600 SF
      8330 Littleton Rd, North Fort Myers, FL 33903-2223
      View Details
    • Value Estimation
      $825,000
      6,235 SF

      190 Evergreen Rd

      WAREHOUSE, STORAGE • 6,235 SF
      190 Evergreen Rd, North Fort Myers, FL 33903-3857
      View Details
    • Value Estimation
      $880,000
      8,000 SF

      4441 Hancock Brg Pkwy

      WAREHOUSE, STORAGE • 8,000 SF
      4441 Hancock Brg Pkwy, North Fort Myers, FL 33903-4252
      View Details
    • Value Estimation
      $1,050,000
      7,500 SF

      8260 Engle Pl

      WAREHOUSE, STORAGE • 7,500 SF
      8260 Engle Pl, North Fort Myers, FL 33903-2234
      View Details
    • Value Estimation
      $670,000
      4,170 SF

      2590 Tamiami Trl

      MINI-WAREHOUSE, STORAGE • 4,170 SF
      2590 Tamiami Trl, North Fort Myers, FL 33903-2312
      View Details
    • Value Estimation
      $1,000,000
      7,200 SF

      16071 Pinto Dr

      WAREHOUSE, STORAGE • 7,200 SF
      16071 Pinto Dr, North Fort Myers, FL 33903-2201
      View Details

    Similar Nearby for Sale

    • $499,900
      Pending

      North Fort Myers Warehouse Opportunity

      Open warehouse space in high-traffic area near downtown.
      1069 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $550,000

      Office and Warehouse Space Available

      Office and warehouse space with fenced yard for sale.
      1206 Pondella Cir, North Fort Myers, FL 33903
      View Details
    • $650,000
      1.41 Acres

      Prime Commercial Land on US 41

      Corner commercial outparcel with high visibility and development approvals.
      18981 Del Tura Plz Ln, North Fort Myers, FL 33903
      View Details
    • $200,000
      0.35 Acres

      Waterfront Four-Plex Lots Available

      Waterfront lots for four-plex buildings in Moody River Estates.
      3191 Sea Trawler Bnd, North Fort Myers, FL 33903
      View Details
    • $149,000

      Residential Property in North Fort Myers

      Residential property for sale in North Fort Myers, Florida.
      485 Jacklin Ln, North Fort Myers, FL 33903
      View Details
    • $599,999

      North Fort Myers Commercial Land

      High visibility commercial land with mixed-use overlay approval.
      1701 N Tamiami Trl, North Fort Myers, FL 33903
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      7,792 SF

      North Fort Myers Warehouse Space

      Versatile unit with office, warehouse, and loading dock.
      19751 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $1.50 SF/Yr

      Secure, Accessible Industrial Property

      Ready-to-use industrial property with advanced security and accessibility features.
      2521 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • Contact for pricing
      15,192 SF

      Freestanding Commercial Building on US 41

      15,192 SF commercial building on 2.23 acres in North Fort Myers.
      1750 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $1,350 /Mo

      Renovated Duplex with Private Patio

      Newly renovated duplex for rent with screened-in front patio.
      1108 8 Way, Fort Myers, FL 33903
      View Details
    • $8,333 /Mo

      Retail Space in Publix-Anchored Center

      Retail space available in a Publix-anchored shopping center.
      17910 N Tamiami Trl, North Fort Myers, FL 33903
      View Details
    • $24 SF/Yr
      194,427 SF

      Fort Myers Retail Space Available

      Prime location, 833 sq ft, strong anchors.
      15201 Cleveland Ave, Fort Myers, FL 33903
      View Details
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    North Fort Myers, FL 33903-2205
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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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