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Property profile & analytics
FOR SALE
Strip malls
2440 Palm Ridge Rd Sanibel, FL 33957
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-4034260
For Sale
1 / 19
$2,700,000
2440 Palm Ridge Rd, Sanibel, FL 33957
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
4,066 SF
Lot
0.63 ac (27,512 SF)
Zoning code
TCG
APN
26-46-22-T2-0030E.0060
UPID
US18-4034260
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Great White Grill Restaurant
-
Sunset Air and Home Services Hardware & Home Improvement HVAC Service
-
Keller Williams Realty - Ashton Kirchner Group Real Estate Agency
-
Newport Property Construction Construction Company General Contractor
-
Pelican Place Shopping Center & Mall
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$995k
Comparable Approach
Comparable
$754k
Blend (final)
Blend
$1.09M
Owner & transaction history
Palm Ridge Associates INC · 6 yrs held
Palm Ridge Associates INC
since 2019
3 recorded transactions
Zoning & alternative use
TCG · Sanibel, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the TCG town center general commercial district is to provide for commercial and mixed use development in the geographical center of the city. Because of this area's relatively good access from Periwinkle Way, Palm Ridge Road and Tarpon Bay Road and proximity to civic, cultural and governmental uses, the town center general district is a prefe…
Zone name
Town Center General
General category
MIXED_USE
Zone area
49.04 ac
Source
Realmo
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Sanibel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sanibel submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,075,000
6.5%
$995,000
7%
$920,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,390,000
Current use
RETAIL STORES
$1,280,000
Change: -8% · Conversion: Easy
OFFICE BUILDING
$1,180,000
Change: -15% · Conversion: Moderate
MEDICAL BUILDING
$1,160,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$1.09M
Range $977k – $1.19M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$267 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$25,454
Tax year 2023
Assessed value
$2,732,369
Assessed 2023
Previous assessed
$2,368,466
+15.4% YoY
Effective rate
0.93%
On assessed value
Assessed land
$1,577,760
Assessed improvement
$1,154,609
Land market value
$1,577,760
Improvement market value
$1,154,609
Total market value
$2,732,369
Applied tax rate
10.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Sale
Year built
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
AC.PACKAGE
Stories
2
Total area
4,066 SF
Lot
0.63 ac (27,512 SF)
Zoning code
TCG
APN
26-46-22-T2-0030E.0060
UPID
US18-4034260
Jurisdiction
LEE
Zoning & alternative use
TCG · Sanibel, FLZoning TCG · permitted uses
TCG · Sanibel, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the TCG town center general commercial district is to provide for commercial and mixed use development in the geographical center of the city. Because of this area's relatively good access from Periwinkle Way, Palm Ridge Road and Tarpon Bay Road and proximity to civic, cultural and governmental uses, the town center general district is a preferred location for retail and mixed use development and therefore higher floor area ratios are permitted. The TCG town center general commercial district is designed to provide a wide variety and mixture of retail, office, and service uses, along with integrated residential uses of low and moderate intensities.
Zone name
Town Center General
General category
MIXED_USE
Zone area
49.04 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.4M
RETAIL STORES
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.2M
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
OFFICE BUILDING
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1980
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
2
Lot
0.63 ac
Current owner
From public records · entity-resolved
Palm Ridge Associates INC
Entity
Mailing address
6838 SILVER ANN DR, LORTON, VA 22079-1326
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 11, 2019
—
Palm Ridge Associates INC
—
Deed
related
$1,200,000 · Sanibel Captiva Cmnty Bk
—
—
Palm Ridge Associates INC
—
Deed Of Trust
related
$1,200,000 · Sanibel Captiva Cmnty Bk
—
—
Palm Ridge Associates INC
—
Deed Of Trust
related
$329,000 · Wachovia Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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