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Property profile & analytics
OFF-MARKET
Estimated value
$1,500,000
Office buildings
2460 Palm Rdg Rd Sanibel, FL 33957-3202
Entity Owned
21-yr Hold
Free & Clear
Property ID
US18-5521982
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
4,536 SF
Lot
0.61 ac (26,552 SF)
Zoning code
TCG
APN
26-46-22-T2-0030E.0030
UPID
US18-5521982
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
-
Charitable Foundation of the Islands Association / Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.28M
Comparable Approach
Comparable
$1.70M
Blend (final)
Blend
$1.50M
Owner & transaction history
Rlr Investments LLC · 21 yrs held
Rlr Investments LLC
since 2005
1 recorded transaction
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
Top alternative use upside
Neighborhood: shopping center
$1.6M
+18.0%
Retail stores
$1.4M
+8.5%
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%
$1,385,000
6.5%
$1,280,000
7%
$1,190,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,315,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,550,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$1,425,000
Change: +8% · Conversion: Moderate
MEDICAL BUILDING
$1,295,000
Change: -1% · Conversion: Easy
Blend value · Realmo final
$1.50M
Range $1.35M – $1.65M · ±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
$331 / 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
$14,790
Tax year 2023
Assessed value
$1,538,083
Assessed 2023
Previous assessed
$1,438,581
+6.9% YoY
Effective rate
0.96%
On assessed value
Assessed land
$814,142
Assessed improvement
$723,941
Land market value
$814,142
Improvement market value
$723,941
Total market value
$1,538,083
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
AC.PACKAGE
Stories
1
Total area
4,536 SF
Lot
0.61 ac (26,552 SF)
Zoning code
TCG
APN
26-46-22-T2-0030E.0030
UPID
US18-5521982
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
OFFICE BUILDING Current
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.6M
RETAIL STORES
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.3M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
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
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.61 ac
Current owner
From public records · entity-resolved
Rlr Investments LLC
Entity
Free & Clear · 21 yrs held
Mailing address
600 GILLIAM RD, WILMINGTON, OH 45177-9089
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 18, 2005
$920,000
Rlr Investments LLC
Knutzen,walter
Warranty Deed
—
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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