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    Property profile & analytics

    2931 Michigan Ave Fort Myers, FL 33916

    • Office buildings
    • 6,880 SF
    • 2.40 lot acres
    For Lease
    View listing
    $31 SF/Yr
    Last Sale
    Apr 16, 2024
    $2,040,000
    Value Estimations
    $2,040,000
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US18-1454022
    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

    • Office buildings

    Property Details for 2931 Michigan Ave

    Year built
    1956
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.40 lot acres
    Property size
    6,880 SF
    Zone code
    C1
    Property type
    Office buildings
    APN
    18-44-25-P1-00003.0000
    APU
    184425P1000030000

    Description

    This newly renovated 3,400 square foot traditional office space in Fort Myers, Florida, offers a unique blend of functionality and security. Located at 2931 Michigan Ave, 33916, this single-tenant property sits on nearly an acre of land, providing ample space and privacy. The property boasts a comprehensive security system, including a coded electric gate, 24-hour camera surveillance, and key fob entry for secure 24/7 access to the building. The interior features a modern design and includes shared amenities with one other tenant, such as a kitchen, bathroom, and a large conference room. This exceptional location offers easy access to Interstate 75, less than four miles away, ensuring convenient commutes for employees and clients. The property is zoned CI (City of Fort Myers) within Lee County, making it suitable for a variety of professional businesses seeking a secure and well-maintained workspace. The combination of modern amenities, enhanced security features, and prime location makes this property an ideal choice for businesses prioritizing both functionality and peace of mind. This is a rare opportunity to secure a well-appointed office space in a highly desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,040,000
      ML approach
      $2,040,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,100,000
      6.5%
      $1,940,000
      7%
      $1,800,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,885,000
      Current use
      COMMERCIAL (GENERAL)
      $2,470,000
      Change: +31% Conversion: Easy
      MEDICAL BUILDING
      $1,830,000
      Change: -3% Conversion: Easy
      RETAIL STORES
      $1,790,000
      Change: -5% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,625,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8531
    Latitude
    26.6488
    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
    $19,210
    $177,255
    $728,207
    $905,462
    -
    $177,255
    $728,207
    $905,462

    Comparable in this City

    • Value Estimation
      $865,000
      3,870 SF

      2121 Frd St

      OFFICE BUILDING (MULTI-STORY) • 3,870 SF
      2121 Frd St, Fort Myers, FL 33916
      View Details
    • Value Estimation
      $5,005,000
      21,340 SF

      4310 Metro Pkwy

      OFFICE BUILDING (MULTI-STORY) • 21,340 SF
      4310 Metro Pkwy, Fort Myers, FL 33916-9462
      View Details
    • Value Estimation
      $630,000
      2,520 SF

      6940 Msn Ln

      OFFICE BUILDING (MULTI-STORY) • 2,520 SF
      6940 Msn Ln, Fort Myers, FL 33916-4862
      View Details
    • Value Estimation
      $1,425,000
      720 SF

      3550 Old Metro Pkwy

      OFFICE BUILDING (MULTI-STORY) • 720 SF
      3550 Old Metro Pkwy, Fort Myers, FL 33916-7523
      View Details
    • Value Estimation by Request
      180 SF

      2831 Hunter St

      OFFICE BUILDING (MULTI-STORY) • 180 SF
      2831 Hunter St, Fort Myers, FL 33916-7609
      View Details
    • Value Estimation by Request
      1,512 SF

      4220 Executive Cir, Unit 31

      PROFESSIONAL BUILDING • 1,512 SF
      4220 Executive Cir, Fort Myers, FL 33916-8005
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $25 SF/Yr
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      Fort Myers Executive Office Suites

      Prime Fort Myers location, modern office space.
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      Metro Park Executive Center

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    • $31 SF/Yr
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      Fort Myers Office: Secure & Renovated

      3,400 SF Office, Secured Yard, Great Location
      2931 Michigan Ave, Fort Myers, FL 33916
      View Details
    • Contact for pricing
      99,317 SF

      Fort Myers Industrial Land for Sale

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    • $15 SF/Yr
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      View Details
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    2931 Michigan Ave
    Fort Myers, FL 33916
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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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