Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3875 Michigan Ave Fort Myers, FL 33905-4901

    • Commercial land
    • 2.44 lot acres
    OFF-MARKET
    Last Sale
    Dec 01, 2023
    $1,790,000
    Value Estimations
    $1,885,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3281606
    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

    • Commercial land

    Property Details for 3875 Michigan Ave

    Lot size
    2.44 lot acres
    Zone code
    CI CI
    Property type
    Commercial land
    APN
    16-44-25-P3-00069.0030
    APU
    164425P3000690030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,990,000
      ML approach
      $1,975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Myers
    County
    Lee
    State
    Florida
    Longitude
    -81.8084
    Latitude
    26.6494
    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
    $3,087
    $295,972
    $0.00
    $295,972
    -
    $295,972
    $0.00
    $295,972

    Comparable in this City

    • Value Estimation by Request
      2.61 Acres

      3140 Joppa Ln

      VACANT COMMERCIAL LAND • 2.61 Acres
      3140 Joppa Ln, Fort Myers, FL 33905-5902
      View Details
    • Value Estimation by Request
      0.28 Acres

      313 Kingston Dr

      VACANT COMMERCIAL LAND • 0.28 Acres
      313 Kingston Dr, Fort Myers, FL 33905
      View Details
    • Value Estimation by Request
      0.14 Acres

      12220 Palm Bch Blvd

      VACANT COMMERCIAL LAND • 0.14 Acres
      12220 Palm Bch Blvd, Fort Myers, FL 33905-4805
      View Details
    • Value Estimation by Request
      0.14 Acres

      12936 Palm Bch Blvd

      VACANT COMMERCIAL LAND • 0.14 Acres
      12936 Palm Bch Blvd, Fort Myers, FL 33905-1933
      View Details
    • Value Estimation by Request
      7.40 Acres

      14661 Palm Bch Blvd, Unit 691

      VACANT COMMERCIAL LAND • 7.40 Acres
      14661 Palm Bch Blvd, Fort Myers, FL 33905-2301
      View Details
    • Value Estimation by Request
      0.46 Acres

      9450 Workmen Way

      VACANT COMMERCIAL LAND • 0.46 Acres
      9450 Workmen Way, Fort Myers, FL 33905-5213
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land Parcel on State Road 80

      Land with highway frontage near Caloosahatchee and Orange Rivers.
      5750 Palm Beach Blvd, Fort Myers, FL 33905
      View Details
    • Contact for pricing

      Land Near I-75 and Retail

      Commercial land with high visibility near I-75 and retailers.
      9180 Forum Corporate Pkwy, Fort Myers, FL 33905
      View Details
    • $2,500,000

      Prime Commercial Out Parcel

      2.75+/- acre commercial land suitable for retail, office, and more.
      2617 Forum Blvd, Fort Myers, FL 33905
      View Details
    • $185,000
      0.07 Acres

      RV Lot in Resort Community

      RV lot in a 5-star resort with mature landscaping.
      5509 Cypress Trl Resort Cir, Fort Myers, FL 33905
      View Details
    • $155,000
      0.10 Acres

      Laguna Caribe RV Lot Opportunity

      Premium RV lot in luxury motorcoach resort with upscale amenities.
      5570 Laguna Caribe Cir, Fort Myers, FL 33905
      View Details
    • $3,000,000
      47.79 Acres

      Buckingham Road Land Opportunity

      47.79 acres of commercial land for sale in Fort Myers.
      Buckingham Rd, Fort Myers, FL 33905
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Pad Site For Rent

      0.95 AC pad site near future Amazon fulfillment center.
      2380 Champion Ring Rd, Fort Myers, FL 33905
      View Details
    • $1.00 SF/Yr
      8 SF

      Industrial Land Lease Opportunity

      8-acre industrial land for lease, ideal for storage/parking.
      9039 High Cotton Ln, Fort Myers, FL 33905
      View Details
    • $14 SF/Yr
      15,490 SF

      Warehouse Space with I-75 Visibility

      15,490 SF rear-load warehouse space available for lease.
      9353 Laredo Ave, Fort Myers, FL 33905
      View Details
    • Contact for pricing
      1,253 SF

      Retail Space at The Forum

      Retail space available in high-traffic Fort Myers location.
      3230-3268 Forum Blvd, Fort Myers, FL 33905
      View Details
    • $3,500 /Mo
      2,000 SF

      Flex Space Available For Rent

      Flex units with ground level doors and high ceilings.
      5701 Country Lakes Dr, Fort Myers, FL 33905
      View Details
    • $2,500 /Mo
      1,900 SF

      Industrial Space with Fenced Yard

      Industrial property for rent with paved and fenced yard.
      5882 Enterprise Pkwy, Fort Myers, FL 33905
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3875 Michigan Ave
    Fort Myers, FL 33905-4901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.