Office for Sale
Catylist Listing ID: 30210077
Property Subtypes: Office Building
Building Size (RSF): 34,811 SF
Gross Building Area: 36,682 SF
Gross Land Area: 2.97 SF
Sale Price: $4,200,000
Unit Price: $120.65 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.3%
Average Occupancy Rate: 60
Last Updated: 8/23/2019

Overview / Comments

Property has a fully executed, multi-year lease in place with the State of Florida and the first floor is currently leased out. . With the State of Florida lease and with only 60% occupancy the building can be purchased at 7.3% cap rate. When the third floor is leased, the investor return should be in excess of a 9.1% yield. The building and parking lot have recent extensive renovations.

Building offers excellent parking and can accommodate usages such as call centers, etc.

Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Tax ID/APN: 364424P1000130020
Property Located Between: Behind the Edison Mall
Property Visibility: Excellent
Airports: RSW
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 14,365 SF
Year Built: 1986
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Parking Description: Building has excellent parking allowing uses such as call centers, etc.
Total Parking Spaces: 158
Passenger Elevators: 2
Sprinklers: Wet
Air Conditioning: Engineered System
Internet Access: Other
Zoning Description: CG
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: Strap #: 36-44-24-P1-00013.0020

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,899 66,162 149,902
Median Age: 37.13 40.29 43.21
Households: 5,191 27,974 64,222


Photograph of Listing Agent

Gary Crouse

RE/MAX Realty Group
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