16350 Innovation LN Active Save Request In-Person Tour Request Virtual Tour
Fort Myers,FL 33913
Key Details
Property Type Condo, Manufactured Home, Commercial
Sub Type Industrial: Business Park,Industrial: Condominium,Industrial: Distribution Warehouse,Industrial: Flex Space,Industrial: Manufacturing,Industrial: Warehouse
Listing Status Active
Purchase Type For Sale
Square Footage 20,666 sqft
Price per Sqft $261
MLS Listing ID 224086054
Year Built 2022
Annual Tax Amount $7,810
Tax Year 2023
Lot Size 0.474 Acres
Property Description
Investment Opportunity: Value-Add Flex Space in Fort Myers FL
16350 Innovation Lane
Fort Myers FL 33913
This 20,666 square foot flex-style warehouse offers a unique value-add investment opportunity. Currently configured for eight individual units, only 50% of the space is leased, providing a chance to increase income through additional leasing.
Property Details:
? Total Size: 20,666 square feet
? Current Occupancy: 50% leased
? Lease Terms: 10,333 square feet leased at $13,241.66 per month ($158,899.92 annually)
? Vacant Space: 10,333 square feet, divisible into four units of 2,583 square feet each
? Potential Rental Income: Lease vacant units at $19.00 per square foot for a total of $196,308 annually.
Financial Projections:
? Base Price: $5,300,000 ($256.46 PSF)
? Improvement Costs (for four separate units): $300,000
? Total Investment: $5,600,000
? Projected Total Income: $355,207
? Cap Rate: 6.7%
? Estimated Gross Income in 2027: $400,000
? Estimated Cap Rate (post-improvements): 7.45%
Location
State FL
County Lee
Area Fm20 - Fort Myers Area
Interior
Inclusions Building only
Exterior
Utilities Available Electricity Available,Sewer Available,Trash Removal,Water Available
Waterfront No
Waterfront Description None
Building
New Construction No