49 8Th St Naples, FL 34102

This exceptional investment opportunity presents a vacant, single-story, 2,012 square foot freestanding office building situated in the highly desirable Olde Naples area, at 49 8th St N, Naples, FL 34102. The property boasts a prime Class B location, zoned O under the CRA Downtown Zoning overlay, offering significant redevelopment potential. With 19,000 square feet of air rights and a 7,500 square foot lot, this property is ideal for a mixed-use development, potentially accommodating two stories for medical use. Currently vacant, the building presents a blank canvas for a new owner-user or an investor seeking to capitalize on the strong rental market. The property's pro-forma NOI is $84,000, projecting a 3.00% cap rate. Comparable properties in the area command average lease rates of $42 per square foot, according to Compstack Lease reports. The 2022 tax bill was $7,705.11. This is a rare opportunity to acquire a freestanding medical office building with ample parking west of 41, within walking distance of 5th Avenue. The property is suitable for executive or medical office use. The building was renovated in 2001. There is potential to acquire the entire corner block (15,500 sq ft) for $7,000,000, allowing for a three-story mixed-use development with a FAR of 1.5. The property is offered fee simple.