For Sale
$2,800,000

49 8Th StNaples, FL 34102

Prime location, vacant, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • Vacant, 2,012 SF single-story office building in Olde Naples, FL.
  • Prime Class B location, zoned O with CRA Downtown Zoning overlay, offering redevelopment potential.
  • 19,000 SF air rights and 7,500 SF lot, ideal for mixed-use development (potential for two-story medical use).
  • Pro forma NOI of $84,000, projecting a 3.00% cap rate; 2022 taxes: $7,705.11.
  • Potential to acquire adjacent land (15,500 SF) for $7,000,000, allowing for a three-story mixed-use development with a 1.5 FAR.

Property Details for 49 8Th St

Property type
Office properties, Medical offices
Square Feet
2,012 SF
Class
B
Year Renovated
2001
Buildings
1
Stories
1
Units
1

Location Insight

City
Naples
County
Collier
State
Florida
Latitude
26.147608809789
Longitude
-81.796999147805
49 8Th St, Naples, Florida

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49 8Th St
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