2529 Simpson StFort Myers, FL 33901

Property Details for 2529 Simpson St

Year built

1966

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.18 AC

Property size (Sq ft)

1,600 SF

Zone code

C1

Property type

Turn key restaurants

APN

25-44-24-P3-03406.0140

APU

254424P3034060140

Description

This exceptional investment opportunity presents a free-standing restaurant building located at 2529 Simpson St, Fort Myers, FL 33901. The property, situated on a 7,841 square foot lot, boasts 1,600 square feet of space and offers ten parking spaces. Built in 1966 and renovated in 2019, the single-story building is zoned CG and benefits from a strong location on the busy Fowler corridor. The property is currently under a new five-year net lease, generating a Net Operating Income (NOI) of $18,000, with a projected 3% annual increase. This translates to a compelling pro-forma cap rate of 5.62%. The asking price is $320,000, resulting in a price per square foot of $200. The high demand for second-generation restaurant spaces in this area, coupled with the surrounding concentration of retail, professional, and medical offices, and industrial businesses, ensures a robust daytime population and strong future potential. The property's occupancy date is August 1st, 2024. This is a turnkey investment opportunity with a proven track record of rapid lease-up, making it an attractive addition to any portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $623,892

  6.5%

  $575,900

  7%

  $534,764

• Comparable approach

  Method

  Valuation

  Relative Method

  $808,858

  Geo Method

  $736,364

• Alternative Use

  Use

  Valuation

  Residential

  $485,793

  Hospitality

  $444,984

  Educational

  $370,222

  Medical

  $382,954

  Retail

  $575,900

Location Insight

City

Fort Myers

County

Lee

State

Florida

Latitude

26.6138

Longitude

-81.8612

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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