506 47Th TerCape Coral, FL 33904

Property Details for 506 47Th Ter

Year built

2002

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.46 AC

Property size (Sq ft)

4,891 SF

Zone code

SC

Property type

Medical offices

Property subtype

Medical centers

APN

12-45-23-C3-00085.0340

APU

124523C3000850340

Description

This 4,891 sq ft Class B medical office building in Cape Coral, FL, is a prime investment opportunity. Currently 100% occupied by two tenants: an owner-user MRI center (including equipment) and a physician services & rehab practice. The building features dedicated MRI and X-ray rooms, representing approximately $2,000,000 in improvements, built to medical imaging standards. The property boasts a highly desirable location, next to Lee Physician Group and near the upcoming Lee Health Clinic at Bimini Square (slated to open Summer 2025), a development including retail, office space, a waterfront restaurant, and 218 apartments. Benefiting from high traffic counts (over 35,000 AADT on Cape Coral Parkway E. and Palm Tree Drive), this single-story, 2-unit building sits on one parcel from Cape Coral Parkway. The property is zoned MXB and offers a strong investment potential in a rapidly growing area (Lee County adds 90 residents daily). The medical tenant leases 2,800 square feet. This is an owner-user opportunity with a strong existing tenant base. The building was constructed in 2002.

• CAP approach

  CAP return

  Valuation

  6%

  $1,297,387

  6.5%

  $1,197,588

  7%

  $1,112,046

• Comparable approach

  Method

  Valuation

  Relative Method

  $981,182

  Geo Method

  $893,243

• Alternative Use

  Use

  Valuation

  Residential

  $1,485,010

  Hospitality

  $1,360,261

  Educational

  $1,131,721

  Medical

  $1,170,643

  Retail

  $1,760,455

Location Insight

City

Cape Coral

County

Lee

State

Florida

Latitude

26.5635

Longitude

-81.9632

CBSA code

15980

CBSA name

CAPE CORAL-FORT MYERS, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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