Vacant Medical Office | Fort Myers MSA | 1711 SE 47th Ter
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Vacant Medical Office | Fort Myers MSA 1711 SE 47th Ter
2,009 SF Office Building Online Auction Sale Cape Coral, FL 33904
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Investment Highlights
- Vacant 2,009-square-foot medical office with immense upside and a pivotal location just off Cape Coral Parkway and Cape Coral Bridge.
- Amenity-rich area with nearby restaurants such as Ford's Garage Cape Coral, Metro Diner, Culver's, Two Meatballs in the Kitchen, and many more.
- SC (South Cape) zoning permits a wide variety of future uses & was implemented to incentivize redevelopment in the city's traditional commerce center.
- Property was recently used as an animal hospital and features lab rooms, X-ray equipment, and dedicated employee and visitor parking.
- Exploding part of SW Florida with over 188,300 residents, 223K+ projected by 2029, with average HHI above $81,000 and total spending above $2.4B.
Executive Summary
Northmarq is pleased to exclusively present a rare investment opportunity to acquire a vacant former animal hospital with strong operational upside and a highly accessible location near the heart of Cape Coral, Florida. 1711 SE 47th Terrace in Cape Coral was delivered in 1979 on a 0.36-acre lot with a flexible zoning code that permits a variety of business uses and reuse options. The current SC (South Cape) zoning was established with the intent of promoting the development of the city's traditional commercial center and creating a more compact, walkable area. The building features a spacious reception area with built-in seating, an administrative area, multiple exam rooms, X-ray equipment, kennels, a washroom, and other miscellaneous rooms that can be repurposed. The property has seven surface-level parking spaces, including one ADA-compliant space, accessible from SE 47th Terrace. There is an additional six-space parking lot behind the property, accessible from a back alley that connects to both SE 47th Terrace and SE 47th Street.
1711 SE 47th Terrace has an unbeatable location in the heart of Cape Coral. The property sits just one block from Cape Coral Parkway, the primary thoroughfare and main retail corridor for Cape Coral, and the Cape Coral Bridge, connecting Cape Coral to Cypress Lake and Fort Myers. The property is located near amenities like Metro Diner, Culver's, Ford's Garage Cape Coral, Jungle Bird Tiki, Wendy's, Monkey Bar Steak & Seafood, Stones Throw, and Two Meatballs in the Kitchen, as well as Fifth Third Bank, Regions Bank, and Wells Fargo Bank. The surrounding 5-mile radius has a strong, rising population north of 188,300, with projected growth of over 3.7% by 2029, raising the population to above 223,400. The 5-mile population has a solid average household income above $81,000, with total specified consumer spending above $2.4 billion and the healthcare sector accounting for over $145 million of the total spending.
1711 SE 47th Terrace is a prime investment opportunity with immense future upside and a fantastic location in the heart of Cape Coral, Florida.
1711 SE 47th Terrace has an unbeatable location in the heart of Cape Coral. The property sits just one block from Cape Coral Parkway, the primary thoroughfare and main retail corridor for Cape Coral, and the Cape Coral Bridge, connecting Cape Coral to Cypress Lake and Fort Myers. The property is located near amenities like Metro Diner, Culver's, Ford's Garage Cape Coral, Jungle Bird Tiki, Wendy's, Monkey Bar Steak & Seafood, Stones Throw, and Two Meatballs in the Kitchen, as well as Fifth Third Bank, Regions Bank, and Wells Fargo Bank. The surrounding 5-mile radius has a strong, rising population north of 188,300, with projected growth of over 3.7% by 2029, raising the population to above 223,400. The 5-mile population has a solid average household income above $81,000, with total specified consumer spending above $2.4 billion and the healthcare sector accounting for over $145 million of the total spending.
1711 SE 47th Terrace is a prime investment opportunity with immense future upside and a fantastic location in the heart of Cape Coral, Florida.
Data Room Click Here to Access
- Purchase Agreement
Market Analytics Click Here to Access
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Market Sale Price per SF
Fort Myers - FL USA
Market Cap Rate
Fort Myers - FL USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
2,009 SF
Building Class
C
Year Built
1979
Tenancy
Single
Building Height
1 Story
Typical Floor Size
2,009 SF
Building FAR
0.13
Lot Size
0.36 AC
Zoning
SC - South Cape
Parking
12 Spaces (5.97 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Security System
- Signage
About Cape Coral
Cape Coral is one of the fastest-growing cities in the nation and has added tens of thousands of residents over the past decade. Lee County, where Cape Coral is located, has been among the top 10 counties in the country for population growth between 2020 and 2022. The county has welcomed over 60,000 new residents in that time frame, increasing the employment pool which benefits the office market.
Heavy in-migration to the area will continue to help boost retail demand, especially for local stores and restaurants. Also bolstering Cape Coral’s appeal, median household incomes are higher than those in the immediate surrounding area. Buying power in Cape Coral is some of the strongest in Lee County, as many affluent households live along the Caloosahatchee River.
Cape Coral is third largest office area in Fort Myers, with nearly 3 million square feet of product, more than 10% of the overall Fort Myers office inventory. Office vacancy is rare here, with the area maintaining a sub-5% vacancy rate for over three years. Tenants are typically smaller here, with more than 90% of the tenant-base occupying spaces smaller than 5,000 square feet.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
6,728
62,221
188,311
2020 Population
5,561
56,582
173,698
2029 Population
8,094
73,956
223,414
2024-2029 Projected Population Growth
20.3%
18.9%
18.6%
Daytime Employees
6,804
19,853
84,400
Total Businesses
1,170
3,546
12,518
Average Household Income
$68,365
$84,085
$81,009
Median Household Income
$54,562
$62,607
$61,835
Total Consumer Spending
$90.6M
$856.3M
$2.4B
Median Age
59.5
56.6
52.9
2024 Households
3,533
29,538
85,381
Percent College Degree or Above
17%
20%
19%
Average Home Value
$369,299
$386,271
$349,004
$ values in USD
zoning
| Zoning Code | SC (South Cape) |
| SC (South Cape) |
PROPERTY TAXES
| Parcel Number | 08-45-24-C4-00361.A340 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $622,482 CAD |
PROPERTY TAXES
Parcel Number
08-45-24-C4-00361.A340
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$622,482 CAD
Sale Advisor
Sale Advisor
Isaiah Harf, Regional Managing Director
(773) 963-2637
Contact
Isaiah Harf is the Regional and Managing Director for Northmarq’s Chicago office and has been with the firm since October 2011. Focusing on the sale of net leased assets, Harf has closed more than $3 Billion in total transaction volume and has partnered with some of the nation’s most respected and trusted institutions, private equity managers and merchant developers. As one of the lead business development and execution specialists for the team, Harf provides extensive knowledge to buyers and sellers of all profiles nationwide. Throughout the transactional process, Harf manages clients’ interests by providing guidance and facilitating the implementation of unique solutions to assure unparalleled performance. Harf has been interviewed multiple times by national publications on the state of net lease throughout his time with the firm. Prior to joining Stan Johnson Company, Harf worked with the leading national receivership firm. Harf headed the disposition department, with an emphasis on distressed asset optimization and strategy in secondary and tertiary markets. Harf’s previous clientele included prominent CMBS servicers, national banks, and opportunistic funds; having sold assets for LNR Partners, C-III Capital, CW Capital and Ocwen Financial.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
John Artozqui
Contact
Auctioneer License:
Ten-X Commercial, LLC Vibhav Kapila RE Brkr CQ1063389
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VIDEOS
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PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Vacant Medical Office | Fort Myers MSA | 1711 SE 47th Ter
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