1685 Medical Lane

  SOLD December 2023 for $5,900,000

1685 Medical Lane, Fort Myers, Florida 33907


Documents
Building Size42,570 Square Feet
Land Size2.15 Acres
ZoningNeighborhood Commerical
Parking205 Spaces
Year Built1986

THE OPPORTUNITY:
LSI Companies, Inc. is pleased to present this income-producing single tenant investment opportunity located in the heart of Fort Myers.

The offering consists of two separate parcels totaling 2.15± acres and includes a 42,750 sq. ft. office building, built in 1986, and a half-acre site used for additional parking. The property is located in a major redevelopment focus area for the City of Fort Myers just off Colonial Boulevard, one of the highest-trafficked roadways in Lee County.

Since 2009, the single tenant building has been entirely occupied by Southern Technical College, a highly accredited for-profit technical training school. The current lease expires in October of 2026, which the tenant has the option to renew for an additional five years.

INVESTMENT HIGHLIGHTS:

  • 2023 in place Cap Rate 9.04%.
  • Priced well below replacements cost.
  • 2-story, concrete block construction over parking with a first-floor elevation of 23’.
  • High visibility from Colonial Boulevard (AADT 55,500), with quick access to US-41, I-75, Downtown Fort Myers, and Cape Coral.
  • One of the only office products available in this size range in SWFL.
  • The property is situated in the Cleveland Avenue Redevelopment District, a major priority for the City of Fort Myers, as characterized by the Royal Palm Square and Grand Central mixed-use redevelopments.
  • At the market lease rate with minimal landlord responsibility (tenant is responsible for operating expenses, taxes, and insurance).
  • Highly accredited long-term tenant with 3 years left on the current lease and a 5-year option to renew.
  • Functional design that can be easily converted to a multi-tenant layout.
  • As of Nov 1, 2023, the base rental rate will be $13.79 PSF, with annual escalations of 2%.
  • The tenant may exercised a 5-year renewal option to continue the in-place rental schedule by notifying the landlord on or before April 4, 2026.

The information contained herein is from sources deemed reliable, but is subject to errors, omissions, and withdrawal without notice.


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