645 OLD SAN CARLOS Boulevard, Fort Myers Beach, FL 33931

$22,900,000

TROPHY RESORT-ISLAND BAYFRONT ASSET. FULLY STABILIZED. PRIME ENTERTAINMENT DISTRICT LOCATION! Old Seaport Place is the crown jewel of Fort Myers Beach — a rare, fully stabilized, triple-net-leased waterfront investment positioned at the epicenter of the island’s billion-dollar reinvention. Situated on 1.80 irreplaceable bayfront acres in the heart of the Old… Read More San Carlos entertainment district, this institutional-grade asset delivers reliable income today with exceptional upside tomorrow. This listing includes a total of 6 parcels, anchored by three of the island’s most iconic waterfront restaurants — Nervous Nellie’s, Snug Harbor, and Wahoo Willie’s — the property features long-term NNN leases with seasoned operators who have deep roots in the community and proven performance post-Hurricane Ian. These are not speculative tenants. They are dominant market leaders generating predictable, escalating income with percentage rent participation — all while the landlord remains insulated from operating expenses. Old Seaport Place is more than a restaurant collection. It is a revenue platform. The asset includes over 25,000 square feet of income-producing improvements, 21 deep-water marina slips, and a 122-space private parking lot — a critical competitive advantage on Fort Myers Beach. Both marina and parking components are independently monetizable and provide immediate value-add potential. The parking field alone presents a compelling development opportunity. With strong demand and favorable zoning, a multi-level garage with rooftop activation or event space could dramatically enhance revenue while reinforcing the property’s position as the island’s entertainment nucleus. The surrounding corridor is experiencing unprecedented capital infusion. Margaritaville Resort has elevated hospitality demand. The $200M Arches Bayfront marina village is rising directly adjacent. Major resort redevelopments and luxury condo projects are underway across the island. Tourism has surpassed pre-Ian levels, with record visitation and sustained growth in ADR and occupancy. Old Seaport Place sits directly in the path of this momentum. From a capital markets perspective, the asset delivers a compelling 7.56% in-place cap rate on 2025 NOI — outperforming comparable Florida waterfront restaurant districts that have traded in the 4.5%–6.5% range — while offering diversified income across dining, marina, and parking revenue streams. With stabilized cash flow, hard coastal real estate, hurricane-tested operations, and multiple avenues for expansion, this is a fortress asset positioned for long-term appreciation and strong exit optionality. Opportunities of this scale and location rarely come to market. Old Seaport Place is not just a secure investment — it is control of the waterfront at the center of Fort Myers Beach’s resurgence. Read Less

Courtesy of Dennis Wagaman, Realty One Group MVP.

Listing Snapshot

Days Online

Last Updated

Mar 6, 2026

Property Type

Other

Lot Size

0.86 Acres

Year Built

2019

MLS Number

226010179

30 Days Snapshot Of 33931

$477k

-14%

(avg) sold price

+125%

homes sold

176

+76%

(avg) days on market

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Area Map

Additional Details

Building

Built in 2019, 1 total story

Water Features

Bayfront

Lot

0.86 acres

Taxes

Year: 2025

Utilities

ElectricityAvailable, SewerAvailable, TrashCollection, WaterAvailable

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645 OLD SAN CARLOS Boulevard

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